How Does a Title Loan Work in Burnt Store, Florida?
Title loans (which can also be called pink slip loans, auto advance loans, and auto equity loans) are secured installment loans that use the equity of your vehicle as collateral for funding.
What this means is that your car must be worth a certain amount of money because it will act as security for the lender.
One big advantage of secured installment loans is that if you have poor credit or a less-than-stellar financial history you may still receive the title loan funding that you’re looking for in Burnt Store, Florida!1 In addition to flexible loan approval, secured loans can also offer additional benefits, such as:
- Lenders can potentially offer more funding than unsecured loans because of the collateral offered
- Loan terms can potentially include lower interest rates than other lending sources
- Possibly more advantageous loan terms for your financial situation
Is it Risky to Get a Title Loan in Burnt Store, Florida?
A common concern among potential borrowers is the risk associated with title loans, mainly because other loans offer short repayment periods. But you don’t have to worry about that when you obtain a title loan serviced by LoanMart.1
What is the Process to Getting Title Loans in Burnt Store, Florida?
Much simpler than you might think! First, in order to initially qualify for a title loan, you’ll need to meet a few requirements.
- Be at Least 18 Years Old
- Own an Eligible Vehicle in Your Name
- Have Evidence of a Reliable Income
If you meet the above requirements, you can move on to the easy three step process!
Step One – Fill Out an Inquiry Form
Answer the questions on the inquiry form. The form typically only take a few minutes to complete and covers basic questions about your monthly income and your vehicle.
The point of the inquiry is to better help a loan agent determine the current condition of your car, since the car will play a role in the amount of funding you’ll be able to receive.
Step Two – Submit Some Required Documents
After sending in your initial inquiry form, there are a few documents you’ll need to submit in order to obtain a title loan serviced by LoanMart1. As a bonus for Burnt Store residents, the paperwork can be turned in online!
The paperwork needed tends to vary depending on the state you live in, but residents in Burnt Store, Florida will generally need the following:
- A Government Issued Photo ID: You can use a driver’s license, military ID, or state issued identification card.
- Title of Your Vehicle: The title must be in your name.
- Proof of Residence: You can use a recent utility bill, bank statement, lease agreement, or a cable bill.
- Photos of Your Car: These help a loan agent determine the current value of your vehicle. You should capture photos of your odometer, VIN, and exterior of the car.
- Proof of Income: In order to be eligible for a title loan, you’ll need to show you have the ability to pay it back. You can do this by turning in recent paystubs, bank statements, or award letters from a government agency.
Step Three – Receive Your Money
Once you’ve submitted the initial inquiry form and the correct documents, the final step in the process is to receive approval for a Title Loan serviced by LoanMart1.
After being approved for a title loan, you can conveniently choose how you’d like to obtain your funds!
Residents in Burnt Store, Florida can receive their title loan money by:
- Visiting any in Burnt Store, Florida
- Direct Deposit