What is an Auto Title Loan in Pembroke Pines, Florida?
An auto title loan is a secure loan that is repaid in monthly installments. The loan is acquired by using the borrower’s car title as collateral. Because the loan is secured using collateral, typically more individuals could obtain an auto title loan—regardless of poor credit history. Even those with past bankruptcy could still obtain eligibility for an auto title loan.
An auto title loan with title loans make applying for an auto title loan quick, easy, and convenient for those in a difficult financial situation1. This type of funding was designed to be more accessible than traditional loans in the state of Florida.
Acquiring Title Loans in Pembroke Pines, Florida
Some Florida lenders require you to pay the money back within 30 days, but others will allow you to extend the title loan even longer. The good news is that most title loan lenders will let you keep your vehicle, allowing you to drive without any disruption to your daily life while repaying.
With all this in mind, the state of Florida added Chapter 537 to the 33rd statute, the Regulation of Trade, Commerce, Investments, and Solicitations. Known as the Florida Title Loan Act, it outlines regulations for lenders and provides a useful resource for anyone needing to know their rights.
Firstly, before you even apply for a title loan, make sure the lender is licensed in the state of Florida. Each location must also be separately licensed, so if the lender has three offices in your city, they must each have their own license.
The license itself should be clearly visible – in other words, you shouldn’t have to ask to see it! Look for it on a wall or other prominent location, and make sure it’s valid. Florida licenses must be renewed every two years and a lender can’t give you a car title loan without first having a valid license.
You can also verify a lender’s license by contacting the Florida Office of Financial Regulation. You can call the office directly at (850) 487-9687.
Benefits Pembroke Pines, Florida Residents Could Enjoy with Title Loans
There are so many benefits to acquiring an auto title loan with title loans.
Here are just a few of the exclusive benefits borrowers receive:
- Flexible repayment terms
- No in-person vehicle inspection necessary
- Competitive interest rates
- Affordable payments
- Money as fast as next business day1
- No job, no problem – different types of income may be accepted1
- Top shelf customer service and care
How Pembroke Pines, Florida Residents Could Use Their Title Loan Funds
One of the best things about a title loan is that there are endless uses for funds. Title loans have helped numerous borrowers in countless sticky financial situations.
Some ways a title loan could be used include1:
- Acquiring debt relief
- Making a mortgage or rent payment
- Paying for a funeral
- Hospital or medical expenses
- Repairs or maintenance for your car
- Costly vet bills
- Legal expenses
- Repairs for your home
What Information is on the Florida Title Loan Contract?
The state of Florida clearly outlines what information must be included on the title loan agreement – that’s the contract itself. Let’s start with the vehicle details.
The contract should state:
- Vehicle make
- Vehicle model
- The year of manufacture
- The vehicle identification number (VIN)
- And, if applicable, the vehicle’s license plate number
The vehicle’s mileage is not required.
The contract should include:
- Your name
- Your address
- Your date of birth
- Your Social Security number
The contract should state:
- When the Title Loan was Initiated: The date the contract was signed, and the loan funded
- The Amount Borrowed: You’ll see this stated as the “amount financed” on the contract. This is also known as the principal.
- Maturity Date of the Loan: This is when the loan is scheduled to be paid off in full. Florida law states the maturity date should be 30 days after signing, but also allows for it to be extended (in 30-day increments) if both you and the lender agree.
Unless you’re borrowing from friends or family, no loan is ever free and the lender will be making money on the deal. Commonly known as interest, this is legally known as the “finance charge” and must be clearly stated on the contract. Think of this as the cost of borrowing money.
The actual interest rate, represented as a percentage, must also appear on the contract. Known as the annual percentage rate (or APR), this indicates the interest rate charged on the remaining principal for each year you keep the loan.
For example, if you borrow $1,000, that’s the principal at the time you take out the loan. If you immediately pay back $250 of the principal, that leaves $750 remaining. The amount of interest is then calculated based upon the $750, not the $1,000.
How much will you have to repay? If you add the amount financed (amount you borrowed) and the finance charge (interest), you’ll have the total loan amount you’ll pay back if you stick to the agreement and make payments on time. If you’re late, the total you pay back could be higher.
What’s in the Small Print of a Title Loan Contract, According to Title Loan Laws in Florida?
The contract should always state the name and physical address of the title loan lender. In case you have any complaints, the name, address and phone number of the Department of Financial Services should also be clearly printed.
Contracts have a bad reputation for including important information in “the small print.” Florida laws clearly state that certain information should be printed in a font large enough to be easily read. Besides specifying what happens if you don’t pay back the title loan (see below), the contract must also state that you must notify the lender if you lose your copy of the contract.
The title loan contract must also include a paragraph where you agree that the vehicle is not stolen, that you’re legally able to take out the car title loan, and that you won’t try to get another copy of the title before the loan has been repaid in full.
Both you and the title loan lender must sign the contract. The lender is also required to provide a copy of the contract to you at the time of signing (not later) and keep a physical copy of the contract for at least two years after the loan has been repaid.
Depending on the lender, you may also be required to surrender the vehicle to the lender. The vehicle should be securely stored at the lender’s location. Once the loan is repaid in full, the vehicle can be returned.
How Does Repossession Work with a Title Loan in Pembroke Pines, Florida?
If you’re late on your title loan payment, the lender is legally entitled to repossess your vehicle and sell it at auction. However, you still have rights. For example, the lender must tell you they’re attempting to repossess your vehicle and give you a chance to surrender it and remove any personal items.
If your vehicle is repossessed, you should also be given an opportunity to repay the title loan (plus any expenses associated with the repossession) to reclaim your vehicle before it’s sold. The lender should also notify you at least ten days before the sale and provide a breakdown of what’s owed.
If the worst happens and your vehicle is sold, the lender can take what you owe from the proceeds. This can also include the cost of repossessing the vehicle. However, if there are any proceeds remaining, the lender must pay it to you within 30 days of the sale.
What’s Illegal in the State of Florida?
Beyond the rules outlined here, a lender can’t force you to waive any of your rights, sell you insurance, refuse partial payments, or charge you a prepayment penalty. In other words, if you want to pay off the loan early, the lender can’t penalize you by applying any additional fees or charges.
The title loan lender is also required to remove their lien on the car title once the loan has been repaid in full. If the vehicle was repossessed, the lender is also responsible for ensuring the vehicle is kept safe and secure.
If you’d like to learn more about title loan laws in Florida and your rights, it’s worth reading the Florida Title Loan Act online at Online Sunshine, the website for the Florida Legislature. The Florida Office of the Attorney General also has some valuable advice
If you’re in need of money and you can comfortably make the payments, a title loan in Florida could be the perfect solution for you. There’s no reason why you shouldn’t explore this option further. To start the process for a quick and easy loan1, apply for a title loan today1!
Apply for a Title Loan in Pembroke Pines Today!
There are tons of reasons why Florida customers love title loans. But the biggest reasons tend to revolve around the amazing convenience and awesome benefits. The entire inquiry process can be completed online, and the innovative benefits can’t be found or obtained with any other loan option in Florida.
- Step One – Online Form
The first thing you need to do to apply for this innovative auto title loan is fill out the online form on the website or call. The inquiry will ask for a few basic facts about yourself, your car, and your current finances. You could submit the 5-minute form from a personal computer, tablet, or smart phone1.
- Step Two – Required Documents
After your inquiry is submitted and looked over by title loans, a loan agent will give you a phone call to request a few documents for verification.
- A car title in your name for the vehicle you would like to use
- Proof of income (pay stubs, tax documents, bank statements, etc.)
- A photo ID (driver’s license, state ID, or passport)
- Proof of residence (utility bills or any government mail with your name and address)
- Several photographs that show a clear view of the vehicle being used
All these documents could be submitted online by scanning the documents and emailing them or taking pictures with your phone and texting them to the loan agent.
- Step Three – Get Funding
Once all the documentation is verified by the loan agent, your approval status will be revealed. If you are approved, the loan agent will inform you of the loan amount, as well as the loan terms you would receive. If you decide to proceed with the title loan, you will have the opportunity to sign the loan agreement and then pick up your funds. Sometimes funds can be ready in only one business day1! You can even conveniently pick up your funding from any MoneyGram location in the state of Florida.
Get Started with Title Loans in Pembroke Pines, Florida Today!
Trying to get emergency funding with poor credit in Florida can be hard, but it doesn’t have to be impossible. If you think that an auto title loan is the right option for you, then consider an option with great reviews—title loans!