What are Title Loans in Tampa, Florida, and How Do They Work?
Title loans are called a few different names, such as:
- Car Title Loans
- Auto Title Loans
- Auto Equity Loans
- Pink Slip Loans
The names may vary, but they are one and the same. Car title loans are secured loans that let borrowers use their cars as collateral for funding. Essentially, borrowers are accessing a portion of their car’s equity and using their vehicle’s title to secure money.
Since your car’s title is the collateral for the loan, the lender places a lien on it. The lien is the lender’s legal right to the vehicle while you are paying off the loan. The lien is removed once you complete your monthly installments. You can still drive your car while paying on your loan on time each month!
Does Florida Allow Title Loans?
Yes! You can apply for a title loan as a resident of Florida. Auto title loans are heavily regulated in Florida to prevent predatory lending practices from hurting vulnerable consumers. In 2017, the state of Florida added Chapter 537 to the 33rd statute.
Commonly known as the Florida Title Loan Act, it outlines regulations that apply to title loan lenders. Additionally, the act can provide useful information for anyone seeking to understand their rights as a borrower. Under that law, a qualified borrower and a lender must sign a written agreement before the funds can be issued.
How Much Can You Get for a Title Loan in Tampa, Florida?
Not sure how much emergency cash you can get through an auto equity loan in Tampa, Florida? The average car title loan amount ranges from 25%-50% of the car’s value. However, the loan amount a borrower can access largely depends on their income!
Title loans are repaid in monthly installments, so you will need to provide proof of valid income during the inquiry process. Your income and vehicle equity will be used to calculate your potential loan amount. Equity is the difference between the car’s value and what is owed on it (if anything). You will need a certain amount of positive equity to qualify for a car title loan.1
You may not know much about your car’s equity, but that’s okay! You can use the online title loan calculator tool to learn more about the value of your vehicle.
Simply enter a few details about your car to use the calculator tool. You’ll need to provide information like:
- The Year Your Car Was Manufactured
- The Amount of Mileage on Your Vehicle
- The Make, Model, and Style of Your Car
- Any Modifications to the Vehicle or Technology Packages (Heated Seats, Sunroof, GPS Navigation, etc.)
- The Current Condition of Your Car
- Any Cosmetic Damage on the Inside/Outside of the Vehicle
If you have an older vehicle or a vehicle with a lot of miles, don’t sweat it! You may still be able to qualify for a car title loan.1
What are the Requirements for a Car Title Loan in Tampa, Florida?
Applying for a car title loan does not need to be a hassle. The approval process can be straightforward and simple. Tampa residents will need to meet a few initial requirements to qualify for a title loan! 1
Residents of Florida that want to apply for a car title loan must:
- Be At Least 18 Years Old or Older
- Have a Steady Income or Alternative Income
- Have a Qualifying Vehicle with a Title in Their Name
What Documents Do I Need to Qualify for a Title Loan in Tampa, Florida?
If you meet the initial qualifications for a car title loan serviced by LoanMart in Tampa, Florida, there are a few documents you will need to submit in order to get approval for a loan.
Typically, you will need to provide the following basic documents to inquire about emergency funding through a title loan in Tampa, Florida:
- A Pay Stub, Bank Statement, or Another Document to Prove Your Income
- Proof of Tampa Address Through Recent Mail Like a Utility Bill or Credit Card Statement
- A Valid Government-Issued Photo ID (Such As Your Driver’s License Or State ID)
- Recent Photos of the Vehicle
- Qualifying Car Title With Your Name On It
One of the many conveniences of applying for a car title loan serviced by LoanMart is that you can submit your documents via email or fax. Additional documentation may be required. However, the convenience of submitting your documents online can make this process less of a hassle.
Can I Apply for a Title Loan in Tampa with Bad Credit?
With a secured loan, collateral does more for you than you know! Since you use collateral to secure the title loan, the application process becomes more flexible. The collateral helps to minimize the lending risk if an applicant does not have a strong credit history. Sometimes, it only takes one unexpected expense or bill to ruin your finances! You may have a low credit score if your financial situation has changed.
With an unsecured loan, your credit history is the focal point of the application process. Credit history is considered with a car title loan, but it is not the focus. So, your bad credit score may not prevent you from qualifying for the financial help you need.1
Instead, the two factors that matter the most to a title loan lender are:
- Your Ability to Repay the Title Loan
- The Amount of Positive Equity in Your Vehicle
If you have questions about your credit history and title loan eligibility, just call a LoanMart title loan agent at 855-422-7412.
Do I Need a Job to Apply for a Title Loan in Tampa, Florida?
If you aren’t familiar with the ins and outs of car title loans, you may not realize that you do not need a job to apply for a title loan! To obtain a title loan, you must demonstrate that you are able to repay it. However, you do not need to provide proof of a 9-5 job when applying for an auto title loan! There are many ways to pay the bills.
If you are a resident of Tampa, you can apply for an auto title loan without a job. The fact that you do not work a regular job does not imply that you are without proof of income. Title loans can be flexible during the approval process. This flexibility includes accepting borrowers from different financial and credit backgrounds! Even those without traditional employment can apply!1
You are required to provide proof of income during the inquiry process for a car title loan. If you do not have a job, you are required to provide proof of alternative income.
Some of the most common forms of alternative income are:
During the inquiry process for a car title loan, you can provide proof of retirement income.
There are many different ways to earn a living. You might own your own construction company or drive for DoorDash. If you are self-employed, you may find it difficult to prove your income to a traditional lender. However, you can show your bank statements during the inquiry process for a car title loan! That may be accepted as proof of alternative income.
If you receive disability benefits, you can use your documents from that income source to prove that you can afford to repay a title loan. Show your bank statements or your disability award letter during the approval process for a title loan.
If you receive worker’s compensation, you can use that as proof of alternative income!
Your settlement income may also qualify as an alternative income source during an online title loan application.
How Does Vehicle Repossession Work with an Auto Title Loan in Tampa, Florida?
If you fail to make your title loan payments on time, the lender has the legal right to repossess and sell your car at auction. However, you still have certain rights in the state of Florida. When a lender repossesses your vehicle, they must notify you ahead of time. Additionally, they need to give you a chance to remove any personal property.
Before your vehicle is sold, you should be given the opportunity to pay back your title loan (plus any repossession expenses) in order to reclaim it. Additionally, the lender must notify you at least ten days before the sale. They must give you information about the time and place of the sale, as well as a breakdown of your debt.
Vehicle repossession is generally a last resort for most lenders, as it is expensive to repossess and sell a vehicle. It is very time consuming and involves a lot of extra work! However, in the event that it does happen, your lender will deduct the amount you still owe on your loan from the proceeds of the sale. The cost to repossess your vehicle may be included with the amount you still owe. In the state of Florida, any remaining proceeds must be paid to you within 30 days of the sale.
Communicate with Your Lender
If you struggle with repaying your loan, always reach out to your lender! If you are experiencing financial hardship while repaying your loan, you should let your lender know.
There may be a way for you to refinance your title loan with LoanMart.1 If you want to apply for title loan refinancing, you will go through an application process that is similar to the one for your initial title loan. Upon refinancing your loan, you may be able to take advantage of better loan terms. Refinancing your loan could be a way to get your finances back on track if you are struggling.1
Remember to reach out to a title loan agent before you default! Usually, you will not be able to refinance your current auto title loan if it is in default.
Can I Get a Title Loan Online in Florida?
Did you know that you just need your smartphone, tablet, or computer to start your title loan inquiry online? With a title loan serviced by LoanMart, you can expect convenience throughout the approval process.
Qualified borrowers can get their funds in as little as one business day!3 Take a look at these three simple steps to start your inquiry:
- Fill Out a Short Application Form or Call a Title Loan Agent:
- Submit the Required Paperwork:
Once your initial inquiry is submitted, a title loan agent will contact you and ask for a bit of paperwork to move your information forward. This paperwork can be submitted online via email or fax for your convenience! While finding these documents can seem like a hassle, they help speed up the process. The fast you work, the faster a title loan agent can work with you!3
- Get Approved and Collect Your Funds:
Once your paperwork is submitted, reviewed, and approved, the last step is to find out if you are approved for a title loan! A title loan agent with LoanMart will reach out and go over the agreement with you. If you are eligible and sign your contract, the last thing to do is choose how to collect your cash.
Depending on your preference, you can receive a check in the mail overnight, receive your funds by direct deposit, or pick up your funds at a participating money transfer location near your home in Tampa.
Why Choose a Title Loan Serviced by LoanMart in Tampa, Florida?
While your primary concern may be obtaining the quick funds you need, other benefits come with a title loan serviced by LoanMart in Tampa, Florida.
Take a closer look at some of them:
- No Hidden Fees – Some title loan options, such as payday loans, may charge customers hidden fees that burden the consumer and are difficult to repay. Fortunately, with a title loan serviced by LoanMart, you can expect no hidden fees or prepayment penalties.5
- Flexible Online Inquiry Process – If you are like most Florida residents, you prefer convenience. If you can order groceries online, why not apply for a loan online as well? With title loans serviced by LoanMart, you can access a flexible online inquiry process that was streamlined for your convenience.1
- Quality Customer Service – With a title loan serviced by LoanMart, you can be helped more than just financially. Title loan agents are available 6 days a week to take your call. Whether you have questions about the inquiry process or about your current loan, a title loan agent can help.
- Access Quick Funding – If you’re faced with a tough financial emergency or an unpaid bill, you may need money fast. With a title loan serviced by LoanMart in Tampa, Florida, qualified borrowers can access their funds in as little as one business day! Some borrowers may be able to access their funding the same day they inquire.3 If you need access to a streamlined loan option in Tampa, a title loan serviced by LoanMart could be the solution for you!
If you have questions about the title loan inquiry process, do not hesitate to contact a LoanMart title loan agent! Call 855-422-7412 today.
Don’t Wait to Apply for the Quick Funds You Need in Tampa, Florida
Applying for the cash you need does not need to be a hassle. Find out if your income and vehicle can qualify for a car title loan in no time! With a title loan serviced by LoanMart, qualified borrowers could access their money in as little as 24 hours or less.3
Apply for a car title loan in Tampa, Florida, today! Visit the website to inquire about a title loan serviced by LoanMart online. Or, call 855-422-7412 to speak to a title loan representative directly!