Car title loans in Tampa are designed for people who need to get some cash fast to pay for a financial emergency, they are not designed to be a long-term solution.
If you own your vehicle free and clear, or you only have a small balance left on your financing, you can get a title loan in Tampa, with the equity that you have in your vehicle.
A title loan is not for everyone, just because you can qualify for it, does not mean that you should get one, they are expensive, and if you do not make your monthly payments, you could lose your vehicle.
Here are a few things that you should know about getting a Tampa title loan so that you can make the right decision.
Title Loans In Tampa With Your Equity
If you want to get a car title loan in Tampa, then you must have a vehicle that has enough equity value in it. A car title loan is a secured loan, and it will use your car as collateral.
Title loans in Tampa can range from $100 to $20,000, all depending on the equity value that you have. The average title loan in Tampa is about $2,000.
The advance rate on the equity value will start at 25% and can go up to 80% advance rate, this will vary from lender to lender, and it will also depend on your ability to repay the loan.
How to get a title loan in Tampa
Choosing The Right Tampa Title Loan Company
Not all Tampa title loan companies are the same, and it is important that you choose the best Tampa title loan company that will give you what you need. It is important to choose one that is licensed in the state of Florida to do title loans.
Some title loan terms need to be repaid after 30 days, you want to find a company that will offer you longer terms, up to 24 months would be good, and make sure that there are no prepayment penalties, so you can pay it off at any time.
Look for the company that will give you the amount of money that you need, and who has the lowest interest and the lowest monthly payments, so it will work within your monthly budget.
Title loans in Tampa can also be done on motorcycles, trucks, and commercial vehicles, so make sure if you have one of these types of vehicles, that the company will help you with them too.
Equity Title loans in Tampa
You will need to have a vehicle that you have 100% ownership of, you will need to have the title in hand, to give to the finance company.
If you are still financing your vehicle, you can still get a title loan in Tampa, if there is enough equity in your vehicle, the title loan company will pay off your existing finance company, and get you the title loan that you want.
Car title loans are also referred to as ” title pledges”, or ” title Pawns” . They are the same thing, they will use the equity in your vehicle, and hold on to your title.
Getting Approved For Title Loans In Tampa
The good thing about getting car title loans in Tampa is that you are able to get fast money, some companies will offer same-day funding.
If you want to get a car title loan, you will need a few basic things, the approval process will vary from lender to lender, but these are the most important items that all of the lenders will need.
- You must have a vehicle with enough equity in it.
- Proof of income will be important, you will need to show that you can afford the monthly payments.
- Your proof of residence, as all of the lenders, will want to see that you have an established home residence.
- Drivers license for identification.
- Your vehicle insurance, not all lenders will require this, it may depend on the amount of your title loan.
- Photos of your vehicle, to show the overall condition of your vehicle
- Five personal references
- Your vehicle title
Getting Your Car Title Loan In Tampa
If you need to get some fast money there is probably no better way than using your vehicle title to get it, but you must be careful, some car title loans in Tampa are way more expensive than some others, so it is important to shop around.
Make sure that if you get a car title loan in Tampa, you will be able to afford your monthly payments, because the last thing that you want is to lose your vehicle.
Look for a company that has long terms, so you will have a smaller monthly payment, and make sure you get the lowest monthly payment, it will vary from company to company, and make sure that the company is in compliance with the CFPB.
There may be less expensive options out there for you, but if you need to get a title loan in Tampa, it might be your best fast cash option.