How Does A Car Title Loan Work In Orlando & How To Get One?



Car title loans are now available in Orlando and other Orange County, Florida areas. These types of secured loans allow qualified borrowers to access the equity in the vehicle.  Loan amounts vary, but the money borrowed is often distributed into your checking account for immediate cash. A typical title loan will take about 6 months to pay back, but the exact time will differ as with any loan. The interest rates are usually higher than a traditional loan, so they should be paid off quickly. However, the interest is still very affordable for those with less than perfect credit.


What Do I Need To Qualify For A Car Title Loan In Orlando, FL

Anyone interested in getting a title loan in Orlando should first do some research to see if these loans are right for them. Once you’re ready to get started you need proof of vehicle ownership and verification of income. A lien free car title and employment records are all that you need to qualify and most companies can get you approved for a title loan of $1,500 or more with just those documents.


Apply For A Car Title Loan Online Or With A Lender Near Me

Many of these loans can be applied for and taken out online with minimal paperwork. The borrower will write up a postdated check and the lender will sign it over to the loan and hold the check while the car is titled up in their name. You cannot borrow while you are driving the vehicle because the lender will not release the postdated check until the loan is paid in full. Once the loan is paid the check is released and the borrower can withdraw the full amount of cash by stopping into the loan office. There are multiple lending locations throughout Orlando, and you can often see the best title loan service providers near your if you live near College Park or Altamonte Springs.


What To Expect From An Orlando Title Lending Company

Most auto title loans provided to residents of Orlando are given to borrowers with bad credit and the goal is always to make early payments. An early payoff allows you to get out from under high interest rates and excessive fees that many people see when they’re locked into a title loan for years. The ideal loans are usually only for a few months.


Fees And Interest Rates With Orlando Title Loans

Even though you may live in Orlando or the surrounding area, any qualified borrower will still be subject to fees and regulations that apply to all title loan companies in Florida. That means you need to stay on top of the latest changes to the Florida Title Loan ACT as it seems these state laws change yearly. Also, check the Financial and Business Regulations for the City of Orlando to see if there are any specific city restrictions. Interest rates will vary for each particular loan, but you can expect an APR that is well over 50% and the typical late fees if you miss a monthly payment.

For title loans in Orlando,  a borrower will have to sign a loan agreement promising to make payments with interest over a few months. The agreement will also include mandatory fees like the initial loan application fees and standard credit fees. The loans usually are only secured through the collateral of the vehicle. The fees are always paid on top of the amount borrowed. \


Here’s Why You May Want To Take Out An Auto Title Loan In Orlando

One of the great things about a car title loan is that the amount of the loan can be used for anything that you need it for. Unlike a traditional loan which restricts what you can use the loan for. This flexibility is what enables borrowers to choose a secured loan because you borrow more cash and pay it off over time. Even with the high APR, a car title loan can be pretty attractive for someone who can’t qualify because of bad credit. Because the APR is so low you may end up actually saving money by refinancing your current auto title loan for a much longer term on a more attractive loan.


Someone who applies for an Orlando Title Loan will likely have bad credit or no credit at all.