Some lenders offer the so-called second lien title loan, using which you can apply for a title loan without a clear title and without a lien. A clear title simply means that the car is entirely with you, no one asks about car ownership, and there are no outstanding loans on the car.
A second lien title loan application process is very similar to submitting a normal title loan application, the main point is that you must provide verification of your first lien as opposed to a clear title.
Although you can’t get a title-secured or pawn loan without a title or with existing liens, some lenders offer a convenient application process for personal loans and lines of credit, which don’t require a title. The personal loan can be the right solution to quickly settle unforeseen expenses!
Lenders offer great flexibility and a fast application process. Also, in some states, you can choose between an offline or online option.
Interview with Auto Credit Advisor, Maggie Gallagher
The instant loan issue is becoming more and more popular these days. Today we have Auto Loan Advisor Maggie Gallagher to help us clear up any doubts you may have and answer the most common questions about title loans in Florida.
– Hello, Maggie, thanks for coming here today!
– Hello Louisa! Thank you for inviting me. Undeniably, many of us are going through the economic hardships and instant loans are of great current interest and growing rapidly in the market. Therefore, this will be the key question for today’s conversation. I am here to fully inform you and give our readers the detailed answers touching on this subject.
Q: One is to choose from different types of instant loan options. Why would you recommend our reader to opt for securities lending?
– The first reason is that bad credit is not a problem. A title loan is a loan usually secured by the use of your vehicle as collateral. Boats, trucks and recreational vehicles, as well as other items, can be financed. Many people use title loans to fix their credit score quickly. You only need to have a stable income and a vehicle with a clear title. This is why the title loan is a perfect solution. a simple and convenient online application, fast approval and no credit check required, which is important for borrowers with bad credit. Disadvantages are high interest rates, short repayment periods
Q: Maggie, can you tell us if online car title lending is illegal in Florida?
A: Good question. It is legal. Also, it’s always a good idea to check. After you apply for a title loan online, you instantly receive cash on the equity in your vehicle. The amount of your loan is determined based on the value of your vehicle. For instance, Florida Securities Lending on MaggieLoans range from $250 to $10,000.
Q: One more question. How do I get out of a title loan in Florida?
A: Once you have received payment, the lender is the owner of your vehicle. Repaying the loan with interest is all you need to do to get the title back loan, and then the title will be returned to you according to the terms of the contract.
Q: Maggie, can I pawn my car title online in Florida? Tell us about the application process.
A: You can apply for cash anywhere in Florida through the online approval process! Applying online has long been the fastest way to get cash for emergency needs. You can skip the hassle of applying at physical locations and choose a more convenient option in Florida. In addition, the whole journey is super simple and takes no more than ten minutes.
Let me describe the process. The applicant selects a suitable lender, goes to their website and provides the necessary information about themselves. It is very convenient to have your vehicle inspected online using photos and videos. Your application will be reviewed and approved immediately. It’s here! You are ready to receive payment. Most often, the information you need to provide is your name, your address, your income, your contact details. And the last step. The lender contacts you to settle the terms of the loan and the repayment of the debt.
Q: Thanks a lot! And does Florida allow prepayment penalties on online car loans?
A: A prepayment penalty is a sum of money that a lender takes when you prepay your mortgage partially or completely. Fortunately, not all mortgages carry a prepayment penalty. A lender cannot impose a penalty for early repayment of all or part of a loan.
Q: And the last question, can a vehicle be repossessed on private property in Florida?
A: A lender can take possession of titled personal property only through an agent licensed by the state to repossess motor vehicles.
The information you have given us will certainly help our readers form an opinion. We would like to thank auto credit counselor Maggie Gallagher once again for giving an interview to sflcn.com. Learn more About Maggie Gallagher.