In Florida, title loans give consumers a fast solution when they need funding. The loans give them the cash necessary to pay medical bills and cover expenses between pay periods. The title loans don’t require excellent credit scores to acquire them. Local lenders provide Cash Loan For Car Title in West Palm Beach FL to meet these accelerated needs.
What Happens During the Evaluation?
The lender reviews the Kelly Blue Book value for the vehicle based on its make and model. They inspect the vehicle for damage. Deductions are made according to the value projections listed in the Kelly Blue Book. The lender determines if the vehicle has been involved in an accident. They assess all cosmetic repairs performed on the vehicle. They inspect the engine system and the interior of the vehicle. The highest loan value reflects the projected third-party selling price for the vehicle.
What Does the Borrower Need When Applying?
The vehicle owner must provide a clear title for the vehicle. They need bank statements and pay stubs for at least one month’s pay. The lender needs a copy of their driver’s license and valid proof of auto insurance. Under state laws, title loan providers cannot offer loans to anyone under eighteen. Additionally, all motor vehicles must be covered by at least liability auto insurance. The vehicle owner also provides the lender with a spare key to the vehicle.
What are the Interest Rate Restrictions for the State of Florida?
The state restricts the interest rates applied to title loans. Currently, lenders are allowed to apply up to thirty percent interest for loans that are under $2,000. An interest rate of twenty-five percent is applied to loans between $2,000 and $3,000. The lender applies an interest rate of eighteen percent for loans over $3,000.
In Florida, title loans are a convenient choice for acquiring funds quickly. However, lenders must follow all applicable laws when extending the loans to consumers. They must base the loan value on the Kelly Blue Book valuations, and they cannot apply excessive interest rates. Consumers who need a Cash Loan For Car Title in West Palm Beach FL can contact Cash 2 U right now.