Title Loans in Largo, FL
If you’re short on some bills that you need to pay in the coming weeks and months, you should explore your options to find the type of financing that’s right for you. Even those who don’t have great credit scores can be approved for convenient loans that are just the right amount to fix up any short term monetary shortages.
Any individual who owns a vehicle can possibly be approved for a title loan. This is a great type of loan that allows you to get more out of all the money you put into owning your vehicle. These loans allow a vehicle to serve as a form of collateral on a loan.
Getting to know how Largo title loans work
Those who want to take out a loan must begin by filling out an application. The application for these loans is very simple and straightforward. Though it is similar in some ways to the application for others types of loan, it differs in that it will ask quite a few questions about the applicant’s vehicle. The vehicle is an important factor here because its value is a determining factor in how much the prospective borrower can borrow.
The following are four of the basic details about the vehicle that will have to be provided on the application for car title loans in St. Petersburg:
- The make of the vehicle- Certain manufacturers are known for higher value vehicles. The manufacturer or make or the vehicle will need to be provided in the application.
- The model of the vehicle- The vehicle model indicates which type of vehicle that the manufacturer produces the vehicle is. Different models from the same manufacturer are worth more or less than others.
- The mileage of the vehicle- Vehicles lose value as more and more miles begin to add up on their odometers.
- The year the vehicle was made- The vehicle’s age impacts its value, with older vehicles generally being worth less.
Florida law in relation to Largo title loans
Title loans available to you where you live will vary depending on which state you are living in. State law controls the terms of title loans in Largo and elsewhere in Florida.
In Florida, state law tends to limit the available of title loans and makes it so that title loans are usually offered in smaller amounts like for $500 or less. The terms of these loans are also limited and loans are usually expected to be paid back within 31 days. Another distinction with these laws in Florida is that they are limited in terms of interest rate to only 30 percent.
A few more details you should be aware of
That’s not all you should know when you get started. You should also know about the following five details that explain a little better just what a car title loan is and how it works:
- Secured loan- A secured loan is any loan that involves collateral. For this type of loan, the vehicle is held as collateral.
- Title liens- Title loans in Largo can sometimes be offered to applicants despite a lien on the title. As long as the owner has enough equity in the vehicle, loans are still a possibility.
- Repayment- The terms of repayment tend to be generally flexible.
- Alternative loan product- Although this is an alternative lending product, it’s not the same thing as a payday loan.
- Online accessibility- The applicant can apply online for title loans in Largo.