Looking into auto title loans in Orlando? If you need cash, there are companies who can help, but you should make sure you understand what it takes to qualify and the repercussions that come with failing to pay your auto title loan as promised.
Laws Regarding Interest Rates on Orlando Title Loans
Auto title loans in Orlando and other Florida cities must follow the Florida Title Loan Act. This act states that interest rates on a loan of up to $2,000 must not have an interest rate higher than 30% per year. For a loan of $2,001 to $3,000, the interest rate cannot be higher than 24%. Interest rates for title loans of $3,001 or higher must not exceed 18%.
Laws Regarding the Length of Title Loans in Florida
Per Chapter 537 of the Florida Statues regarding title loans, a title loan’s length must be 30 days. The loan can be extended by another 30-period when it is agreed upon by both the lender and borrower.
Laws Regarding a Title Loan Company's License
Any auto title loan lender must hold a valid license from the State of Florida. The license must be clearly displayed in the title loan office. If the lender moves to a new location, written notice must be provided to the state before the move. Licenses are good for a two-year period and then must be renewed.
What You Need to Know About Paperwork Requirements
Fill out an online application or call the Orlando title loan company to get the loan process started. When you show up to sign the loan paperwork, bring proof of insurance, a government-issued photo ID, the clean title to your car, a current paycheck stub, and proof of residence, such as an electricity bill.
Auto title loans in Orlando do not require good credit, but you should make sure you will be able to pay the money and fees back within the 30-day lending period. It’s possible to roll a title loan over into a new loan, but you’ll pay extra in fees and interest that can really drive up your costs. Be smart and make sure the title loan is the only option left to get the money you need. Used wisely, auto title loans are often a helpful way to get the money you need for unexpected bills.