Title Loans Tampa Florida
Use Your Vehicle As Collateral And Still Use It
Title Loans are short term high interest loans available in lovely Tampa Florida. They are secured loans that cater to people with bad or challenged credit. Secured loans are loans where you need to put up collateral in order to obtain the loan. The collateral in a title loan in your vehicle.
Whether it’s a car, truck, van, motorcycle, you have to have the title to the vehicle and it has to be free and clear of any liens. You have to own the vehicle outright and are no longer making any payments on it.
When the lender give you the loan they become the lien holder on the title. The lender takes care of all DMV paperwork and puts a lien on the title making them the legal owner of the vehicle while the borrower remains the registered owner.
More Information about Tampa FL Title Loans
Once the loan is paid off the lender releases interest in the vehicle and the registered owner becomes the legal owner of the vehicle again. In the state of Florida, title loans have grown in popularity over the years due to the fact that borrowers get to continue to use their vehicle while paying off the car title loan. This increases borrower confidence to pay the loan off because they can continue to use their vehicle to get to work or use their vehicle work part time on the side with Uber or Lyft. With Uber and Lyft you get to decide your own hours giving the borrower the ample opportunity to make more money.
Requirements For Title Loans in Tampa Florida
- The vehicle being used as collateral must be in good operating condition
- The title to the vehicle must be free and clear of any liens. The vehicle must be owned outright.
- Applicants must bring in Government issued I.D.
- Applicants must be able to prove income.
- Auto insurance must be maintained on the vehicle at all times.
Educate yourself on title loans in Tampa Florida and know what you are getting into ahead of time. Do your research.