Great Things About Title Loans In Cape Coral, FL That May Make You Want To Apply For One
Many times when people find themselves short of cash they need, they resort to desperate means to find it. Those means might be pawning expensive items for small cash, attempting to win big on the lottery, or if they think they can’t meet their debts declaring bankruptcy and burning bridges with credit history. If you’re dealing with hard economic times in the Cape Coral area of Florida, or are in a situation where cash has been a little hard to come by, you don’t have to resort to those extreme measures to get cash. Florida is a state that allows you to take out loans secured by your vehicle known as Florida title loans, and these kind of loans can be used to help you through a variety of financial hard times.
Our car title loans Cape Coral are possible through the lenders we are connected with in the Cape Coral and greater Fort Myers area. What these lenders do is appraise your vehicle at the current value it can sell for, and if you meet the state regulations and qualifying criteria, they can issue you a loan for any amount usually up to half of your vehicle’s value. Most title loans are for about $1,000-3,000, but they can be as much as $10,000. You need to have your vehicle title so you can allow the lender to put a lien on your title in order to secure a car title loan, and when you finish repaying your loan that lien will be removed. You can keep driving your vehicle in the meantime.
Why Are Car Title Loans Cape Coral Better Than Other Loans?
One of the main attractions of car title loans Cape Coral is the fast approval time. Most people who go to the banks or even credit unions to apply for personal loans already have a difficult enough time trying to get approved for them. But even more frustrating is the waiting time they need to go through before their loan goes through. Car title loans have little paperwork that needs to be done and have no credit score checks. That’s because car title loans are secured loans, which are loans that have an asset pledged as collateral that will cover most of the risk a lender is taking with a borrower.
Car title loans are often thought of as similar to payday loans because those loans are also alternatives to regular loans. But even here car title loans have the following advantages:
- You can usually take out higher amounts for car title loans than payday loans
- Car title loans usually have longer repayment terms than payday loans
- You can usually still get car title loans without a checking account whereas you can’t with payday loans
The Online Application For Car Title Loans Cape Coral
We’ve got most of the steps you need to take to get a car title loan outlined in our Florida title loan application which you can do online. What you’ll need first is your contact information and vehicle information including its make, model, mileage and year. Once you’ve completed the first step, we’ll call you so you can find out what the nearest lender to you is offering and how you can find them. You’ll need to bring your vehicle to their store so it can be inspected, and you’ll fill out the paperwork detailing your payment terms before you know whether or not you’re approved. You’ll also need to bring the following:
- Driver’s license or other government photo ID that proves you’re 18 or older and live in Florida
- A paycheck stub, bank statement, utility bill, lease copy or other similar document
- Your Florida vehicle title free and clear with your name on it
Once the lender has confirmed you meet all the criteria and inspected your vehicle, you’ll usually know in a matter of minutes if you’re approved. Once you’ve received your funds, they’re yours to use as you please.