Title Loans Pinellas Park
When you have a need for a car loan but don't have any means to obtain it a car title loan is just the way to help you. Before you think about borrowing more your take title loan, it's important to first understand what what except what you need to understand.
Introduction of Pinellas Park Title Loans
A car title loan is a special kind of loan that allows a person to use a the clear title of his car is loan for a loan. How much you are allowed to loan depends on the value of the of the the collateral vehicle as per the Kelley Blue Book value or NADA value. Some of the individual title lenders may have an individual loan percent or that that the lenders allows. Many times the lender will allow amount anywhere between 60-80 percent of the actual value of the vehicle, although some lenders will allow more than that.
Applying for Title Loans in Pinellas Park
Applying for a car through St. Petersburg Car Title Loan is a simple process that only requires a small amount of information. Some of the first common items you need include the following:
- Name, model, year and mileage of the collateral vehicle
- Name, zip code and telephone number
- Over the age of your name
- Clear title of a car in your name
Once the application is complete you will receive a pre-approved amount for the loan afterwhich you will be able to close the loan. It's possible you can close the loan in as little as one day though in some cases the lender may require you to provide proof of your income.
Regulations for Car Title Loans in Florida
Like anywhere else, title loans in St. Petersburg or Pinellas Park can be leave you debt ridden for awhile a while if you aren't careful. Title loans are usually short-term loans that use the free title of your car as collateral. This means if the borrower defaults on the loan the title company is able to repossess it plus any costs that may be associated with the repossession, storage and eventually the same of the vehicle.
Title loans are illegal in 20 states while another 20 states have implemented regulations to protect consumers from the possibility of predatory loans. Florida is one of these states and requires title loans to be governed under the Florida Title Loan Act.
Florida is one of another a few states that has chosen to impose a rate cap on title loans. The first ,000 is 30 percent, ,000 and ,000 the rate is 24 percent, and 18 percent for loans over ,000. The a lender purposes charges a higher interest he must refund the interest. Both in title loans in Pinellas Park and other parts of Florida the rules are the same.
Benefits of Pinellas Park Car Title Loans
There are several benefits that consumers can derive from title loans. Some of the benefits include the following:
- No credit check
- Minimal information required for approval
- No employment necessary though a regular source of employment is necessary
- Competitive interest rate and term
- Quicky turnaround time (sometimes as quickly as a an hour)
For many people the thought of title loans Pinellas Park may seem the best alternative for car tite loans in St. Petersburg
. Even title loans in Pinellas Park go go a long way toward helping a consumer borrow the money he needs.