Title Loans in Union Park, FL
What are Union Park Title Loans
A title loan is a form of a short-term loan provided by different financial institutions where you obtain a loan within a short period and in return, you use your car as a collateral. When a customer takes a title loan, he or she permits the lending company to put a lien on his or her vehicle’s title. The borrower is then required to submit the original car title to the lender in exchange for the agreed loan amount. Most title loans in Union Park provide you access to flexible title loans. If you are in Orlando, you can also enjoy flexible car title loans in Orlando.
How you can apply for Union Park Title Loans
When applying for title loans in Union Park online, there are simple steps you need to follow.
1. You start by filling out an application form: You can initiate your application for title loans in Union Park by visiting an online portal and filling your application from the comfort of your home. Lenders will require you to provide your name, address, car particulars, your employment details, and the loan amount you wish to borrow.
2. Credit agents with contact you: Once you have submitted your loan application online and the lender has received it, their agents will contact you. You will also be required to schedule a visit to their offices for the inspection of your car.
3. Inspection of your car: Once the lender schedules an inspection day, you will be required to avail your car for inspection by experts working for the providers of title loans in Union Park. The inspection will evaluate the state of your car and determine whether you qualify for the amount you applied.
4. You sign your loan contract: If the experts determine that you qualify for the loan, you will sign the loan documents and receive the money instantly or allow the lender to deposit it into your bank account. If the experts find that you applied for a loan value greater than your car, you will be advised to revise the applied amount downwards.
5. Payment of the loans: To get back the title for your vehicle, you will need to visit the lender’s offices to pay the amount they loaned you and the accrued interest. Adherence to the terms of title loans will ensure that you get back your vehicle tittle as soon as possible. Title loans in Union Park guarantees you access to your car title as soon as the loan has been repaid.
What are the legal regulations for title loans in Union Park, FL
The Florida Statute 537 and Florida Statute 516 govern title loans in Florida. Florida Statute of 537 came into effect in 2000 to ensure that consumers of title loans are protected. It provides restrictions on repossession, extra charges allowed, and selling of repossessed cars. The Florida Statute of 516 that regulates consumer lending also seeks to protect the consumer despite its ambiguity.
How car title loans differ from other fast loans like payday loans, personal loans, and car advances?
Car title loans are short-term loans that are repaid in a few weeks. On the other hand, payday loans and car advances are repaid any time from a few weeks to one year.
Title loans help you to use your car as collateral to obtain a loan while paydays/personal loans/car advances do not require any collateral for you to obtain a loan.
What is the difference between a clear title and a title with a lien on it? How do you get your title if you do not possess it?
A clear title is the one where the owner has completed the repayment of his or her bank loans implying that his or her car cannot be repossessed. A title with a lien, on the other hand, has a security interest implying that if you fail to repay your loan, the bank has the right to repossess your car and sell it to settle your loan balance.