Online Title Loans
HOW MUCH CASH DO YOU NEED
Gainesville Title Loans
If you are in need of a fast cash loan in Gainseville, Florida, contact us at TitlePlan and we will help you get the money you need fast by unlocking the value of your vehicle with a car title loan.
Gainseville is known for a lot of things, but it is particularly known for being the home to the University of Florida, the nation’s fifth-largest university campus by enrollment.
The University of Florida is known as one of the most dominant sports schools in recent memory. Their NCAA sports program has won 267 championships including three NCAA Football national championships in 1996, 2006. and 2008, and two men’s basketball championships in 2006 and 2007.
How do car title loans work?
The way how car title loans work in Gainesville is basically the same way as they do in any other city and state in the United States.
To put it simply, a car title loan in Gainesville is a secured loan in which you borrow a short-term personal loan against the value of a car that you own in full and have a lien-free car title on. The value of your car determines the maximum amount that a title loan company will lend you, it will similarly determine whether or not you are approved for the loan in the first place.
Car title loans are an effective way to fast financing because using your vehicle as collateral means that you can get a fast cash advance typically within 24 hours of your application.
One thing to keep in mind about title loans is that they typically come with a high annual percentage rate. A high annual percentage means that the interest rate attached to your loan. The average interest rate attached to a auto title loan is around 25 percent.
That means that if you take out a title loan worth $10,000, you could be on the hook for an interest charge worth up to $2,500.
Title loans are a great way to get same day cash, but be forewarned that positive aspect can carry quite the price in terms of high interest rates.
How Long Does it take to Get One?
When searching for car title loans open near me, approval is fast and easy. The whole process can be done online!
The entire process of submitting your application, having it evaluated, and qualifying for a title loan can take less than 30 minutes. Here at TitlePlan, we make it our job to make sure that the entire process takes a little time as possible so that you can get the money you need exactly when you need it.
One way to ensure that your application and approval process goes as quickly as possible is to make sure that you have the necessary proof of income. This allows lenders to get insight into how you will be able to pay back your title loan.
On top of that, the better condition your car is in, the lower your interest rate will likely be. That means that you will be paying less in interest fees throughout the life of your loan. This will save you hundreds or even thousands of dollars depending on the amount of your loan and the length of your payment term.
What Will My Car Title Loan's Value Be Based On?
The amount that you can legally borrow in the state of California is between $2,600 and $50,000. What a specific car owner can borrow, however, is based on very specific factors.
Overall, the value of a car title loan that you will be offered will be based almost entirely on the value of the car that you own. Because car title loans are based on the value of your car, there are several variables that lenders will keep in mind when evaluating your car’s value.
- The mileage on your vehicle
- The age of your vehicle
- The condition of the body and mechanics of your vehicle
- Your vehicle's resale value
Much of the resale value will be based off of your car’s market value. If you are interested in looking into your car’s market value before you contact us, feel free to to head to Kelley Blue Book’s website and enter your car’s information to get a good idea.
Still, it is important to keep in mind that car title lenders are known to offer loans that are worth somewhere between 30 percent and 50 percent of the total value of your car.
What Happens If You Don't Pay a Title Loan Back?
Because auto title loans are secured loans, it’s important to know what the risks are of taking out out. Basically, what happens if you don’t pay a title loan back is that you face vehicle repossession.
Vehicle repossession means that if you don’t repay the loan you took out, your lender will have the option to repo your car in order to recoup the losses they faced when they decided to lend to you. It’s a scary possibility, but luckily title lenders are quite flexible and will often let you roll over your loan if you need to.
Just rolling over your loan won’t solve the issue altogether, unfortunately. Because title loans come with high interest rates, rolling over your loan will mean an additional payment term and an addition interest rate charge. If your short-term loan’s term is one month, it could take rolling over your loan just one time before you owe 50% of your loans total amount worth in interest charges!
