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Does Florida Offer Title Loans?

So, you’re backed into a financial corner, and need cash – right away. Well, if you’re a Florida resident and own a car with a title in your name, there’s an excellent chance you’ll be able to get a loan to tide you over. So, yes, Florida offers vehicle title loans, and here’s what you should know about them.

Vehicle Title Loans

Title loans are secured loans that use your vehicle as collateral, although you still get to drive it while making payments. The amount you can get depends on the company, but it usually hinges on a percentage of the vehicle’s equity. Eligibility requisites are generally flexible, so approval rates are up there.

How Do Such Loans Compare to Other Options?

If you qualify – banks are much more rigid – go for it. Remember, too, that the process for getting a bank loan will generally be longer than you’d wait for a title loan. And title loans require no credit check.

Then there are payday loans, which are meant to help working people who find themselves in a pickle. But such loans generally aren’t for more than a couple hundred bucks, so if you need more than that, you’re out of luck. You also may end up with expensive interest fees that can affect repayment.

If you’re reading about title loans, chances are your best bet is hitting up a friend or relative, since such loans typically are interest-free, and repayment terms will likely be flexible. However, this is a sticky area, as even asking for money can hurt the relationship. Certainly, not paying back on time will.

What’s so Great About Title Loans?

We’ve broached a few, but check them out here:

  • Quick cash. Banks take too long – IF you can qualify. Payday loans are insufficient and may cost too much. Getting a friend to help can be dicey. With title loans, funds may be in hand within 24 hours with no hassle.
  • Market rates. As we say, if you go with a payday loan, you may have to pay through the nose. Title loans come with competitive rates that are established based on current market analyses.
  • Protracted repayment terms. If you’re going to need more time to repay the loan, a title loan may work best.
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    While title loans are meant to be short-term, you likely could get more time for repayment than you could with most other options.
  • Affordable monthly payments. Sure, a loan from anywhere during a time of financial instability will seem like a huge relief – until you have a difficult time making payments. You’ll likely be able to afford a title loan, and perhaps be able to put some cash away for when the next emergency arises.

Title Loans in Florida

As we say, yes, a Florida title loan is very possible. In fact, such loans are increasingly popular during this inflationary period, as residents are doing what they can to make ends meet.  Further, the state has put in place laws to keep title loan companies from engaging in predatory practices such as exorbitant interest rates, short-term lengths, etc.

For one thing, there’s the Florida Title Loan Act, which ensures that title loan lenders are licensed. It also requires lenders to provide borrowers with a contract that details how much they’re borrowing and the interest rate.

There’s also a law known as Chapter 537, which pertains to repossession. This legislation requires lending companies to apprise you of their legal right to seize and sell your car to cover the loan. Lenders also must alert you before the loan reaches that point so that you have an opportunity to keep your vehicle or to remove personal items from it. They must also contact you 10 days prior to selling your ride so you have a chance to get it back.

If a Florida lender does not follow these laws, you can contact the Florida Office of Financial Regulation and the state’s attorney general’s office. So, yes, Florida does offer title loans, as well as protections to shield you from unlawful behavior. We suggest you go through LoanMart, a reputable company with scores of satisfied – and relieved – customers.


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