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What Is a Car Title Loan and How Does it Work?

February 12, 2019

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There are many circumstances that are out of our control. One of those is a financial emergency. These can arise at any time, and when they do, it can lead to problems if we don't have the savings account to help us through those times. A lot of people are not prepare to meet such a crisis, but fortunately there is an alternative way to get the help you need when you are faced by such a crisis. A Car Title Loan might be the answer.

Car Title Loan
What is a car title loan and how does it work? A car title loan is a loan you obtain by using the equity in your vehicle. A car title loan should not be confused with a payday loan, nor is it like getting a loan from a traditional lender. A car title loan is its own kind of loan. It's a fast, convenient loan with straightforward terms, allowing you to get emergency money when you need it.

Here is what a car title loan isn't:

A payday loan differs from a car title loan in that the interest rates on payday loans are typically very high. For a car title loan, interest rates are reasonable and the terms of the loan are flexible. Payday loan companies don't leave much room for flexibility and can be difficult to pay off.

A car title loan differs from a traditional lender, such as a bank, in that we don't tie you up in paperwork. Getting a car title loan doesn't involve a lengthy process that might take several days before you get the money you need. If you need a loan fast, chances are good it's an emergency and you don't have time for the process involved with getting a loan from a bank or other lender.

Car Title Loan Requirements
What is a car title loan and how does it work? A car title loan can be secured using your car title. The amount of the loan you are eligible for depends on your vehicle and the equity you have in the vehicle. TitleSmart is the ideal car title loan company in Florida for many reasons. First, we care about our customers and our priority is to get consumers the loan they need fast. To do this, we have made the terms of our car title loans clear and the process of getting a car title loan quick and easy. We even give you 12-18 months to pay back your loan.

What you need:

  • Original vehicle title.
  • Government-issued identification matching the name on your car's title.
  • Proof of residence, such as recent utility bill, cable bill, or credit card statement.
  • Proof of vehicle insurance: We will call your insurer to confirm the details of your policy and have our company name added to the policy as the payee in case of loss. We can also help you get insurance if you don't have a policy!
  • Proof of income or ability to repay the loan, such as bank statements or pay check stubs.
  • Personal references.
  • Detailed photographs from all sides of the vehicle.
  • Photos of the VIN plate and the odometer.

Those are the only documents required to get a car title loan from TitleSmart. You do not need to be employed to get a car title loan through us, so long as you have a source of income. You don't even need a bank account to get a car title loan from TitleSmart. If you're worried about your credit, don't be. The value of your car is what secures your car title loan, not whether you have good or bad credit. If you've got a clear title for your vehicle and the required documents, you can get a fast and easy loan with us.

Credit History
Here's the great news. You don't have to leave your vehicle with us to get a loan. We understand that paying loan back might be difficult if you can't get to work. That's why we let you leave your title with us and drive away in your vehicle. The process really could not be easier. To get the process started, simply fill out the form on our website and one of our qualified car title loan experts will get in touch with you right away. We will set an appointment to get you into our office, where we will assess the value of your vehicle, have you fill out a minimal application, and get you the loan you need that same day. We know that a financial emergency often requires that you act fast, so we have streamlined the car title loan process for you.

At TitleSmart, we don't just get you a car title loan, we give you expert service from qualified professionals who can answer all of your questions for you. Customer service is one of our priorities. We want you to feel welcome, comfortable, and to understand the process and how your car title loan will work. We're sure that once you've used TitleSmart for a car title loan, you will never want to get a car title loan anywhere else.

When you find yourself in a financial crunch or in need of funds for whatever reason, call TitleSmart at (954) 404-7306 or fill out the application found here on our web site. The process can be started right away and is as easy as it can be. Let our qualified car title loan specialists walk you through the process. We don't need to know why you need a loan. We simply want you to have the cash you need when you need it most. Don't let unexpected financial emergencies get you down. Contact TitleSmart today.

If you found this article helpful then let us know in the comments section below. Likewise, feel free to share it using the share options below. Want us to cover another topic of your interest pertaining to auto title loans? If so, then like us and follow us on social media, and post to any of our social media profiles the topic you'd like us to discuss: Facebook TitleSmartFL, Twitter @TitleSmartFL, and Instagram @TitleSmart.

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Comments: 1
Jack harry | more than 1 month

I had learned the hard way, was that car title loan and how it works. Very great and meaning information are put in here. It's very helpful for me to know more about car title loan.

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TitleSmart INC makes use of the phrase "Auto Title Loans" for the sole purpose of advertising. We provide auto equity loans. TitleSmart INC is licensed under the "Florida Consumer Finance Act" under Florida Statute 516. For this reason, lender's loans are exempt from licensing requirements under the "Florida Title Loan Act." This lender's approval of loan is based on the consumer's ability to repay the loan and the condition of the vehicle being used to acquire the loan.

Fees: $89.00 Lien Fee, $25.00 Application Fee, and a Document Stamp Tax which changes according to the amount of the loan. The fees are built into the life of the loan. APR: Annual interest rate ranges from 18% to 30%, depending upon current market.

Repayment: Our convenient payment options are designed to fit the consumer's ability to repay a loan. Those options currently range from 6 months to 24 months.

The table below represents an example of the overall cost of a loan. If you have questions or need further information, we are always happy to be of assistance. We want you to fully understand the terms and cost of your loan before you get one.

Loan Amount$1,000$6,000
Interest Rate(APR) 30% - $214.7318% -$733.25
Lien Holder
(One Time Fee)
(One Time Fee)
Doc Stamps
(One Time Fee)
Term 12 months 14 months
Monthly Payment$109.40$489.24
Total of Payments$1,312.81$6,849.33
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