What Can I Use A Car Title Loan For?

Sep 9, 2021
Title Loans


Ever have one of those times when you could really use some extra cash? Of course, you have - most people have at some point or another. Every now and then, something comes up that you didn't plan for, and it costs money to fix. But how can you find this cash, short of robbing a bank? One option is a car title loan.

 

These are short-term, high interest loans in which your vehicle is used as collateral when you borrow. What's really great is that you don't need to have a great credit score to do this - only a functioning car.

 

Read on for more information about car title loans, as well as potential situations in which having extra cash would be useful.

 

How Car Title Loans Work

So long as you have a car you are eligible to apply for a loan. The application process involves showing your car to the lender, as well as your driver's license and proof of ownership using your car's title.

 

After you set up an appointment with one of our lenders, we'll have you complete an application. At that point, we will work with you to determine the amount of your loan. This will require an inspection of your vehicle - you can do this at any inspection center in the state of Florida or use our convenient virtual inspection app and do it from home. Overall, the verification process takes about half an hour to complete. Once you're approved, you can leave with your money!

 

Car title loans can be super convenient when you're in a pinch for cash, but make sure you're able to pay it back on time to avoid losing your vehicle (and worsening your credit).

 

Real-Life Situations That Require Extra Cash

There are all kinds of reasons that people need money fast, but here are a few of the most common:

 

Pay Off A Debt

One of the fastest and most common ways for Americans to accrue debt is through a medical emergency. For those with poor insurance, or no insurance at all, the bills can add up very quickly. Everything from the ambulance ride to medical testing, the length of the hospital stays, and other treatments can result in bankruptcy for many.

 

Now, we don't recommend taking out a car title loan for thousands of dollars to cover, say, chemotherapy. But for a relatively minor medical debt that requires dipping into the budget, having extra cash to pay it off can be helpful.

 

Save For A Big Purchase

Maybe you've been on the hunt for a new apartment or car, but you're a hundred or so short of making your deposit. Having extra cash to cover that expense can help you.

 

Moving Expenses

Even if you're moving for a new job, the moving process itself is expensive. Some companies will offer to cover the expenses, but it may not be enough. Having extra cash can get your moving truck from Point A to Point B in a timelier manner.

 

Car Title Loans In South Florida

We get it - life can hit you with some unexpected pitfalls, resulting in lost finances or damaged credit. You wouldn't be the first person to need some extra cash, extra fast. Unlike other lenders, Rapid Auto Loans doesn't punish you for having poor credit. All we require is a working vehicle. If you need cash fast, a car title loan can help. Fill out an online car title loan application on our website or call us today for an appointment at 954-960-7097.

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How To Avoid Title Loan Repossession

While nobody wants to consider defaulting on their title loan, not making a payment is a genuine possibility. Potentially, it could result in the repossession of your vehicle. In these still troubling times, there are several reasons people may fall behind on their payments. Understanding title loans and repossession laws are critical to weighing your options and settling on a solution. Rapid Auto Loans is here to explain everything you need to know to avoid title loan repossession.

Rapid Auto Loans is a consumer finance company licensed under Florida 516. The term title loan is used for marketing purposes only.
All loans have a repayment period of 12 months and there is no minimum prepayment penalty. Interest Rates are determined and approved by the State of Florida based on the borrowed amount and the maximum APR (which includes interest rate plus fees and other costs for a year) is 30%. You pay interest only for the time your loan is outstanding. Below is a representative example of the total cost of the loan, including all applicable fees:
3,233.68

APPROVED LOAN AMOUNT

0.00

Government Fee

25.00

Credit investigative Fee

11.55

Documentary Stamp Tax

3,270.23

Total amount Financed

11/1/2016

Original Loan Date

29.07%

APR

316.39

Monthly Payment (x12)

Rapid Auto uses “Auto Title Loans” for advertisement purposes only and provides auto equity loans. The lenders are licensed under the “Florida Consumer Finance Act” under Florida Statute 516 and as such lenders loans is exempt from any licensing requirements under the “Florida Title Loan Act” to the extent that any of lenders activities involve the making of a loan of money to a consumer secured by bailment of a certificate of title to a motor vehicle.