Who Should Consider A Title Loan?

Jun 24, 2021
Title Loans


Emergencies and repairs are usually unplanned and completely unexpected. That can leave you vulnerable to unpaid debt, or it could prevent you from getting the help you need. When you need fast cash and your paycheck isn't for another two weeks, or it won't cover the cost of your expense, a title loan could be your solution.

 

What Is A Title Loan?

Think about it like a pawn shop, but for cars. You can keep driving your car for the entire time of the title loan, but the lender will place a lien against your automobile. The loan process is typically swift, and you can have the money in hand in a short amount of time.

In order to benefit from this type of loan, you have to have equity in your car or own it outright. If you're leasing your vehicle, you will not be able to utilize this loan. If you have a truck, this loan can also benefit you! Again, you just have to own or have equity in your vehicle.

Loans with Rapid Auto Loans are paid back in 12 monthly payments. This is unlike competitors who typically offer 30-day title loans. Rapid Auto gives customers flexibility when it comes to repayment of the loan.

 

Pros Of This Loan

You get the cash quickly! So, if you need to pay for a medical procedure or last-minute expense, this is the best loan for you. The approval process is extremely short, and to the point, so you won't be biting your nails waiting around for the approval. Most of the time, you'll leave the lender with the money in hand.

Your job is to prove that you have a steady income, and your car is entirely in your name. Our company's job is to get you your cash fast. We know that if you're interested in this loan, time is of the essence.

 

Another benefit of this loan is that you can use your car while paying the loan back. No one will take your vehicle from you unless you don't pay the loan on time. This feature is what makes this one of the most convenient loans available.

 

The Risks Of This Loan

Every loan comes with a certain amount of risk, and in this case, the risk is losing your car. Failure to pay the loan back will result in the lender repossessing your vehicle. Of course, no one wants that to happen, but it is a genuine possibility if you don't pay the loan back

You will also pay a higher amount of money in fees for this loan as opposed to a typical loan. Due to this loan's fast and off-the-cuff nature, the lender will cover their costs with higher fees. The amount is typically 25% of the loan, so if you borrow $2,000, you'll owe around $2,500 for the loan. Due to the fast turnaround of this loan, you should only get a title loan if you know you will be able to pay back the total amount in that short amount of time.

 

Car Title Loans In Florida

When you need a title loan, look to the lenders at Rapid Auto Loans. Regardless of whether you have good credit, bad credit, or no credit at all, you can be eligible for this loan. Call us today at 954-960-7099 or apply for a car title loan online to discover if you're eligible. We look forward to helping you through this process.

Rapid Auto Loans is a consumer finance company licensed under Florida 516. The term title loan is used for marketing purposes only.

OTHER ARTICLES

Money Saving Tips: Preparing For Retirement

You may have already heard of the oldest money saving tip: “The best day to start investing was yesterday. The second-best day is today.” This is especially true when it comes to retirement. No matter how far away your retirement is, the constant reminders to save for retirement can stress out anyone. With these tips, you can start preparing for retirement today.

Applying for a Car Title Loan

A car title loan is a type of loan where the borrower uses their car to guarantee the repayment of the loan. The borrower gives the lender their car title to use as collateral for the loan. This allows the lender to offer you a lower interest rate on your auto title loans because they are less at risk if you default on your payments.

car equity

Your vehicle may be worth more than you know. With a car equity loan, the value of your vehicle determines how much cash you qualify for. This is why you should do all you can to prolong the value of your car. If you’ve never thought too much about car maintenance, then now is a perfect time. Need fast cash? Give your car the TLC it deserves. Here are our top tips on how to prolong the life of your vehicle.

save money, fast cash

There is nothing more frustrating than getting to the end of the month and realizing you’ve spent too much money. You tried your best to save money, but the budget was simply too tight.

extra cash

A little bit of extra cash can go a long way, but unfortunately, money doesn’t grow on trees.

installment loans

Every now and then, we need a loan to get by. There are many different types of loans out there, so you may feel overwhelmed as you consider which one is right for you. One type of loan is called an installment loan, in which you borrow a set amount of money that must be paid back over a fixed time period. The exact 

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.