Your Guide To Florida Title Loan Laws

Feb 17, 2022
Title Loans

Title loans can be a saving grace when money is tight. Not only do they provide instant cash without lengthy processing periods, but there is no need to provide a credit score. Getting a Florida title loan is just as easy, especially when using a convenient provider like Rapid Auto Loans.

Before applying for a cash advance, it's important to do your research on the legal fundamentals of title loans in Florida. A basic understanding of the laws will help you make the best decision for your needs and protect you from any illegal or unethical businesses.

Start your research here and apply for a title loan with confidence!


The Basics of Florida Title Loans

Don't get caught by the small print in title loan contracts. When you understand the process of a car title loan, then you're able to get the most out of the deal. Title loan requirements may vary from one state to another, so it's important to familiarize yourself with the local regulations in Florida.


Florida Title Loan Act

Title loans are highly regulated in Florida. The Florida Title Loan Act includes the addition of Chapter 537 to the 33rd statute which also regulates trade, commerce, investments, and solicitations. The law outlines regulations for lenders and borrowers alike.

Official lenders need to be licensed with the state. If the business has more than one location, then each location needs to be separately licensed. These licenses should be visible and regularly renewed to stay up to date. The Florida Office of Financial Regulation is a resource for both lenders and borrowers.

The regulation covers the following areas:

  • Lenders options in the case of a defaulted payment
  • Limits on interest rates
  • Details on renewals and rollovers
  • Maximum and minimum title loan limits
  • Maximum and minimum terms of repayment
  • Penalty fees


Title Loan Requirements in Florida

Car title loans are effective emergency cash sources as the approval process is less strenuous than other financial loan arrangements. While each lender may differ, borrowers must meet certain criteria to qualify for a car title loan.

Borrowers must have the following:

  • A car title or physical possession of a car title
  • Proof of income from a reliable source, whether it be a salary, child support, or disability grant

Specific lenders may require other information, such as details on the model of the car, etc.


Contract Essentials

The contract will determine key information such as the loan amount and repayment plan. As a state, Florida demands that certain information be included in the contract, including the following:

  • Vehicle details - make, model, year of manufacture, VIN, license plate number
  • Borrower's details - name, address, date of birth, Social Security number
  • Terms of the loan - initiation date, loan amount, the maturity date of the loan, annual percentage rate (APR)

While it may not be glaringly obvious, it's required that the contract also provide the physical address of the lender and the contact details for the Department of Financial Services. Also included should be instructions if the car is stolen. Both parties need to sign the contract and the borrower should receive a copy at the time of signing.


Repossession Risks

In the unfortunate instance of failing to make payment, then the lender may repossess the vehicle (which is being used as collateral). The vehicle may be repossessed and sold at auction; however, the lender is required to give the borrower a chance to surrender the vehicle and remove any personal items.

If possible, the borrower can also repay the title loan, along with any expenses, to reclaim the vehicle before being sold.

In the instance that the car is repossessed, then the lender is responsible for keeping the asset safe and secure.


Protect Yourself Against Illegal Business

Unfortunately, not all lenders play by the books. Protect yourself from unethical lenders who dabble in illegal business.

If a lender does the following, then it's a warning sign that they are up to no good:

  • Force you to waive your rights
  • Sell your insurance
  • Refuse partial payments
  • Charge a prepayment penalty

Once the loan has been repaid in full, the lender needs to remove their lien on the car title.


The Best Florida Title Loan Providers

Are you looking for a car title loan in Florida? Once you've done your research on the legal aspects, you can begin to search for a trustworthy title loan company in Florida. Rapid Auto Loans fits the bill, allowing borrowers to take out long-term car title loans over 12 months which reduces the stress of having to pay the money back over 30 days.

Contact our friendly and helpful team online or give us a call at 954-678-5781. Turn your car into cash today - and then drive it home!




apply for title loans online

At Rapid Auto Loans, we offer title loans online to those looking for ways to get emergency cash when they need it most. Unlike a payday loan, this loan uses the vehicle’s value as an exchange for funds. We never look at your income or credit score to provide these loans. Ultimately, the amount of money you can borrow with title loans online will depend on the value of your vehicle. The average loan from Rapid Auto is $2,000.

Curb Expenses With These Money Management Tips

Many people struggle with money management. It can be tough to figure out the best way to utilize money, especially for Millennials on a tight budget.

What Is A Car Equity Loan

If you have ever taken an auto loan, you may have also heard your lender mention the words “car equity”. But did you ever mind enquiring the meaning of the term, or its significance on your loan? Auto equity is the difference between the current market value of your vehicle and your auto loan. For instance, if the market value of your car is $15,000 and you owe your lender $5,000, your car equity is $10,000. Therefore, a car equity loan is the amount of money you can borrow against your vehicle’s value.

Quick Cash When You Need It

There may come a time when you need quick cash and seem to be out of options. Fortunately, Rapid Auto Loans has a solution. It may be that you are struggling with a negative credit history, but this shouldn’t prevent you from accessing quick cash when you need it! At Rapid Auto Loans, we can assist you in borrowing money based on the current equity of your vehicle. Let’s look at how this works.

save money

While it’s certainly not the most exciting monthly purchase you’ll make, car insurance is there to protect you financially when you’re behind the wheel. Being able to save money on your car insurance is the sweet cherry on-top!

Getting A Loan With No Credit

You can never be too prepared, but sometimes life can throw a massive curveball your way. We’re living in an era where your credit score affects how far you can go in life. It’s easy if you can afford the basic cost of living and there are no unexpected surprises. Except sometimes you’ll be hit with an expense that you weren’t prepared for. It could be something small and an easy fix if dealt with immediately.

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:



Government Fee


Credit investigative Fee


Documentary Stamp Tax


Total amount Financed


Original Loan Date




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.