Need cash fast? There are many different options that are available to you, and you may be overwhelmed by all the information that is out there online. If you are not sure about the right fast cash loan option for you, consider car title loans.
A car title loan is a kind of fast cash loan that does not require you to go through a credit check. If you have the title to a vehicle that you own, you can trade this title in for a certain amount of money. The financial lender will assess the overall value of your vehicle, whether it is a car, truck, or motorcycle, and give you a loan amount that is a fraction of that overall worth. Car title loans are typically paid off in a month or two, but some financial lenders offer longer term payback periods.
Car title loans are a viable loan option if you need money quickly and can pay it back in a short period. Of course, you have to be the title holder of a car, truck, or motorcycle to be eligible for this kind of loan. This kind of loan is known for having high interest rates, but in an emergency, it can still be one of your financial options.
Depending on where you live in the United States there are different rules regarding car title loans, also known as auto title loans. Residents of Tennessee, Arizona, and Florida are among the luckiest since these three states offer car title loans and have regulations that protect the recipients of this kind of loan.
Here is some more information about car title loans in Tennessee, Arizona, and Florida.
Car title loans in Tennessee
Tennessee car title loans are traditionally capped at $2,500, which means this is the maximum amount of money a lender can give out. This keeps your loan and its subsequent interest rate from piling up quicker than you can pay it off. In Tennessee, the minimum loan term is 30 days, but this rolls over into additional 30 day periods if a complete payment has not been made. There are no penalties for paying off your loan early.
There are also laws in Tennessee that limit how much interest can be charged on car title loans. Auto loan lenders are still able to charge other fees, but these fees are limited. Lenders are not allowed to charge or profit from insurance sales, nor can they use repossessed cars for their use or profit.
All Tennessee title loan lenders must be licensed by the state of Tennessee. Lenders often require certain information from car title loan applicants that may include the license plate number of the car, vehicle identification number, make, model, and year, as well as the applicant’s name, address, date of birth, and physical description.
Car title loans in Tennessee are available in Memphis, Nashville, Knoxville, Chattanooga, Clarksville, Murfreesboro, and Franklin.
Car title loans in Arizona
Arizona is another state that has regulated car title loans. In Arizona, residents can expect to pay no more than a certain amount of interest on their auto title loan. Similarly to Tennessee, the term limit for a car title loan in Arizona is 30 days, with potential rollover periods as well.
Arizona car title loans are available in Phoenix, Tucson, Mesa, Chandler, Glendale, Scottsdale, Gilbert, Tempe, and Peoria.
Car title loans in Florida
Florida car title loans are regulated under state law. The Florida Title Loan Act of 2000 capped interest rates, and lenders are restricted by Florida Statute 537 and Florida Statute 516. These statutes capped interest rates and gave consumers some protections when they obtained a car title loan.
All car title loan agreements have to be written down and must contain the following information: the make, model, and year of the vehicle being titled, the vehicle identification number, and license plate number. The agreement must also include the applicant’s name, address, date of birth, physical description, the date of the lending agreement, the loan amount, and further details of the loan agreement.
Florida title loans are limited to 30 days, but the initial loan period can be extended with the approval of both parties.
Florida car title loans are available in Miami, Jacksonville, Tallahassee, Orlando, St. Petersburg, and Tampa.
Finova Financial’s car title loans
Finova Financial is a financial lender specializing in car title loans in Tennessee, Arizona, and Florida. Finova Financial offers small, short-term car title loans and other fast cash options. Unlike most other car title loan lenders, they offer a yearlong payback period for our car title loans. They do not require any credit checks or income information and conduct our credit assessment for applicants.
If you are interested in a car title loan and you live in Florida, Tennessee, or Arizona, please contact Finova Financial today. Their simple online form can tell you how much your loan amount could be using information about your vehicle. For more information on car title loans or to contact their loan experts, visit Finovafinancial.com today.