Car title loans use your vehicle as collateral to get cash quickly. Title loans are secured loans, and the lender can repossess your vehicle if you fail to repay the loan. Our partners at ConsumerAffairs researched the best title loan companies in Tallahassee to help get you through financial difficulties.
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Many Tallahassee residents prefer car title loans to other available short-term loans, such as payday loans, for multiple reasons. Title loans have lower annual percentage rates (APRs) than payday loans because lenders have collateral they can seize if you default on the payment, which reduces their risk.
In Tallahassee, the Florida Title Loan Act caps interest rates on title loans to:
30 percent per year for the first $2,000
25 percent per year for additional money borrowed between $2,000 and $3,000
18 percent per year for cash borrowed over $3,000
It's important to be aware of other Florida title loan laws so unscrupulous companies do not take advantage of you. Lenders can’t repossess your vehicle until 30 days have passed since you first missed a payment. Lenders must also provide you with a repossession notice and an opportunity for you to turn over your car. Whether your vehicle is repossessed or turned in, your personal property must first be removed.
Even after your car is repossessed, you can still pay what you owe to have your vehicle returned or buy back your vehicle during its sale.
How can you get a title loan in Tallahassee?
You can start the process of obtaining a title loan online and bring the necessary documentation to the physical location to finalize it. You don’t need much to qualify for a title loan in Tallahassee, and your credit score is not as important as it is for many other types of loans. You may only be expected to provide:
Government-issued photo ID
Proof of stable income
Proof of residence
Valid vehicle registration
Most companies ask for a clear car title, but some lenders work with you if you have a lien on your vehicle.
What fees can title loan companies charge in Tallahassee?
Florida laws do not place any limit on fees lenders can charge on title loans, so look over your loan agreement carefully to see what additional costs may apply. Common hidden costs include:
DMV lien fees
Credit card convenience fees are illegal in the state of Florida, and state laws prohibit lenders from demanding a surcharge if you prefer to make payments with a credit card.
What are repayment schedules like?
Florida does not impose a minimum or maximum loan length for car title loans, but in Tallahassee, it’s common for loans to be paid in a single, lump-sum payment at the end of 30 days. Many lenders also include a monthly payment option with repayment terms of three to six months or more.
Borrowers who elect a lump-sum payment and are not able to pay may be able to get a loan extension. Loan extensions let you renew your term, but you must pay the interest you owe first. At the end of the second term, the entire title loan amount is due, which includes the principal and any additional accumulated interest.
What are the alternatives to title loans in Tallahassee?
Florida has many borrower protections when it comes to title loans, making it one of the best states to get one. There are alternatives, however, for those seeking loans with lower APRs or who want to avoid the possibility of losing their transportation if circumstances require them to default on a title loan.
Alternatives to title loans in Tallahassee
Personal loans: Many banks, credit unions or online lenders offer short-term loans at competitive rates.
Credit card cash advances: While these often carry high interest rates, the overall APR may be less than a title loan. Cash advances do not require collateral.
Contact your creditors: If you need a cash advance to pay bills, talk to your creditors to see if they can offer you more time or split what you currently owe over future payments.
Finova Financial makes it easy to find out how much you can borrow with their online form and offers same-day cash funding. The company has a maximum 30 percent APR on consumer loans using your car as collateral. Tallahassee customers praise how easy the company is to deal with and the simple loan approval process.
Adbeth Title Loan Solutions
Adbeth Title Loan Solutions is a local Tallahassee company that provides short-term loan solutions for quick access to the money you need. Borrowers can get an instant loan quote through the company’s online application process. Adbeth Title Loan Solutions promises fair and competitive interest rates on title loans to Tallahassee customers.
InstaLoan provides cash to borrowers in as little as 30 minutes. The lender offers first-lien loans on vehicles in amounts from $500 to $1,500 with competitive rates and manageable payment plans. Tallahassee reviewers appreciate how professional and polite representatives were and recommended them above others for short-term loans.
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