You’ve been in desperate need of quick cash to cover an unexpected expense and have your sights set on a car title loan in Florida. However, you’re not sure if there are any documents you’ll be asked to provide as part of the application process. This brings us to today’s question; Do you need documentation to acquire car title loans in Florida? The answer is yes. But what specifically do you need?
- Proof of Residency
One of the key pieces of documentation required to acquire car title loans in Florida is proof of residency. This can include documents such as a driver’s license, an identification card issued by the state, utility bills, or rental agreements that list your address and name.
- Proof of Reliable Income or Alternative Income
Another important piece of documentation required to qualify for car title loans in Florida is proof of reliable income or alternative income. That said, it’s worth noting that most of our car title programs here at Florida Title do not always require proof of income in order to qualify. However, when applicants do provide proof of minimum wages of $1,000 +, they may be eligible for larger loan amounts!
- A Free and Clear Vehicle Title in Your Name
Since car title loans require you to use your car as collateral, you must provide the lender with your vehicle’s title. A vehicle title is a document issued by the state Department of Motor Vehicles that shows proof of ownership of a car. It typically lists the name of the owner and may also include other pertinent information such as the license plate number, vehicle identification number (VIN), odometer readings, etc.
In order to be approved for a car title loan, you must have a free and clear vehicle title in your name. This means that there can be no liens on the vehicle–no outstanding debt tied to it.
What happens if your car was a gift or inherited?
Applying for a car title loan with a gift or an inherited vehicle is absolutely possible! However, in order to do so, you’ll need to transfer the vehicle’s title into your name. Here are the steps you should follow to transfer the car title successfully.
- Step 1: Ensure There Is No Outstanding Lien on the Car
Before you transfer the car title in Florida, it is important to first ensure there is no outstanding lien on the car. A lien is a legal claim that places an encumbrance on the asset (in this case, the car) until a debt owed is paid off. If there is a pre-existing lien on a car you have inherited or received as a gift, then it must be cleared before you can legally transfer the title.
To check if there are any liens against a vehicle, request a Vehicle History Report from the Florida Department of Highway Safety and Motor Vehicles or contact your local county tax collector’s office.
- Step 2: Gather the Required Documents to Transfer the Car Title
Once you have verified that there are no liens present, the next step is to gather all of the required documents. First and foremost, make sure that you can provide proof of identity such as a driver’s license. Insurance coverage will also be necessary when registering the car with the DMV.
You must also obtain an odometer disclosure statement, and certificate of title, and in some cases—such as with an inherited vehicle—a death certificate may be required too. Also, if you received the car as a gift, then an Affidavit of Gift Transfer is mandatory in order to prove that the transfer was made without compensation or exchange of goods.
By having all these documents on hand when transferring your car title, you can make this process go much smoother and faster ensuring that ownership is promptly transferred and registered with the state.
- Step 3: Apply for a New Certificate of Title
After gathering all required documents, go ahead and apply for a new Certificate of Title with the local Florida Department of Highway Safety and Motor Vehicles (FHSMV). This can be done online or in person. Payment for all associated fees should also be included along with your completed application form.
Of course, the type of documentation you’ll need for vehicle title loans may vary across lenders, but the ones highlighted above are typically required by most if not all car title loan providers in Florida.
Are you in need of a car title loan in Florida? look no further than Florida Title. Our application process is completely secure and hassle-free – plus our competitive rates make us stand out from the rest. Apply now and get your cash fast!