Title loans with Florida Title are not only easy to get approved but they are also easy to repay and understand how it works! Technically, a title loan is a title pawn, but it is not a traditional pawn that you would have pawning personal items at a local pawn shop – ultimately, the vehicle is the collateral for the title loan however you will keep your vehicle throughout the duration of your title pawn with Florida Title, provided you are at least making your minimum payment on or before your due dates.
When you receive your title loan with Florida Title, you will have 30 days until anything is due to be repaid on the title loan. At the end or any time during the first 30 days, you have 3 options, you can:
- Pay the loan out in full, and receive your title back;
- Make the minimum payment, extending the transaction for an additional 30 days;
- Pay as much as you want over the minimum due, which will go towards your principal balance and reduces your interest for the next 30-day period.
Every customer has the same 3 options! Your payoff and minimum payments will all be based and calculated based upon the amount borrowed or the principal balance of your account with Florida Title so the amounts will vary. Just like any form of borrowing, the more you borrow and the longer that the account remains open, the more interest that you will owe over the life of the loan. With a title loan from Florida Title, the borrower ultimately has the power to determine how much they will repay in total for their title loan!
After you have paid back your title loan with Florida Title, there is no waiting or cooling off period required until you can reapply for a renewal title loan again! In fact, you could qualify for a larger approval amount based upon your payment history with Florida title for additional money with either a renewal or a refinance of your existing title loan!
Still have questions or concerns about title loans? Let us help you! We look forward to assisting you with your title loan needs and questions at Florida Title! Call our friendly representatives at (850) 458-2274 today!