To get a title loan, we will need to see a few documents as part of the application process. Unlike a traditional loan, with a title loan, you are using the title to your vehicle as the collateral for the transaction and there is never a credit check performed when you apply for a title loan with Florida Title, so your credit never plays a role in the approval process. The documents needed for your title loan application are:
Proof of Identity – this is something that most applicants already have on them (State issued ID or Driver’s License) so it is probably not something that you will have to collect and gather ahead of time. If you do not have an ID or Driver’s License or it is expired, we are able to accept any photo identification that is issued by the State or Government.
Proof of Vehicle Ownership – to provide proof of ownership of the vehicle, we will need to see your original title. If your title is electronically held (commonly referred to as an e-title) through your state, you can provide your registration for proof of ownership. Since you are using your vehicle for the collateral for your title loan application, your vehicle will need to be free and clear of any liens or obligations.
Proof of Income – at Florida Title, we do have various programs that do not require proof of income in order for you to qualify for a title loan however, we do recommend that if you are able to provide proof of income, you bring this information with you for your application. Providing proof of income will likely increase the amount that we are able to approve your title loan application and increase your borrowing power. For proof of income, we are able to accept paycheck stubs, bank statements, or award letters. We are able to utilize your current year’s SSI social security statement. If you are unable to produce any of these documents, if your employer supplies you with a verification of employment document on company letterhead, we are able to accept this in replace of the other required documents, if needed. The letter from your employer will just need to give pertinent information regarding your employment (position, rate of pay, normal net income, length of employment, frequency of pay, and year to date pay total) in order for us to accept the document. We do need to see at least a net monthly income of at least $1,000 or more a month, otherwise we will process your title loan application as a no income title loan application.
Proof of Residency – for proof of residency, we are able to accept your bank statement or reoccurring utility or service bills. The account must be in your name and the proof provided needs to be the most recent issued bill, issued within the last 30 days. Typically, our applicants will provide one of the following bills for proof of residency: electric, gas, water, sewer, internet, phone, or cable. If your income is documented within your bank statement, your bank statement can be dually used for both your proof of income and proof of residency!
Your Vehicle – we will not keep your vehicle however we do require that you drive your vehicle to one of our branches for a quick an easy 5-minute auto inspection. During the auto inspection, we will be gathering information specific to your vehicle such as the current odometer reading, overall condition and features/options in order to pull the current value for your vehicle for your title loan application.
Have a specific question about what documents you need to apply for your title loan with Florida Title? Call our friendly and helpful staff at (850) 458-2274 to answer any questions you may have! We look forward to assisting you!