If you need money and own a vehicle, a title loan is a quick, short-term option. It’s easy to qualify, and the funds are available fast. You’ll want a properly licensed lender offering fair, easy-to-understand terms. Our partners at ConsumerAffairs researched the best title loan companies in Fort Myers so you can start the application process.
Title loans are secured loans that use a vehicle as collateral. The borrower hands over the title to the car for the length of the loan and gets it back upon repayment. The amount you can borrow is based on the value of the vehicle securing the loan.
Florida has specific laws regulating title loans across the state. Here’s what you should know:
Lenders must be licensed by the Florida Office of Financial Regulation.
Borrowers must be 18 to get a title loan.
Title loans in Fort Myers have a term of 30 days. The borrower and lender can agree to extend the loan by one or more 30-day periods.
Prepayment penalties are prohibited.
If the borrower fails to repay the loan in full by the maturity date and fails to make a payment within 30 days after the maturity date, the lender can take possession of the vehicle and sell it. The borrower is entitled to proceeds from the sale in excess of the amount owed plus the expenses of repossession and sale.
Florida also limits the interest title lending companies can charge.
Annualized interest rate
$0 - $2,000
Additional money between $2,000 and $3,000
Any money over $3,000
What does this mean, practically? If you borrow $1,000 over a 30-day period, the maximum interest a title loan company can charge is $25. If you borrow $2,500, it’s $60. For $5,000, $90.
Applying and qualifying for a title loan in Fort Myers is simple, and you don’t need good credit. Depending on the company, you may be able to apply online. But most lenders will need to appraise the vehicle in person before entering into an agreement.
Have these items ready:
Government-issued photo ID
The vehicle, with clear title (some companies may lend money even if the title has a lien)
Proof of insurance
Proof of income
Proof of residency
Before you decide to get a title loan in Fort Myers, make sure you are only borrowing what you can afford to repay. Because your car is at risk, it makes sense to consider other options first, like getting a loan from a family member or friend or applying at a bank or credit union.
If you choose to sign for a title loan, carefully read over the terms. The lender is required by federal law to show you the financing charges in terms of dollars and the annual percentage rate, as well as the total cost of the loan. Make sure you know when the loan is due and how to make payment.
Finova Financial, founded in 2015, offers a Consumer Loan on Car, or C LOC, for Fort Myers vehicle owners. Customers can apply online or over the phone and get quick decisions and same-day cash funding. Good credit is not required to qualify. Many reviewers give Finova Financial five stars, recalling positive interactions with representatives and recommending the company to others.