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How do car title loans work in Florida?
My daughter is heading off to college this fall, but buying everything for her dorm room and classes is expensive. I could really use some extra cash to make sure she has everything she needs, and I’ve been thinking about getting a car title loan. How do car title loans work in Florida?
Jack Walsh · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Sending your kids off to college is a huge milestone, and you must be proud. But the costs can certainly add up quickly. Car title loans are legal in Florida, but they’re heavily regulated by the Florida Title Loan Act, which aims to protect consumers from predatory lending.
Florida follows this general process but has some important consumer protections, including:
- A maximum interest rate of 30% per year on the first $2,000 you borrow.
- A maximum interest rate of 24% per year if you borrow between $2,000 to $3,000.
- A maximum interest rate of 18% per year on any borrowed amount over $3,000.
- The agreement must specify how much you are borrowing, referred to as the amount financed, and the interest rate.
- If you fail to pay, the lender must wait 30 days after the due date to repossess the car and notify you when repossession is imminent.
- If the lender is selling the vehicle, they must notify you 10 days in advance and inform you of the remaining balance.Secure your car at any time before the sale by paying the loan balance and any applicable fees.
- If the car is sold for more than you owe, you are entitled to receive the excess amount within 30 days.
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