How Do Title Loans Work?
A title loan is when you borrow money against your vehicle. The value of your car will determine how much money you can borrow. The amount is usually a percentage of the total value. Some title loan companies check your credit score or balance in the bank, Rapid Auto Loans does not! So, don't worry; if you have bad or no credit, you still have a good chance of approval!Title loans work like any other loan. We'll give you the loan, and then you'll pay it back with a bit of interest. What makes this loan different is how quickly you can be approved. Usually, our clients have a check in their hands by the end of the day. That's why Orlando car title loans are so great. You'll never get approved this quickly for any other type of loan.
Life in Orlando can be tough. Hurricane season is coming, and you might have to make repairs, but title loans aren’t only for emergencies. They’re also for impromptu trips to Disney World or Universal Studios, or maybe you need some extra cash to replace your air conditioner in the middle of August. The possibilities are endless with car title loans.
The Loan Process
We don't need to know your income or any other financial information; all we need to know is that you can pay the loan back. Once we have all of your information, we can approve your title loan. Approval is an exciting moment for everyone.Then, we will determine the loan amount for you. When we've settled on the amount, you can head over to one of our many inspection centers. Or, if you qualify, you can complete the entire process online. The inspection process takes about half an hour, but it's worth it! When the inspection is over, you leave with a check and head to the bank.
The final step is to pay back the loan. At Rapid Auto Loans, you'll make 12 monthly payments. If you want to pay it back sooner, that's great! There's no penalty for pre-payments. You can pay at an authorized payment center or online, so loan payments have never been more manageable.
Everyone is always nervous about late payments, but you don’t have to be! Unlike some other companies, we give a 10-day grace period on each monthly payment. That means that every single month if you need an extra ten days to get us your payment, you don’t even have to ask. After the 10 days, there will be a late fee, but if you still need time, give us a call. We want to help you out in any way we can.