How to Take the Title of My Boat to Secure a Loan in Florida

Equity in your boat may cover you in an emergency.

Accidents occur when least expected. Unfortunately, many people do not have the cash to cover these extra expenses. This becomes a scary and overwhelming situation, causing undue stress. One option to obtain money quickly is to get a title loan. This loan is not based on credit but on the value of the vehicle. The vehicle must be paid off and clear of liens. Repayment options vary from one month to a year. Some companies offer loans on cars, trucks and even boats. A person with a boat in Florida can easily and quickly obtain the money he needs.

Instructions

1. Find the boat title. The title must be clear of all liens. If a lien is shown on the title, attach the lien release from the lending institution to prove that the title is clear and all loans against the boat have been satisfied.

2. Locate local title companies. Most title companies offer auto title loans, but not every company offers boat title loans. Call around. Find two or three that loan on boat titles.

3. Ask each company for its interest rates and repayment options. Florida law allows a title loan company to charge interest of up to 30 percent per year.

4. Check the Better Business Bureau site online. Enter the zip code of the title company, and then click on the option to check out a business or charity. Enter the name of the title business. Any complaints against the business will appear on this site. Always complete this step when choosing a title company with which to do business. Numerous complaints against a company are red flags telling you to stay away.

5. Bring the title and lien release to the title loan company. The company may need to know where the boat is stored. Some companies need to see the condition of the boat, so be prepared to bring the boat to the title company if asked.

6. Read the agreement thoroughly. Understand the terms of the loan before signing, and ask questions about any unclear terms. Florida law states that the loan agreement must include the address and phone number of the Florida Department of Financial Services, so make sure this is included in the paperwork.

7. Sign the paperwork. The lender must sign at the same time. Typically, the loan is given immediately after the paperwork is filled out and the title company is satisfied with the title and condition of the boat.

References

• Office of the Attorney General of Florida: How to Protect Yourself: Title Loans

Resources

• Better Business Bureau