Since Lake Title services both Florida and Georgia residents and insurance is a requirement to operate your vehicle in either state and you will need to drive the vehicle to our office to complete your title loan request, we do require that you have some level of insurance on your vehicle. We do not require that you provide us with proof of insurance, however, we will ask that you provide us with the company and policy number for your automotive insurance.
While some lenders require that you upgrade or maintain full coverage insurance, Lake Title does not have that requirement. Other title loan lenders may require you purchase a full coverage insurance plan or purchase insurance through their company which adds on additional fees and products to your title loan, and this will not help you in the long run since it all factors in to your principle balance which will cause you to pay additional interest on the title loan. This does not allow the borrower to repay their account according to a schedule that works best for them as it is not a traditional title loan. With Lake Title, we give you the ability and flexibility to repay your title loan within 30 days, or however long you need to keep your account active with us. You will only ever pay interest on the amount you of money you received from our branch for your title loan.
Please reach out to one of our friendly office representatives at (352) 692-2274 if you have any further questions or concerns. We are looking forward to assisting you!