Title Loans in Miami Gardens: Requirements & How to Apply
Life isn’t always the way you expect it to be, especially in these trying times.
Sometimes, life throws us a hardball, leaving us at a loss.
So when you need to borrow money quickly in an emergency, who you gonna call?
Car title loan vendors in Miami Gardens!
What Are Title Loans?
Title loans are readily available loans for anyone who is the sole owner of their vehicle.
This means that any vehicle, including motorcycles, trucks, and RVs, can be used in title loans.
Known as auto title loans, car title loans, or pink slip loans, a title loan utilizes just the title or legal paperwork of the vehicle as collateral to ensure repayment.
In some cases, they may even help you get a personal loan.
Why Should You Go for Car Title Loans in Miami Gardens, Florida?
Why should you get a car title loan instead of other plans?
Here are some reasons why:
1. Quick and Easy Application
A bank loan or credit union may have strict requirements that make it difficult to get approval.
These kinds of loans may take a long time to release the money, putting you in quite a pinch if you need the money ASAP for an emergency.
This is where car title loans come in.
A car title loan has fast approval and funding time and allows you to get your money within just 24 hours while lending only the car title and not the car itself.
Additionally, you can apply online from the comfort of your own home.
2. Low and Flexible Payments
As connected to the above point on reasonable interest rates, borrowers can give low monthly payments for their loan, making it easier to get their car title back.
Additionally, most lenders are very flexible with repayment time.
Many allow years to pay back the loan, thus lessening the dent in the borrower’s pocket.
Best of all, there are usually no early repayment penalties!
3. Accessible to All
The great thing with title loans is that they are open even to those with a bad credit history or even past bankruptcy.
The lender’s credit criteria are purely the vehicle equity and not the borrower’s history.
4. No Hidden Fees
There are no hidden fees or transaction fees involved in the loan process in Miami Gardens, Florida.
What you see is what you get, so you don’t have to worry about losing more than you bargained for.
5. Allows for Regular Life
Unlike other loans that can create huge lifestyle changes, auto equity loans are the best option for life to go on as usual.
Because with Miami Gardens title loans, you can still drive and use your car as usual, even during the loan period.
Getting Miami Gardens Title Loans
Any resident of Miami Gardens, Florida, above the age of 18 with a vehicle in their name can avail of Miami Gardens title loans.
To get Miami Gardens title loans, prepare the following documents for conditional approval:
- Valid government ID
- Proof of Florida residence
- Vehicle title
- Pictures of the vehicle
- Proof of income (this is meant to demonstrate ability to pay and can come from nontraditional sources of income.)
The loan process of getting an auto title loan in Miami Gardens is extremely fast and easy!
You don’t need to worry about long waits for a pending review, intense background checks, or mountains of paperwork typically associated with traditional loans.
Here are some easy steps to get your car title loan:
Step 1: Look for the Right Lender
Look around for the right lender that can fit your needs.
Be aware of both physical and online sources in Miami Gardens that can help you.
You can request referrals from friends and family to find the right lender for you.
Sometimes, some lending companies even offer incentives for referrals, so you may even be helping out your loved ones as well!
Be wary, however, of companies that emphasize “low monthly payments” to encourage consumers.
These types of loans are more likely to be scams that cause borrowers to pay the loan 100x over.
Step 2: Give Them a Call or Fill Out the Online Application Form
The great thing about auto title loans in Miami Gardens is that they are very easy to apply for.
You can just give the loan agent a quick call or apply online to really begin the loan process.
The application form or call usually includes an inquiry regarding basic information about the following to see if the consumer qualifies for a loan:
- The consumer
- The consumer’s vehicle
- The consumer’s finances
Once the lender understands the above, they can discuss your eligibility and offer a pre-approved loan plan.
Approval for the loan can take less than 15 minutes!
Step 3: Submit the Required Documents
The documents required for car title loan approval, as mentioned above, are basic and extremely easy to access.
You can turn them in quickly online through PDF or even with a picture.
The faster you send your papers, the quicker you get your money!
Step 4: Get Your Money!
Once you get the final approval of the actual loan amount and the rates involved, you can already pick up your title loan money!
The cash can be accessed within the same day or the next business day.
You can get your money directly wired through your bank account or through MoneyGram, which can be accessed through various retailers beyond Miami Gardens.
Frequently Asked Questions
Can I Get Approved for Car Title Loans in Miami Gardens, Florida, Even With Bad Credit?
Unlike other bank loans, car title loans only look at your vehicle’s equity to qualify you for approval.
That means that even past bankruptcy isn’t a barrier to getting your money.
In fact, you don’t even need a bank account in Miami Gardens to be approved for an auto title loan!
How Much Can I Get for My Car Title Loan?
The amount of money you get with Miami Gardens Title Loans is based solely on your vehicle’s current market value.
This means that they look at the following:
- Vehicle year
- Vehicle model
- Overall vehicle condition
A new, well-maintained vehicle can get you more money than an older, badly maintained vehicle.
Additionally, rarer cars can also get you more money than other, more common cars.
If your vehicle qualifies for a loan, you are usually guaranteed a minimum of $2,500.
There have even been instances of some borrowers in Miami Gardens, FL getting as much as $30,000 with their title loan!
Will I Have to Give Up My Car if I’m Approved for a Title Loan?
The lender will only borrow your car title, meaning that you can still use and drive your car like normal while gradually paying off the loan.
This means that there will be fewer barriers in place for getting your money to pay it back!
Do I Need to Be Employed to Qualify for Title Loans in Miami Gardens, FL?
You don’t need to be employed to qualify for a title loan in Miami Gardens, Florida.
However, you do need to be able to show that you have the means to pay back the loan.
The great thing about title loans in Florida is that they accept various sources of income including, but not limited to:
- Divorce settlements
- Social security
How Fast Can I Get My Money if I Avail of Title Loans in Miami Gardens, FL?
You can get your money within the same day or the next business day.
Do I Need to Immediately Pay Back the Car Title Loan?
You can take years to pay back your loan with minimal interest and low repayment amounts each month.
How Will a Car Title Loan Affect My Credit Score?
As mentioned above, car title loans don’t take your credit score in to account when approving your loan.
Additionally, car title loans will not have any effect, be it good or bad, on your existing credit score.
Things to Take Note of When Applying for an Auto Title Loan
When applying for a title loan, there are some things to keep in mind.
#1 Be Aware of Who Lenders Are
There are some companies that may look like lenders but aren’t lenders.
Worst case scenario, they may be a scam.
Best case scenario, they may be a broker and not a direct lender.
Be sure to know the difference between a broker and a direct lender.
Brokers won’t be able to give you the money you need, but they will be able to match you with the right lender.
These loan proceeds are meant to be primarily for family, personal, and household purposes.
Brokers may or may not offer service student loans.
#2 Be Aware of Interest Rates
Don’t be fooled by an offer that looks too good to be true.
Look into the fine print.
The interest rates may snowball, resulting in you losing more cash than you had originally planned.
To ensure that you won’t fall into this trap, ask for an estimate of even any subsequent debt.
#3 Don’t Be Afraid to Ask Multiple Lenders
Not all lenders have the same policy.
Annual percentage rate, prepayment penalties, and minimum loan amounts vary from lender to lender depending on your vehicle and repayment ability.
Different lenders have different policies, payment terms, and rates.
Some may require an active GPS locator on your car at all times.
This GPS locator may or may not be charged to you, depending on the lender.
TAKE NOTE: High-risk or high-value loans are more likely to require a GPS.
Don’t assume that all lenders will automatically give you the same rating.
It is best to ask the lender directly to be sure of the loan amount you’re getting as well as the rates involved.
Asking different lenders can give you different rates, so you have a better comparison.
This will help you decide what’s really the best plan for you.
#4 Car Title Loans Are Not Meant to Be a Long Term Solution
TAKE NOTE that car title loans are expensive and are only meant to be a one-time emergency solution.
These are meant for a short-term fix and SHOULD NOT be seen as a long-term, permanent solution.
#5 Be Sure to Pay Early
If you want to avoid additional finance charges, it is best to pay off your debt as soon as possible.
While the loan itself may not make a mark on your credit, the resulting fines and interest could.
Conclusion for Miami Gardens Title Loans
Car title loans in Miami Gardens, Florida, are a great alternative to traditional bank loans to get quick cash in case of an emergency.
They offer same-day approval with minimal requirements and without the hassle and delays of other loan plans.
Additionally, they do not consider any previous bad credit decisions and look only at the equity vehicle when deciding how much cash to give you.