Title Loans in Pembroke Pines: Everything You Need to Know
Are you looking for a perfect solution to your financial dilemma? We’re here to tell you that you have come to the right place!
Title loans in Pembroke Pines have already solved many problems in recent years, and this might be the answer you are looking for.
Continue reading this article to find out!
What Are Title Loans?
Car title loans are a type of short-term loan wherein the loan period can extend up to one year and beyond.
Like other types of loans, the borrower surrenders a piece of property as collateral for some fast cash.
Title loans are also known as auto title loans, pink slip loans, online title loans, and vehicle title loans.
One thing you should remember about title loans is that they are NOT payday loans.
- The latter involves exchanging a post-dated check for how much cash you are getting on your payday, hence its name.
In Pembroke Pines, Florida, a title loan is one of the BEST ways to get your needed cash fast.
Who Are Title Loans For?
Title loans are for anyone in Pembroke Pines who needs some financial help.
Instead of listing down the usual benefits of title loans, let us enumerate the people from whom title loans can benefit.
Residents of Pembroke Pines, FL
All residents that are 18 years old and above living in Pembroke Pines, Florida, are eligible for a title loan.
Why would you go to the next county to avail a loan when there is a lender just around the general vicinity of Pembroke Pines?
You don’t have to look far to get help! Pembroke Pines title loans are just around the corner.
Those Who Need Emergency Funding
There are very few places in Florida willing to lend money in such a short amount of time.
And even when they do, these loans are usually subject to a crazy interest rate that would do more harm than good.
A title loan in Pembroke Pines can be applied and granted in the same business day! That’s how FAST you can get your emergency cash.
All of this can be attributed to the streamlined and straightforward process of title loans. There will be no pending review that can delay the loan process.
Because of this loan option, apart from traditional banks, you won’t have to wait for weeks or months to get an update on your application.
Those With Poor Credit
So many traditional loans and lending institutions depend on one’s acceptance into the credit score.
However, the problem is some people have bad credit, or it can also be that they do not have a good credit history or standing.
A car title loan is an equal ground for those with good and bad credit, so you won’t have to worry about conditional approval.
The only thing that lenders ask is that you prove to them that you CAN REPAY the full loan amount, including the respective interest rate.
Those Who Can’t Go Outside of Homes
Are you familiar with the experience of standing up in long queues, carrying a mountain of paperwork, and waiting for the approval of your loan for a long time?
We understand what you’re feeling.
That’s why the lenders of car title loans in Pembroke Pines, Florida, envisioned a loan process that will be available anytime and anywhere!
That’s right! Florida residents can apply for a car title loan ONLINE whenever they like!
This can benefit those working multiple jobs or staying at home and cannot go out!
Those Who Need Their Car
Contrary to some ideas that you will have to surrender your car when you apply for a car title loan, you can keep driving your car around Florida, nearby states, etc.
Title loan companies will not ask you to surrender your car to them throughout the loan.
How Can I Apply for a Car Title Loan?
Applying for auto title loans is SUPER easy, given that the process has been simplified.
The amazing thing is that you can even get your cash on the same day you submit your application!
Ready to get your title loan? Let’s get right to it!
1. Apply Online
The first step in getting an auto title loan is to submit an application form online.
This ensures a speedy application process so that you can finish this application in UNDER 10 MINUTES!
But, before sitting down and answering the application form, we encourage you to compile all the basic documents that you will reference your information.
In this way, you won’t have to continuously go up from your seat and look for documents. This may prolong your title loan application.
All you have to do is look for the loan form of your chosen title loan company in Pembroke Pines. Once you are on the website, click the link and fill out the form.
It’s pretty easy.
2. Verification Stage
Once you have submitted your application, you will need to submit some required documents for verification.
This is the second stage toward the final approval. Some documents you will need to bring are the following:
Only legal adults are accepted into car title loans. For your personal information:
- Birth certificate
- Government-issued ID (passport, driver’s license, social security ID)
- Proof of residence (utility bills, contract of lease, location of your house in Pembroke Pines)
Moreover, to prove that you are the legal car owner, you will need to bring your lien-free car title. There must be no outstanding judgments or loans tied to your car.
Other documents that are related to your car are the following:
- Car insurance
- Vehicle Identification Number (VIN)
- Pictures of your car (all four sides, both interior and exterior)
Another important requirement of online title loans is your financial information. You will need to demonstrate ability to return the loan proceeds to the lender.
Some documents that can help you prove this are the following:
- Payslips from your employer
- Financial statements if you own a business or are an entrepreneur
- Bank statements if you are a recipient of a government financial program/aid
- Other documents that will show you received or earned money
3. Discuss With Your Lender
The second to the last step of our process involves discussing with your lender.
Unlike traditional loans in Pembroke Pines, Florida, title loan lenders understand that everyone has a unique financial situation that can hinder them from adhering to certain terms.
You will be given a loan agreement, which is a loan contract with terms and conditions. Some of the topics you can bring up to your lender are the following:
- Minimum loan amount
- Prepayment penalty
- The time period of the loan
- Additional fees
- If they will need your bank account
If you have some questions or are confused about something, your loan agent is there to help! You can also directly address your lender if you have some specific questions.
Sign the loan agreement when you find that all the auto title loan terms are agreeable. Make sure you are provided with your own copy of the agreement.
4. Receive Your Money!
Of course, your hard work in going through this loan process will eventually bear fruit!
This is when the lender will give the money acquired from your auto title loan to you. This can be in the form of cash.
You and your lender may also agree that they transfer the money through a direct deposit to your bank account.
Now, you have the funds for your household purposes! Congratulations!
But, after receiving your money, we advise that you create a way to monitor your monthly payment of the loan.
In this way, you can properly allocate enough funds until you finish paying off the loan amount.
Frequently Asked Questions [Q&A]
Still, have some questions you’d want to be clarified about Pembroke Pines title loans?
We are here to help! We hope that this section answers the questions you have.
Is It Necessary That My Car Is Insured?
Absolutely! Car insurance is one of the main requirements of car title loans.
This is intended primarily to assure the lenders that the car insurance company will shoulder the expenses of whatever happens to the car during the funding time.
You might be thinking, “Why are they concerned about my car if they only need my car title?”
That’s a great question. Although car title loans have their benefits and advantages, they also carry some risk, just like other loans.
In the case of default, when the borrower has conceded to the loan because they can’t return it, the car will be repossessed by the lender.
But don’t worry, this will only happen under strict circumstances provided for under the Florida laws.
Going back to the matter at hand, we advise you to apply for your car’s insurance first.
How Much Money Will I Get From a Title Loan?
The amount of money you will receive from your Pembroke Pines title loans is based on your vehicle’s equity value.
The vehicle details are needed because they mainly determine how much you can get from your title loan.
Before we can determine the equity value, we need to get your car’s vehicle valuation (VV). This will depend on five factors, namely:
- Vehicle Year
- Total mileage
- Car accessories
To give you an idea, the higher the mileage of your car, the more its value decreases. Your lender may also not accept cars that are manufactured before 2000.
But don’t worry, certain accessories increase the value of your cars, such as having a sunroof, leather seats, and other improvements.
Now, we can compute the car’s equity value:
Car’s Equity Value = VV – percentage rate x dues and outstanding fees for the vehicle
Are Title Loans Legal in Pembroke Pines?
Of course! As a credit union, Pembroke Pines title loans are 100% legitimate.
In fact, title loans are legalized in the whole state of Florida, such as Cooper City, Fort Lauderdale, and other counties.
Title loan companies are governed and regulated by the Florida Title Loan Act, a statute under the Florida statutes.
Under the law, the lender must be licensed before accepting clients. The law protects both the interests of the lenders and the borrowers.
If a conflict arises, Pembroke Pines title loans are bound to submit to the jurisdiction of the state of Florida and follow the regulations it has set forth regarding its operations.
Is It Okay if I Am Unemployed?
YES! Unemployed residents of Pembroke Pines, Florida, are also given a chance to apply.
The main requirement of car title loans is the car title that the borrower owns. Regardless if you are employed, self-employed, or unemployed, you are still eligible for a loan.
Remember, what matters for the lenders of Florida is you demonstrate the ability to return the money to the lenders.
Aside from your financial history, lenders will look at your willingness and consistency in paying back the loan.
Will I Still Qualify if I Have a Bad Credit?
As we answered in the previous FAQ, a low credit score will not disqualify you from car title loans in Pembroke Pines, Florida.
Of course, some lenders will still conduct some credit checks on the same day of your application, but even if your credit score is low, it will not make you any less of an applicant!
But, remember that those with higher credit scores will be eligible for better loan terms and more competitive rates.
Again, what’s important for Pembroke Pines, FL lenders are providing acceptable property (the car title) and the willingness of the borrower to make the monthly payments.
Can You Give Me Some Tips After I Get the Loan?
Of course! Receiving your money on the same business day is NOT the end-all and be-all of car title loans. The goal is to be able to return the money to your lender.
One of the things that we always tell applicants for car title loans is to look for additional income sources in Pembroke Pines, Florida.
- Aside from increasing your cash flow and overall income, your lenders will see your struggle and effort in making the loan’s monthly payments.
- You can start looking for jobs around Florida. You must value the lenders’ trust for you to promote a healthy borrower-lender relationship moving forward.
Another piece of advice that we have, especially for those who are breadwinners of the family, is to track your expenses. This will help you budget better!
Don’t spend more than you earn, and prioritize the allocation for your monthly payments before spending on your wants.
In this way, you will not face the problems of late payments and other fees associated with extending your payment for the loan.
Apply for Title Loans in Pembroke Pines, FL, Today!
Are you going to miss out on this chance of possibly getting the money you need on the same day you applied?
In the middle of a financial crisis, car title loans in Pembroke Pines, Florida, might be the helping hand you need to turn things around.
What are you waiting for? Apply for your car title loan in the nearest loan company in Pembroke Pines, Florida, now!