Car Title Loans in Sunrise, FL: Should You Get One?
Are you currently going through some financial crises? Do you have a low credit score that’s stopping you from getting approved for a traditional loan? Do you have some bills or payments that need to be settled ASAP but can’t get a cash advance?
Car title loans, also known as pink slip loans, might be the PERFECT solution for you!
Car title loans are known for being QUICK and EASY. You can get approved the SAME DAY you apply and get your much-needed cash immediately!
It’s great for cash emergencies; a fully paid vehicle is all you need!
Before Getting Title Loans in Sunrise Florida
First, let’s address your immediate concerns about title loans before you get one…
Who Are Car Title Loans For?
Car title loans are usually taken out by people who:
- Have a bad credit score (or haven’t had the chance to build a good credit score yet)
- Do not have the time to get a loan from a credit union or traditional bank
- Need instant cash
- Can not get a cash advance
- Only need a short term loan
Who Can Get Approved for Car Title Loans in Sunrise, Florida?
If you are:
- A US citizen and resident of Sunrise, Florida
- At least 18 years old
- The sole owner of a fully paid vehicle
Are Online Title Loans Safe?
Whether you get them online or visit their auto loan store, all title loans are safe and legal. They all comply with the Florida title loan laws and are regulated by the state.
How Fast Can I Get Approved?
Credit decisions are given the SAME DAY you apply with car title loans, sometimes even as fast as 30 minutes!
Will They Do a Credit Check?
They usually don’t.
Unlike other financial institutions that conduct a credit check to determine your eligibility, title loan companies don’t focus on your financial history.
When you get a title loan in Sunrise, FL, the biggest deciding factor will be your ability to pay back the loan.
So even if you have a bad credit score, you CAN still get a title loan.
Although, keep in mind that Sunrise will conduct credit checks for some title loans. But that still won’t hinder your title loan application.
It will, however, give those with a good credit history a few advantages.
They are usually offered lower interest rates, higher maximum loan amounts, and more negotiating power.
How Much Cash Can I Get From Title Loans, Sunrise, Florida?
The amount of cash you can borrow is around 25 – 50% of your vehicle value.
Your title loan lender’s estimation of your car value will be determined by its:
- And the overall vehicle condition
How Much Are the Interest Rates of Title Loans, Sunrise Florida?
The average monthly interest rate for car title loans in Sunrise, Florida, is 25%.
If we convert that to annual percentage fees, it can go as high as 300%.
That’s so much higher than usual interest rates, making it one of Sunrise’s biggest drawbacks of getting a car title loan.
How Long Do I Have to Repay My Car Title Loans, Sunrise, Florida?
Depending on your title loan lender, you usually have a 30 or 60 day period to repay your total loan amounts.
This includes your principal loans and the interest, the title loan service fee, and other additional fees.
How Do I Get Online Title Loans in Sunrise, Florida?
Let us walk you through the loan process in 3 super easy steps!
Step 1: Gather the Required Documents
These are basic requirements; you probably already have all of them in your house or are easy to acquire!
In the next section, we’ve listed all the required papers you will need to get a title loan in Sunrise, FL.
It’s best to have them all with you before starting your title loan application for a hassle-free transaction.
Step 2: Apply Online
Next, research and ask around for the best lender of Sunrise title loans.
The most important factors are reviews from past debtors, interest rates, and payment terms when looking into title loan companies.
After deciding on a Sunrise car title loans lender, visit their website and fill up the online title loans application form on the first page.
Then wait for a representative from your car title loan lender to call you in a while.
You can also call them if you’re in a rush; the hotline number of your chosen lender can be found on their website.
Your car title loans lender will start the assessment and process during the phone call.
After asking a few questions and assessing your documents, they will let you know if you qualify for a car title loan.
They will also determine if your vehicle is qualified for a car title loan.
If it is, they will inform you of the estimated vehicle value and how much loan amount you can borrow.
They will also give you the prices of their fees, the car title loan contract terms, the minimum loan term and maximum loan term, and payment options.
If you like everything and decide to push through with taking out a title loan in Sunrise, all that’s left to do is meet with your lender!
Step 3: Meet Up With Your Lender Directly
For online title loans in Sunrise, Florida, you can visit your lender’s office or meet up with a representative in a convenient location.
When you meet up, you will submit the car title loan documents they need, and they will do a final assessment of your vehicle.
They will also install a GPS, and then you can proceed with the contract.
Before signing your contract, go through the loan terms THOROUGHLY and check for hidden fees.
After everything, you can get your money! You can receive your instant cash loan through:
- Direct Deposit
- Wire Transfer
- And other common money transfer services
See? We told you it was super easy!
What Do I Need to Prepare for Title Loans in Sunrise, Florida?
Let’s start with the vehicle requirements…
Clear Vehicle Title
Of course, the most important document is your car title!
Your car title has to be registered SOLELY under your name.
It also has to be clean and lien-free. This means your car must be fully paid and NOT under any other loan as collateral.
Not all car title loan companies will require this, but it’s best to have your car insurance documents ready just in case.
If your car isn’t insured and your lender requires an insured car, they can help you get your car insured.
Vehicle Registration Papers
Your car also has to be up to date with its registration to be eligible for a car title loan.
If your car isn’t currently registered, get in touch with your lender. They can assist you in getting it registered in no time!
Photos of Your Vehicle
You will also need to prepare 4 photos of your vehicle. Just take pictures of the front, back, and the 2 sides.
A Duplicate of Your Car Keys
Your Sunrise title loans lender will also ask for a copy of your keys, so bring them with you when you visit their office.
If you don’t have an extra copy and are pressed for time, your car title loans lender can assist you in having it duplicated.
Just remember to call your agent and inform them first.
Now let’s look at what basic documents you will need to prepare…
Proof of Income
To prove that you can pay back your loan amount in time, you must submit your proof of income.
This document is usually in the form of your payslip, but what if you’re not currently employed?
You can also submit any other document that proves your ability to repay the loan amount.
This could be:
- Proof of your retirement benefits
- Proof of your social security benefits
- A bank statement
- Your trust fund
- Proof of inheritance or property
- Severance pay
Proof of Residency in Sunrise, FL
This document will come in the form of:
- Mortgage agreement
- Contract of Lease
- Any of your utility bills
- Or any other document that proves your residency in Sunrise FL
Government Issued ID
Your Sunrise title loan lender will ask for a government-issued ID to assure your auto title loan lender of your identity.
Bring one with a photo of yourself, and make sure that your name as it appears in this ID is the same as it appears on your car title.
It depends on the auto title loans lender, but most of them require 2 to 3 character references. They have to be people who are NOT related to you.
This is to further assure your car title loans lender of your identity and character. It is also for them to confirm that you truly can pay back your auto title loan.
You will also need to give your lender their personal information, like their addresses and cell phone numbers.
Now let’s answer your additional questions!
Will I Need a Bank Account to Apply?
Your car title loans lender will ask for your bank account information if you opt to receive your money through a direct deposit to your account.
It doesn’t have to have a certain amount deposited in it either!
All it needs is that it is also under your name.
How Are Title Loans Different From Payday Loans in Sunrise, Florida?
Payday loans are also short-term loans that provide fast cash with high-interest rates.
They are similar to how Sunrise title loans work; the biggest difference is that payday loans will not ask you to put your vehicle title up as a title pawn.
And because title loans work by taking hold of your vehicle title, you can usually borrow more cash from a title pawn than a payday loan.
The due date for paying back the money you owe from a payday loan is adjusted to your payday.
It’s designed so that you’ll be able to pay the loan money back the moment you get the means to do so.
Unlike a title loan, the due date will be 30 or 60 days after you get your money.
What Are the Different Payment Options of Sunrise Auto Title Loans?
Making payments on your cash loan is as easy as getting your cash loan! These are through:
- Bank transfer
- Money Transfer
Or get in touch with your lender. They might have more ways for you to make your loan payments.
Will I Lose My Car if I Can’t Pay on Time?
Losing your car is a real possibility with a title pawn, but the chances of that happening aren’t as high as you think.
If your loan due date is approaching and you don’t see yourself being able to pay it off, start by getting in touch with your title loan lender first.
They might have a way to help you pay off your loan by extending the loan period or making small changes in your payment terms.
If, however, the worst happens and you really won’t be able to pay off your loan, your lender will take your car.
Then they will sell it and use the money to restore their losses from your unpaid loan.
If the amount it was sold for is bigger than your loan amount, they will also take the remaining money.
But if your debt is bigger than the amount your car was sold for, you get off the hook for the remaining balance.
And that’s all we have for car title loans, Sunrise, Florida!
In short, car title loans Sunrise are great solutions for any financial issues you’re experiencing that need quick cash.
You get your money the same day, and the application process is convenient, fast, and super easy. But they also charge a very high-interest rate and risk losing your car.
So do your research for the best lender, compare the rates and fees, check your contract for hidden fees, and don’t take out the loan without a solid repayment plan when the due date comes!