Title Loans in Tamarac: A Complete Guide [2022]
We never know when life will give us unexpected situations and expenses.
If you’re feeling stressed and strapped for cash, we have a solution for you.
Apply online or in-person for a cash advance on the same day!
In Tamarac, FL, there’s always the option for car title loans to easily get fast cash and push your problems away.
Here’s a quick guide on how title loans work!
What to Know About Car Title Loans in Tamarac
Car title loans or pink slip loans offer a great way to SMOOTHLY borrow money without needing to go through a tedious process compared to bank loans.
This kind of loan operates as a short-term loan, lasting for more or less a month, and provides you with a small amount of money.
Tamarac title loans are readily available to ANYONE with a car title and deliver their promise of being a source of quick cash.
In exchange for the loan money, your car will serve as collateral!
Your vehicle will also be a basis for the loan proceeds on the loan contract.
The newer models will get you a bigger loan money offer from the lender, while older models will get you less money since the value has decreased.
Nevertheless, older models are still welcome!
What Are the Required Documents to Get a Title Loan in Tamarac?
To proceed with your car title loan application, ensure you’ve gotten a copy of the application form, which is available online and at the on-site auto loan store.
The application form only takes about a few minutes to complete!
Once you’ve filled out the application form, the lender would need you to present a couple of documents to the lender, such as:
- Valid ID
- Car title
- Vehicle registration
- Insurance papers
- Proof of income
Take note that if you do not have these files ready or on hand, you can expect a slight delay in your application.
The faster you present these documents, the faster you can get your approval and money!
Additionally, those applying online and through the lender will have to ask for photos of your vehicle. In this case, make sure you take clear photos of all angles of your car.
Why You Should Get a Car Title Loan
Let’s talk about the upsides and lay down the good reasons why you should get that auto title loan asap.
Get Out of Stressful Financial Spots
Whether you have unexpected bills, hospital payments, renovations, or maybe you need help paying off your tuition fee or household expenses.
Title loans are popular and mostly used by those who need QUICK CASH.
You can even get it on the same day as you apply! Make sure you comply with all the requirements and submit these as soon as possible.
Talk about super convenient!
Poor Credit Doesn’t Matter as Much.
Are bad credit decisions and financial history ruining your chances of getting any loan amount?
You don’t need to worry about those things with auto title loans!
Some title loan companies perform a credit check but having bad or no credit does not automatically mean rejection.
You won’t get to experience this perk with banks or any credit union!
- On the other hand, some strict and conservative money institutions will have to check your credit history and immediately reject applicants with a bad history.
Several title loan companies in Tamarac, Florida, are more than willing to help you out of your sticky situation.
Auto title loans are more INCLUSIVE, and we keep in mind those who don’t have credit records to back them up.
Also, bad credit isn’t a big issue since your car title serves as collateral.
This can be a LIFELINE for families or individuals who can’t depend on traditional financial institutions for financial help on such short notice!
No Bank Account? No Problem
Yes, you read that right.
You do not need a bank account to secure approval for this loan.
Since most lenders base the approval and loan amount on the car’s equity or value, you only need to present the title of the vehicle and prove your ability to repay the loan.
Adding to the convenience and several people who could easily access and avail of a loan.
Hassle-Free Loan Process for Auto Title Loans in Tamarac FL
With banks and credit unions, they would take their sweet time with approving loans.
Not to mention, you would have to submit a huge pile of documents, and these would also have to undergo a process of verification.
But with title loans, the entire loan application, final approval, and getting your cash can take as fast as 15 minutes and, at most, three days.
You won’t get this SPEED with traditional institutions.
On top of that, there are no prepayment penalties or hidden fees.
For any questions or clarifications, you could resort to a simple phone call and ask the lender directly.
Available Both Online and Offline
It’s possible to apply for a title loan in Tamarac online and get approved on the same day without leaving the house.
With a car title loan, you can receive short-term financial help at your fingertips.
You can access the online form through our website and easily apply online. You can also upload the needed requirements plus photos of your vehicle for assessment.
They also do a direct deposit and can easily wire transfer the loan money to your bank account.
At this point, you don’t need to get out of your house to get all of these done.
If you’re not comfortable with computers and would much rather do the loan process in person, the agents would be glad to assist.
Likewise, receiving a check via mail is also possible if you don’t have an account.
If you don’t have access to the internet or wifi, you could give a call, and customer support will be happy to help you walk through the process over the phone.
You Can Still Drive Your Car Around Even With a Title Loan
No, you don’t have to give up driving your car if you sign on to title loans!
You would only need to hand over your car’s title, but the keys and the vehicle itself stay with you.
Depending on the lender and the contract’s payment terms, some still allow you to use your car while paying off your title loan!
You need a means of paying off the loan, such as retirement funds, self-employment, pensions, or other sources, and you can still acquire a car title loan and drive it around.
Are Car Title Loans in Tamarac Legal?
Yes, title loans are perfectly legal.
There are even Florida title loan laws written to protect both the lender and customer and set parameters for Tamarac title loans.
According to law, there will be a maximum loan term and minimum loan term with an identified interest rate and payment terms.
The set amount is between $100 and $50,0000. Repayment terms can vary per contract from 7 – 31 days.
Finance charges of title loans in Florida are capped at 30% of the loan amount per month.
The title loan law also limits the annual percentage rate or APR.
All customers availing of title loans in Tamarac, FL, are fully covered by the law.
That’s one less thing to worry about when it comes to title loans and makes you feel very at ease when dealing with your lender.
Just be sure to canvass and look around for the FINEST lender for your situation. Take note that these are only applicable to residents of Tamarac, FL.
Frequently Asked Questions
Here are a few more questions you might be asking about the process.
How Much Cash Can I Get in a Car Title Loan?
The maximum amount that a customer can borrow will depend on their vehicle.
Your loaning agents will evaluate your vehicle’s model, make, mileage, and overall value to determine how much money they can lend you.
This amount could range from $1000 to 10,000.
The better your car’s quality and market value, the more money you can get on your title loan.
What Are the Risks That Come With Car Title Loans?
Since these title loans give out quick cash and have minimum requirements, expect a high-interest rate.
Since your car is used as collateral, there is a possibility of your car being repossessed if you fail to make the necessary payments on your loan.
Although, you have nothing to worry about just as long as you make your payments on your title loan ON TIME!
Before you also sign anything, carefully READ and RE-READ the contract. That includes the total amount you must pay and the loan terms with the lender.
Pay on time and follow the terms, and you won’t have to worry.
Can I Still Apply Even if I Haven’t Finished Off Paying My Car?
Yes, you can, although it is RECOMMENDED to have a fully-paid car since it is worth more!
You still qualify for title loans as long as you meet the following requirements:
- The vehicle title has to be under YOUR NAME
- You must be almost done paying off your vehicle
If you meet these conditions, you can apply for a title loan.
It’s also very important that the vehicle title is under your name since this will be used as collateral by the lender.
Are There Any Alternatives to a Car Title Loan?
Yes, there are other short-term loans, such as payday loans or cash advances, and traditional loans, such as those offered by banks.
These carry high-interest rates but are offered in smaller amounts, or they would need to do a credit check.
Cash advances can get you a maximum of about $1000, while payday loans go for smaller amounts of up to $500.
Not to mention that these kinds of loans will carry other fees or pre-payment penalties.
On the other hand, an upside to payday loans and cash advances is that your car will not be used as collateral.
This, plus the high-interest rates, will make the total amount much higher than anticipated.
So if you need to loan a larger amount of money, it’s better to go for title loans, but this is not a long-term financial solution.
Conclusion
The benefits greatly outweigh the risks in terms of car title loans.
In uncertain times, it’s CRUCIAL to have options like title loans which could save you in times of need, especially if you have bad credit and can’t rely on banks.
Whether the money is intended primarily for household purposes or other expenses, title pawns can help you out of a pickle!
Look for the best lender, and you can get the cash advance you need within the business day.
What else are you waiting for? If you need the money, give them a call right now!