A Guide to Title Loans in Tamiami, Florida
Looking for other alternatives to get FAST cash? If you have a qualifying vehicle, you can get a title loan in no time!
The loan proceeds of title loans in Tamiami and other Florida nearby states are intended primarily for family, household purposes, and personal needs.
You can get competitive rates in the market with the right loan agent! so let’s get into car title loans in Tamiami, Florida, so that YOU can begin the application process.
How Do Car Title Loans in Tamiami, Florida, Work?
Car title loans are also known as auto title loans. These are short-term cash loans in exchange for your vehicle title.
There aren’t many requirements when applying for a title loan simply because you use your car title as collateral for the loan amount.
Tamiami car title loans are very DIRECT and STRAIGHTFORWARD. Once approved for title loans in Tamiami, Florida, the money will be transferred to your bank account.
You will then be given 30 days to repay the loan amount, similar to payday loans. The annual percentage rate for title loans depends on the applicant’s application form.
Title loan lenders will usually charge your vehicle title a 25% interest rate per month.
Other title loan lenders offer convenient terms, so there’s a chance that you can roll over the actual loan amount to the next month.
Your application form and the eligibility criteria will determine how much cash you’ll receive.
Tamiami, FL, Car Title Loan Requirements
Before you apply online, you should prepare the basic requirements to make your title loan application run smoother.
The following are the documents you need to receive your cash advance.
Although, it’s important to note that having all these documents DOESN’T ensure instant approval.
Proof of Income
You can present the following documents: household utility bank, bank statements, lease agreement, or voter’s registration.
Proof of Residency
To apply for Tamiami title loans, you need to be a resident. This is included in the responsible lending, marketing practices, and terms and conditions.
Photos of the Car
As a borrower, the conditional approval includes the assessment of your car. How much money you’ll receive from the title loan depends on this.
Title loan shops need your government-issued I.D. to validate your personal information. It is for them to ensure that the application process is legal.
Personal and professional references are welcomed.
These references of yours will help the lender determine your overall personality. This includes your ability to pay back the loan.
There are a few requirements in Tamiami, FL, and you can get quick cash!
Car Title Loan Process in Tamiami, Florida
Below are the 3-step process of title loans in Tamiami, FL.
#1 Fill Out the Application Form
The first step you have to fill out an online application form. Nowadays, almost everything is online. It’s just more convenient and hassle-free.
Title loan companies in Tamiami, FL, urge you to fill out a free application form to access multiple title loan companies that offer a payment plan suited for you.
The application form is SAFE.
They won’t ask for sensitive information, and SOME lenders won’t ask about your credit history.
#2 Pre Approval of Your Car Title Loan
After successfully filling up the form, your application will be under pending review.
The title loan company will use this time to assess the photos of your vehicle. They’ll also be looking at make, model, vehicle year, and mileage.
To add to this, they’ll also determine the minimum loan amount that you’ll be receiving from your car’s title.
#3 Receive Cash Today
Same day funding with title loans!
Receiving the money will depend on the time of final approval. More often than not, you’ll get the money on the same business day.
A title loan in Tamiami will send the money to your bank account, similar to payday loans.
You can receive the minimum loan amounts or ask the lender for the maximum loan available.
Advantages of Title Loans in Tamiami, FL
There are 3 advantages that you can get when you choose a car title loan.
#1 Instant Approval
First on our list is instant approval. Cash, today with title loans, is what they’re known for!
One of the marketing practices that title loans continue to do is offering you, their clients, quick cash. You can receive your loan with direct deposit or over the counter.
#2 No Credit Check
Some title loan in Tamiami companies does not do credit checks. Meaning to say that bad credit is OK. This is one of the reasons why title loans appeal to those with bad credit.
Those with questionable credit scores have trouble borrowing money from banks, and this is why people with all credit types are ENCOURAGED to store visit a title loan.
#3 Competitive Rates
Responsible lending and marketing practices include the competitive rates of the loan. How much cash you’ll receive is based on the rates they offer!
There are lots of companies nowadays that offer their services so it’s best to write down and review your options first before applying.
Disadvantages of Title Loans in Tamiami, FL
Not everything about title loans is great. There are also some downsides that you should look out for.
#1 Short Term Loan
In Tamiami, FL, you can extend the loan period, but car title loans are SHORT-TERM loans.
After a month, you need to pay back the cash advance you borrowed.
With short-term lending, the stakes and the price are initially high. With this being said, you could gain so much but lose so many in a short period.
#2 Potentially Loose Assets
If you fail with making payments, then your car can get repossessed. Some lenders will ask you to put a GPS device in your car so they can track your every move.
The moment you cannot pay back the amount without giving them a heads up, the lenders will instantly retrieve your car with a towing company.
This means ADDITIONAL CHARGES.
#3 High-Interest Rates
Car title loans are known as predatory lending, and the reason for this is that the interest rates are INSANELY high. In the beginning, the interest rate seems fairly OK.
But as the months pass and you decide to extend your loan, the interest rate SKYROCKETS. Before you know it, you are in an endless cycle of debt.
Frequently Asked Questions (FAQs)
If you have more questions, we’ve got answers for you!
Are Tamiami Title Loans Legal?
Title loans in Tamiami are legal. Although, they do have restrictions to protect clients and regulate the minimum and maximum loan amount and interest rate.
This law is known as the Florida title loan act. In this act, lenders must disclose all the information they should.
This includes repossession, interest rates, credit decisions, other acceptable property, and the likes. If you aren’t aware, they also have 10 days to sell your car after it gets repossessed.
Can I Apply for a Car Title Loan in Tamiami, FL, With Bad Credit?
Yes, you can apply even if you have a bad credit score. Title loan companies can do credit checks, but they won’t disqualify you completely if you have poor credit.
As mentioned earlier, this is one of the upsides of a title loan. As long as you pass the basic documents, you are deemed eligible for the loan.
This is way better than traditional banks loans as those can take time and effort. In addition to this, your loan can be rejected by your lender after weeks of waiting for their approval.
Can My Vehicle Be Approved Without Store Visit?
The lenders will have to look at your car, so yes store visit is necessary. Some lenders ask for pictures, and if they do, you no longer have to go directly to them.
Assessment of the car is important as this will determine how much money you can get from the title of your car.
They’ll look at the exterior and interior properties of the car before they reach a decision.
We’ll go straight to the point and say that a title loan should be the LAST option on your list. Despite receiving cash on the same day or during the next business day, the risk is still HIGH.
Other options you should try are:
- Borrowing from a relative.
- Getting a part-time job.
- Applying for banks or credit unions, and
- Personal loan.
There are regulations nowadays to stop predatory lending, but we can’t deny that these businesses will cost you almost EVERYTHING.
If you have plans to proceed, we suggest you proceed with caution.