Car Title Loans in University, Florida
Is your income running out too fast? Do you need more cash for household purposes? If this sounds like you, then try getting a car title loan!
If you’re IN NEED of fast cash, your vehicle title and a few required documents could get you the money you need!
How to Apply for Car Title Loans in University
Getting some fast cash for personal loans doesn’t have to be hard. If you’re a resident or live in the general vicinity of University, Florida, then getting the cash you need can be even easier!
As long as you have a valid, government-issued ID and proof of income, you can start asking yourself, “How much cash can I get from a title loan?”
Why Should I Look at Auto Title Loans?
They’re a quick, easy, and reliable method to get the cash you need, really fast!
If you’ve been denied a loan from a bank before, you won’t have to worry about that with title loans!
You might have even heard of them before but under a different name. Here are a few of their other names:
- Title pawns
- Pink slip loans
Don’t get these mixed up! They all mean the same thing.
These short-term loans are a great way to boost your income when you need them. You can even get instant approval on your loan in one business day!
What’s the Minimum Loan Amount?
You might be asking yourself, “How much cash can I get from a title loan, anyway?”
To skip the hassle, the loan amount you get can be anything from 2500$ to even 30,000$! Remember that this amount can change based on the appraisal of your vehicle.
These secured loans will give a varying amount of money, depending on a few things. Luckily, none of these things usually involve your credit!
Instead, your lender will have an appraiser go over your vehicle to determine the minimum loan amount you can get. Here are some of the things they’ll be looking at:
- Vehicle Year
Your lender’s appraiser will check your car’s current market value with these details. The amount you’ll be able to get from your loan will be 25-50% of your car’s market value.
A newer, higher-end vehicle will net you more cash than an older car with more miles, so keep that in mind!
What About My Credit History?
When you get a title loan, you might be worried about going through a credit check. Don’t worry!
The most convenient thing about a title loan is how it works. Since you’ll be leaving your vehicle title as collateral, it’s a secured loan.
That’s because the interest rate on your loan will be given based on the appraised value of your vehicle, NOT your credit history!
As part of lenders’ great service, you might not even NEED to undergo a credit check! So if you’re wondering whether your credit history will affect your chances of getting a title loan, you can stop now!
Some lenders will accept title loans even if you don’t have a bank account! However, keep in mind that you’ll ALWAYS need to provide proof of income, and some lenders WILL look into your credit history to see if you have the ability to repay your loan.
Required Documents for a Car Title Loan in University
There are a few basic documents you’ll need before getting your title loan approved.
Even though the approval process is fast, keep in mind that not all applicants will have their title loans approved.
You’ll want to make sure your checklist of these things is complete before you get a title loan:
- Proof of Income
- Proof that you’re a resident of University, Florida
- Reference persons, whether Personal or Professional
- A valid, Government issued-ID
- Recent photos of the car you’ve brought in
- The car’s title itself
The photos of the car need to have been taken from the front, back and sides. Include your VIN (Vehicle Identification Number) and your car’s odometer in the photos!
Your proof of income doesn’t have to come from a job, either. Disability payments and military pensions will work for you too!
These documents are needed to prove and demonstrate ability to repay. Your lenders are ensuring you can pay back the money for your loan!
Ensure you’re providing acceptable property to ensure you get your title loan approved on the same business day!
If the car you’ve brought in hasn’t been fully paid off yet, that’s okay! You can still find a lender in University, DR, who’ll work with you. You’ll end up with a second lien on your vehicle.
We don’t recommend this because it’s a very high-risk loan, but the decision is up to you. Your lender will ALWAYS help you get the money you need!
Can You Apply Online for Title Loans?
You’ll be glad to know that you CAN apply online for a title loan without having to leave your home!
That’s right. You can conduct your business electronically and get your cash quickly!
Multiple locations will GLADLY facilitate your title loan, whether online or in-person. Some of these featured locations are even open on weekends, making them available at any time!
There will be lender locations near you open for a loan!
How Can I Start Repaying My Loan?
You might be looking to the future and wondering how your loan repayment will work. Here are the methods that are available to you!
This is the classic. Your lender will hand you the cash. Then you need to go back every month in person to pay it back. Keep a regular schedule!
If you’ve got a lot going on every month, you might not have the time to go back regularly. Don’t worry!
You can register for this automatic deduction for convenience! Your lender will collect your regular repayment from your bank account or credit card every month.
This is an extension to your loan, but your lenders are there to make it easy for you!
As long as you and your lender agree, you can extend the repayment period for your loan for maximum flexibility!
Know that this means you’ll be entering a new agreement with your lender, so they should explain all the new details to you before you go through with the extension.
How Can I Get My Cash?
After making it through the title loan approval process, there are several ways for your money to arrive!
Your lender could:
- Place a direct deposit in your bank account
- Ask you to pick it up in-person
- Or even send a check through the mail!
Remember that your loan proceeds are intended primarily for almost whatever you want. Don’t try to pay off your student loans with them! Those are not what title loans are for.
What’ll Happen to My Car Title?
It’ll be collateral, so it’ll stay with the lender. Even after your title loan gets approved, you can continue to drive your car around!
Because of your car title, title loans are secured loans. You’ll leave the title with the lender, but they won’t take your keys away. You don’t have to leave it behind while paying off your title loan!
Be aware that some lenders will ask you to install a GPS on your car so they can track you. Others will even add a starter interrupt device to your car.
Both of these things are for the lender’s peace of mind so that they’ll know your location and can remotely disable your car for easier repossession.
What if I Have the Ability to Repay Before My Title Loan Is Due?
If you find yourself with enough money to repay your loans at University before the due date, that’s great!
You’ll have to check with your lender to see if they have any prepayment penalties. If they don’t, you can pay off your loan without a problem!
This will also move you towards building better credit, so it’s a win-win!
What if I Can’t Repay the Loan Amount on Time?
If your income looks like it won’t make it in time, you can apply for an extension on your loan!
Be aware that these extensions have to be agreed upon by both you and the lender, and each extension will come with a new set of terms and agreements.
We don’t recommend extending as much as possible because your total fees paid for the loan will add up in time!
Frequently Asked Questions (FAQs)
Here are the answers to any loan questions still on your mind!
How Will I Know if My Title Loan Has Been Approved?
Once you’ve finished going through the application process, you have to wait! But be aware that you might only be given conditional approval pending review of your title loan.
Make sure that you’re tracking your funding time.
If you need a reminder, it starts AFTER you receive final approval from your moneylender, when they’ve received all of your required documents, and before the end of the business day.
How Are the Interest Rates for a Title Loan?
We’ve got to discuss interest rates and making payments on your title loan. These are the most important part of your loan, after all!
Any lender locations near you have to discuss their annual percentage rates with you.
It should be clear to both you and the lender, what the terms of the agreement are, before going through with the loan.
These terms should include the interest rate and whether you have any alternative payment options.
For a good rule of thumb, make sure your lender offers you the most competitive rates to find the BEST loan plan for your needs!
Apart From Title Loans, What Other Kinds of Loans Are There?
There are other kinds of loans, but they’re all a little different from title loans. Here are a few of them:
With this loan, you’ll borrow a certain amount of money from your lender, and they’ll give it to you. Plus a fee, of course. In this case, you’ll be borrowing against your credit line.
This is a slightly more complex version of a title loan. Here, your lender will ask you to give up BOTH your car and its title so that they can be used as collateral. This type of loan won’t leave you as mobile as a title loan since you’ll be giving up your car for the duration of the agreement!
What Are My Other Options Apart From Title Loans?
If you’re going through credit difficulties, we recommend you seek credit counseling before entering into a title loan or any other kind of loan.
We can’t argue that the idea of fast cash is attractive, but an auto title loan is NOT a long-term financial solution. If you have short-term financial needs, there are other ways to get the money you need.
While lenders will often advertise title loans at competitive rates, you should know that there are other ways to get money.
- Borrowing money from your family and friends
- Asking your employer to give your paycheck in advance
After reading this article, you should know everything you need about getting title loans in University!
If you require some money and fast, then these title loans could get you the cash you need!
No matter how much cash you get from your title loan, ensure you remember to pay it back so that you don’t incur any additional fees.
Follow these steps, and enjoy the money from your quick and easy loan!