You’ve probably seen a lot of information out there about managing debt and how you need to keep your credit in order to make sure you get good deals on future credit cards and even house mortgages. But just getting a budget and deciding you’re going to make changes isn’t enough, your current debt is still there and it won’t go away until your creditors receive their money. Yet the age old question is where you’re going to get that money from. Chances your current credit score probably isn’t good which makes taking out a loan from a bank unfeasible, and not everyone knows people they can borrow from. But you still have an option with our car title loans in Miami that can help pay down your debt.
You need to own a vehicle to be eligible for a title loan, but if you do, you can get a loan based on the value and condition of the vehicle. The way it works is your title will be used to secure the loan and you can keep driving your vehicle and storing it at your home as you pay the loan off. Our Florida title loans online are pretty simple to apply for and they all start with basic information about your car.
The information you’ll need about your car for our online application includes its make, model, year and mileage, and we’ll also need your contact information so we can find one of our Miami lenders near you. What we’ll do first is provide you with a quote for what you could get with title loans in Miami, and then when you’ve submitted the rest of your application we’ll arrange for you to sign the final paperwork and have your vehicle inspected. The inspection is just to be sure it’s running in good condition, though it certainly doesn’t have to be perfect condition to get a loan. But the less wear and tear it has on it, the more you’ll get in a loan.
As part of your final paperwork, you’ll need to verify your identity including your age, Florida address, and vehicle ownership. You have to be 18 or older to qualify for a title loan, and your vehicle cannot have anyone listed as a lien holder on it. You’ll need to bring the following as proof:
The federal government departments such as the Federal Trade Commission and Consumer Financial Protection Bureau have weighed in on title loans, but thus far it’s up to states to determine whether title loans are legal. In Florida they are legal but they do have some significant restrictions on them that the lender has to follow.
1. Lenders cannot ever charge an APR of over 30%, and that’s only for up to $2,000 in principal. If you borrow more than that in rollover or additional loans, it then drops down to 24% if the loan reaches between $2,000 and $3,000, and then 18% thereafter.
2. The lender has to be officially registered to offer car title loans with the Florida Office of Financial Regulation. Before you sign any final documents, you should check with the OFR to make sure the lender is in their database.
3. Should you fail to pay your title loan by the date specified in the agreement document, the lender does have various rights to your vehicle. But before they take any action with it, they must notify you in writing about what their intentions are at least 10 days in advance and must ensure that none of your personal property is still in the vehicle.
Our car title loans do not come with all the heavy credit checks or even financial history checks that most regular personal and business loans come with. There are no limits to what you can use them for whether it’s buying essentials when you’re having a shortage of paychecks, giving someone special a birthday or Christmas gift, buying lawn and garden equipment or even paying for college debt with title loans. All you ne2d to do is just have your title handy, complete our easy step-by-step application, and it could be only a matter of hours before you find out you’re approved for our title loans. If you have any other questions, you can visit our FAQ section for more details.