Car Title Loans in Hialeah, Florida
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If you took out an auto loan to purchase your vehicle, you’re not alone. 44% of consumers take out auto loans to finance the purchase of a new vehicle. If you are still paying off your auto loan, you may wonder whether that makes you ineligible for a title loan.
The good news is that you may qualify for a title loan even if your vehicle isn’t completely paid off. You must, however, have equity in your vehicle in order to qualify.
Equity is the difference between your car’s current resale value and the amount you still owe on your auto loan. If your car is worth $10,000 and you still owe $2,000, this means you have $8,000 in equity. If you owe more than your car is worth, this means you don’t have equity in your vehicle, which makes you ineligible for a title loan in Hialeah.
How Much Can I Get For A Title Loan?
In Florida, your equity in your vehicle has a significant impact on how much you can get from a title loan. Equity is defined as the difference between how much your vehicle is worth and how much you still owe on it.
For example, say your vehicle has a resale value of $15,000 and you owe $5,000 on it. This means you have $10,000 in equity in your vehicle ($15,000-$5,000=$10,000).
However, say your vehicle is worth $5,000 and you owe $7,000 on it. This means you have negative equity, or no equity, in your vehicle.
But what if your vehicle is completely paid off? In this case, your equity is equal to your vehicle’s resale value. So, if your vehicle is worth $10,000 and you don’t owe anything on it, you have $10,000 of equity.
Do Title Loans Affect Your Credit?
Every time you apply for a loan in Hialeah, the lender that is reviewing your application will perform a credit check to evaluate your creditworthiness. Lenders check your credit so they can see how well you have managed debts in the past. They use this information to determine what kind of borrower you may be if you are approved for another loan.
This credit check is an important part of the application process, but unfortunately, it also results in a new hard inquiry on your credit report.
The credit reporting agencies record hard inquiries to track how often you seek new lines of credit. Too many hard inquiries within a short period of time could indicate that you are experiencing financial trouble and trying to take out loans that you may not be able to repay.
Hard inquiries account for about 10% of your overall credit score. Every new hard inquiry that appears on your credit report can lower your credit score. The good news is that this impact is temporary. A hard inquiry remains on your credit report for two years, but it will usually only impact your score for several months.
So, if you apply for a title loan, be prepared for your credit score to take a slight dip as a result of the new hard inquiry on your credit report.
Are There No Credit Check Title Loans?
You may have heard of “no credit check title loans,” but the truth is that the vast majority of title loan companies in Hialeah, Florida do perform credit checks.
If a title loan company doesn’t perform a credit check, chances are they will charge a much higher interest rate than other lenders. This means you could end up paying much more over the course of the loan just to avoid a credit check.
Reasons Why You Should Consider A Car Title Loan In Hialeah
Your payment history has a major impact on your credit–in fact, it accounts for about 35% of your credit score. This means making on-time, consistent payments on your Florida title loan could improve your credit score over time.
But the opposite is also true–missing or making a late payment on your title loan could hurt your score. This is one of the reasons why it’s so important to only borrow what you can afford to repay.
How Quickly Can You Get An Instant Title Loan?
You will need to submit certain documents to the title loan company during the application process. If you want to get approved as quickly as possible, it helps to start gathering these documents now, so you are prepared for the application process.
Every lender in Hialeah may require different types of documentation. But in general, title loan companies ask applicants to provide:
- The title to the vehicle
- Driver’s license
- Proof of income
- Proof of residence
Start looking for these documents now. If you can’t find the title to your vehicle, let the title loan company know as soon as possible. Your lender can help you obtain another copy of your title so you can complete your title loan application.
How Do Car Title Loans Work in Florida?
You may be eligible for a title loan in Florida if you meet the following requirements:
- You are at least 18 years old.
- You own or partially own a vehicle, which means your name is on the title.
- You have equity in your vehicle.
- You have auto insurance.
- You are willing to consent to a credit check.
- You have a reliable source of income.
Be prepared to submit a number of documents to the lender when applying for a title loan, including:
- The title to your vehicle
- Your driver’s license or another form of government-issued ID
- Proof of auto insurance
- Proof of residence
- Proof of income
Because your vehicle is used as collateral, the lender will need to inspect it as part of the application process. Talk to your lender to find out what steps you need to take to arrange this inspection.
How to Choose A Title Lender
Get the best deal by looking for a lender in Hialeah that offers competitive annual percentage rates (APRs).
How Can I Get An Auto Title Loan Online?
You don’t need to be tech savvy to figure out how to apply for an online title loan in Hialeah, Florida. The process is simple and straightforward.
How to Apply for a Title Loan in Hialeah, Florida
If you’re ready to get the fast cash you need in Hialeah, Florida, follow these steps to apply for a title loan with LoanCenter.
Contact our loan officers. Start the process by calling our loan officers directly at 1-855-713-6522. You can also submit your information using the form on our website. A loan officer will contact you shortly after receiving your information.
Review your free quote. Be prepared to provide some basic information to your loan officer, including your vehicle’s make, model, mileage, and year. Your loan officer will prepare a free quote based on the information you provide.
Finalize your loan. If you’re happy with your quote, all you need to do to finalize the loan is sign and submit paperwork. Your loan officer will explain what you need to do to complete this step of the process.
Collect your cash. The sooner you sign and submit the paperwork, the sooner you can collect your cash. You can choose to pick up your cash in person or have it sent to you via check or wire transfer.