Car Title Loans in Miami, Florida
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If you took out an auto loan to purchase your vehicle, you’re not alone. Forty-four percent 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 Miami.
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?
Most title lenders in Florida report to the major credit bureaus, which are the data collection agencies that provide consumer credit reports. If you take out a title loan, the loan itself may be reported to these agencies. Every payment you make on this title loan could also be reported to the credit bureaus. This means other creditors will be able to see your title loan information when they check your credit.
If you want to improve your credit score, make regular, on-time payments on your title loan. Remember, every payment you make is reported to the credit bureaus. According to an article on Credit.com titled, “How to Improve Your Payment History on Your Credit Report,” payment history accounts for about 35% of your overall credit score, so consistently making on-time payments on your title loan can improve your score.
Are There No Credit Check Title Loans?
There are typically minimum credit score requirements that borrowers must meet to qualify for traditional personal loans. These requirements can make it hard for people to get approved for traditional loans. However, the eligibility requirements for title loans are not the same as the eligibility requirements for traditional personal loans.
Your credit is one factor that is taken into consideration when determining your eligibility for a title loan. This is why you will need to consent to a credit check as part of the title loan application process. However, your credit is not the only factor that will determine your eligibility.
Title loan companies also consider your ability to repay the loan. The value of your vehicle also impacts your eligibility since your title is used as collateral to support the loan.
The bottom line? Most credit types are accepted by title loan companies. If you aren’t eligible for a traditional personal loan due to your credit, you may still qualify for a title loan in Florida.
Reasons Why You Should Consider A Car Title Loan In Miami
If you’re worried about your credit, you may wonder how a title loan will impact your score. Taking out a title loan in Florida gives you an opportunity to improve your credit score. How?
Title loan companies report to the three major credit bureaus, which are the agencies responsible for compiling consumer credit information. In other words, your lender will report information about your title loan, including the payments you make, to the credit bureaus.
How Do Car Title Loans Work in Florida?
Title loans are not like traditional personal loans. A title loan is a secured loan, which means it is backed by collateral. If you want to take out a title loan, you must use the title to your vehicle as collateral. Some lenders in Miami accept titles to RVs and motorcycles as collateral, too.
How to Choose A Title Lender
Look for a lender in Miami that has plenty of experience with title loans. The longer the lender has been in business, the better.
How Can I Get An Auto Title Loan Online?
In some cases, auto title lenders will require an in-person inspection in Miami, Florida. But some loan transactions are performed completely online.
You can scan a photo of your ID and fill out a questionnaire online to provide all of the necessary information for the loan.
Once you’ve provided your personal information and the car’s spec’s, you can now move forward with a pre-qualified quote or schedule a consultation for a personalized rate.
How to Apply for a Title Loan in Miami, Florida
Your search for the best title loans in Miami, Florida is over. If you need fast cash, follow these steps to apply for a title loan:
Get in touch with a loan officer. Call 1-855-713-6522 to speak to a loan officer directly. You can also submit your information using the form on our website. If you choose this option, a loan officer will contact you as soon as possible.
Find out if you are approved. Your loan officer will review your information and tell you if you are eligible for a title loan. You will also find out how much you can borrow and at what interest rate.
Finalize your loan. If you are satisfied with your quote, you will need to sign and submit documentation to your lender. Your loan officer will explain what documents you need to provide to complete this step in the process.
Get your cash. Your money will be available shortly after your application is approved. Once it’s ready, pick up your cash in person at one of our convenient locations or arrange to have it sent to you via check or wire transfer.
You’re only four steps away from getting the cash you need to make ends meet. Don’t wait any longer–start the online application process now.