Car Title Loans in Coral Gables: Is It Right for You?
Do you have a sudden cash emergency? Is your car paid off?
Then car title loans might be the answer to your current financial woes!
With MINIMAL PAPERWORK to be submitted, a SPEEDY 1 business day approval, and a HASSLE-FREE loan process, you can get your online instant cash today!
Some lenders will even let you process the whole thing ONLINE and meet you halfway in a convenient location, just to make things FASTER and EASIER for you!
But how exactly do these kinds of loan agencies work? And why do they have such a bad reputation? Most importantly, does this loan suit your current financial situation?
We answer all that and more. Let’s get started!
Title Loan Services Explained
If you’ve heard of fast payday loans, pink slip loans, and auto title loans, they all mean the same thing as car title loans!
A car title loan is a short-term loan for a small loan amount with a pay period of 30 days.
You get your money in cash THE SAME DAY you apply (you can even apply online!) and won’t even need to submit a ton of documents!
Then, you hand over your vehicle title in exchange for your cash.
Title loan lenders will only hold on to your title until you repay the loan amount. This means that you still get to use and drive your car the whole duration of the car title loan!
Before you apply online, here’s what you need to know first:
Who Are Coral Gables Title Loans For?
Car title loans are for people who:
- Own their car’s equity with a CLEAN and LIEN-FREE title
- Need instant cash TODAY
- Have a bad credit score (or haven’t had the chance to build a good one yet)
- Do NOT have a steady stream of income or are unemployed
- Or, for some other reason, CANNOT qualify for traditional loans and other financial institutions in Coral Gables
Aren’t Car Title Loans Bad?
Not completely, although it does have more risks than other traditional loans in Coral Gables.
Title loans have a bad reputation for the following reasons:
#1 The Car Titles Rating for Interest Is Very High
The usual interest rates can be as high as 25% per month. Translated into annual percentage rates, that comes to 300% a year!
It’s significantly higher than credit card interest rates. Not to mention, your lender’s fees can also be very expensive.
#2 You Might Get Stuck in a Cycle of Debt
Second, you only get 1 month to pay back your debt. And that amount includes the principal amount, plus the amount of high-interest rates, and of course, your lender’s fees.
With this short amount of time, it is very easy for your debt to balloon out of control when you find yourself unable to pay it before the due date.
#3 You Risk Losing Your Car
Lastly, with your car put up as collateral, your lender has the right to take it if you end up not paying the amount you owe.
There is a small chance of this happening if the lender sees that you can’t pay them back, so you can’t just ignore the risk.
Are Title Loans in Coral Gables Worth It?
If you’re confident that you can pay back the amount you owe on or before the 30 days are up, then despite all the risks we just mentioned…
YES. Car title loans are worth it.
No other financial institution will hand over instant cash in such a QUICK and EASY process as car title loan agencies.
Can I Really Get Approved in Less Than an Hour?
If you have ALL of your required documents with you, YES!
Car title loans boast of INSTANT APPROVAL.
Applications are approved within 1 business day, sometimes as fast as 15 to 45 minutes to complete the ENTIRE loan process.
How Much Loan Value Can I Get?
The maximum loan amount you can get is about 25% to 50% of your car’s current market value. If the cash you need is below that 50%, you can choose to borrow less.
You don’t need to borrow the entire loan amount for your car title loan if you don’t need it all.
We suggest you borrow as little as you can so that you can also worry a little less about your debt later on.
How Do Title Loan Lenders Determine the Car Value?
The lender will take everything from your car’s make, model, year, mileage, and overall current condition into account to estimate your car’s current market value,
Won’t My Lenders Take My Car?
During the duration of your auto title loans, NO.
You can continue driving your car as usual while under a car title loan. Auto title loan companies will only hold on to your title, not your car, while under a title loan.
If you fail to pay the money you owe from your payday loans lender, YES.
Your lender will take your car as a last resort and sell it to compensate for the losses.
Can I Get Several Title Loans in Coral Gables?
If you have multiple cars, you can apply for loans for each one. Just keep in mind to prepare the same documents for each vehicle since you will need to process one car loan per car.
You can also choose to go to the same auto title loans lender for all of the cars or opt to borrow from multiple lenders.
Although, we recommend that you stick with just one lender. This way, the loan process will be significantly FASTER, and it will be LESS OF A HASSLE for you.
Are Coral Gables Title Loans Safe?
Car title loans are perfectly safe and legal.
Just like a personal loan, a car title loan is just another secured loan that follows state laws and is regulated by the government.
Car Title Loans in Coral Gables: The Loan Process
Let us walk you through 3 super simple steps:
#1 Apply Online
First, check out the best title loans on the internet and pick out which suits your needs best.
Most lenders of car title loans pretty much offer the same contract terms.
Look for the lender that offers the LOWEST interest rates and CHEAPEST lender’s fees. You should also go with one that has a loan agency location NEAREST to you for convenience.
When you’ve decided which car title loan lender to go with, visit their website or give them a call.
On the first page of their website, you’ll find the online application form. Fill it out and wait for a representative from the auto title loans office to call you.
#2 Submit Your Car Title and Other Documents
While you wait, gather these car title loan documents and have them ready to ensure a speedy loan processing:
1. Government-Issued ID
To prove your identity, your car title loans lender will need you to submit a government-issued ID, preferably one with a photo of yourself.
Keep in mind that the name used in this ID should reflect the same name in your car title later.
2. Proof of Income
The proof of income your car title loans lender can be:
- Pay slip
- Proof of business income
- Proof of retirement or social security benefits
- Proof of inheritance
- Title of your other properties
- Or any other document that proves you have the financial capacity to pay back the borrowed money
3. Proof of Residence in Coral Gables
To be eligible for Coral Gables title loans, you first need proof that you actually reside in the area. This document can be anything that certifies that.
These could be your Contract of Lease or any of your Utility Bills.
4. Character References
You will also need to submit 2 to 3 character references to your title loans lender, so they’re extra sure you can pay them back. These character references will have to be people NOT RELATED to you.
Your lender will also ask for their contact details (phone numbers and addresses), so make sure to let these people know ahead of time to expect the call.
5. Car Title
Of course, you will need to surrender your car title to your lender. Your car title needs to be FREE and CLEAR to be eligible for title loans.
It also needs to be under YOUR NAME and match the name in the government-issued ID you submitted.
6. A Copy of Your Keys
Your title loans lender might also ask for your extra copy of keys, so it’s best to have them on hand just in case.
7. Other Car Documents
The other vehicle requirements title loans lenders need would be your Vehicle Insurance and Vehicle Registration papers.
8. Pictures of Your Car
And lastly, you will need 4 pictures of your vehicle.
Take pictures of the front, back, and the 2 sides. Your car title loans lender can also take the pictures for you if you’re pinched for time.
Other Things to Remember
During the call, you and your lender will discuss the terms of your contract, the interest rates and payment terms, and other things you might be curious about.
They might also perform a credit check, then decide if your loan application will be approved.
While talking with your auto title loans representative, remember to do the following:
- Negotiate. Whether it’s for lower interest rates or different payment terms, don’t hesitate to ask what you want. This type of loan’s cost hurts your wallet, so you might as well make the most of the deal.
- Ask questions. If there’s anything that’s even slightly unclear in the contract to you, now is the perfect time to inquire about it!
- Read the fine print. Make sure you’ve gone through the entire contract at least twice before signing, just to make sure. We know you went for an auto title loan for the speedy loan application process and convenience, but take your time when it comes to this part.
- Check for hidden fees. Aside from paying back the principal loan amount, there will also be interest and fees for the auto title loan. Double-check the title loan contract for additional hidden fees and check for penalty fees as well.
#3 Visit Your Loan Agency Location
After the call with the representative from your online title loans lender, they will let you know what your next step will be.
Some title loans lenders will ask you to drive your car to their loan agency location for a proper inspection of its condition, GPS installation, or for handing in your loan documents and signing your contract.
Or you might just be asked to meet a title loans representative somewhere around the area of their loan agency location for your convenience.
#4 Get Your Money Fast!
When you’re done signing the contract, your easy title loans lender will hand over your money in cash.
You can also opt to have it wired to your account, receive it through money transfer, or through a direct deposit to your bank account.
In getting your money, try to borrow the minimum loan to lower your total debt amount.
And you’re done! See? It’s such an easy process.
Frequently Asked Questions
What If I Have a Bad Credit Score?
No worries! You will still be eligible for a title loan.
Title loan lenders may conduct a credit check, but having a bad credit history will not automatically disqualify you for a loan, unlike what a traditional bank or a credit union might do.
Title loan companies will look at your ABILITY TO PAY them back rather than your past financial records.
Although, having a high credit score is a big advantage. A good credit score can get you lower interest rates, better terms, and higher negotiating power.
Do I Have to Be Employed to Be Approved?
Just like how a low credit score won’t hurt your chances of getting approved for Coral Gables title loans, not having a job is perfectly fine.
Since Coral Gables title loans look at your potential to pay, they recognize ANY document that proves you have an income and not just a steady job to get approved.
But of course, being employed also has its benefits.
Having your source of funds come in monthly payments will further assure your lender that you can pay up later on and give you more negotiating power as well.
What If I Don’t Have a Bank Account?
It’s totally fine!
You’ll only need a bank account if you ask your Coral Gables title loans lender to deposit the money in your account anyway, so don’t worry about this.
Can I Get an Auto Title Loan If My Car Isn’t Fully Paid Yet?
It depends on your lender, but some Coral Gables title loans agencies will NOT let you get a loan from them.
This is because they need you to own your car or have equity first before letting you take out a title loan.
Other lenders will still let you take out a car title loan, but we do not encourage it.
Coral Gables auto title loans on cars not yet paid in full are considered VERY HIGH RISK.
If you do not own your car’s equity yet, there is a big chance of losing your car (either to your bank or to your lender) WHILE still owing someone money.
What If the Title Isn’t Solely in My Name?
It just might be a little bit more hassle on your part, but usually, all you have to do is have all co-owners also place their names on your car title loan application.
Depending on your Coral Gables title loans lender, you might also need to submit additional documents.
Your lender might also perform credit checks on them, or they might also need to make an appearance in the loan agency location with you.
What Will Happen If I Can’t Pay on Time?
If you find yourself unable to pay back your debt after the 30 days are up, your lender will extend your debt for another 2 or 4 weeks but CHARGE A FEE.
This is called a “rollover,” where your total debt is carried over for another period.
These rollovers can be very risky. They can balloon very fast without you noticing and put you in a cycle of debt.
If you find yourself in this situation, you can get in touch with your lender’s customer service agents. They might be able to put a plan in place to help you pay them back.
Remember, auto title loan lenders don’t want to take your car either! They would rather you pay them back ASAP and in full, so don’t hesitate to reach out to them for help when you’re in a pickle.
If, in the end, you find yourself in the worst-case scenario, you will have to take your car to the loan agency location and surrender your vehicle.
Your lender will then sell your car and use the proceeds to compensate for their losses.
Can I Still Sell My Car?
YES, but only after you’re done paying off your auto title loan.
Just visit your loan agency location, and your lender will return your car title and spare keys, and you’re debt-free!
Your car can now also be made available for sale since its title is now back in your hands.
Auto title loans are PERFECT for fixing financial issues. They’re instant and convenient for all your money emergencies.
So long as you understand the risks involved and are confident in your capability of paying your debt in time, there’s nothing much to sweat!
Just keep in mind that an auto title loan is NOT a permanent solution, but more of a band-aid one to your urgent and unexpected cash needs.
And don’t forget our tips before you sign your title loans contract! NEGOTIATE for the terms you want, read the FINE PRINT, and check for HIDDEN FEES.