Car Title Loans in Hialeah
Are you curious about how you can get a title loan in Hialeah?
This guide leads you towards the loan basics, the application experience, and what to expect afterward. Let’s get started!
What Are Car Title Loans?
If you’ve ever pawned an item, you’d understand how auto title loans work.
People resort to selling high-end possessions – jewelry and gadgets, for example – but this can take longer to get money.
When you’re in a dire financial situation and need to pay the bills, you can resort to pawning these high-value items off instead.
The same goes for car title loans.
An auto title loan happens when a vehicle becomes a borrower’s collateral for a loan. If the borrower cannot repay the lender the money owed, the lender seizes the car instead.
Just because you give the lender the car title doesn’t mean you can no longer drive your car.
You can keep and drive your vehicle just as long as you repay the loan. After doing the latter, you can get your car title back.
Just make sure to ask your lender or loan company first if you can keep your vehicle.
How Do You Apply for a Car Title Loan?
The loan and approval process aren’t as complicated as people may think! As long as you have the proper application requirements, you can get money from the loan quickly.
#1 Get Requirements
Personal and Financial Information
Aside from your name and phone number, other personal information may include your address, proof of residency, and birthdate.
also helps with loans. Lenders require the latter to make sure all your documents are consistent.
As long as you have your driver’s license, passport, or other government IDs, you can go through the loan process.
Prepare proof of income as well. You can say you’ll keep your word to repay the title loan, but lenders think otherwise.
If you’re not employed, other documents may suffice. You could own a business or have income from side gigs.
Have ready proof of either one. As long as you provide proof that you can repay your loan, the loan process should be easy.
Car Details
First, you need to provide your vehicle title.
If you don’t have the title or it isn’t under your name, the lender can help.
Aside from your car title, lenders may ask for details about your vehicle. Be ready to provide the year and model of your car.
Mileage may also be a factor. In addition to these details, they may require pictures of your vehicle to evaluate its condition. We explain more of this below.
Car Equity
Have you ever wondered how much of your car you own? Your car equity measures that with monetary value.
If your remaining payments are worth more than your car’s value, then you are in a negative equity position.
Once you start repaying and the value becomes greater than the remaining loan payments, then you are in a positive equity position.
To get your equity value, subtract the amount you owe from its appraised value.
If you still have remaining payments on your car, it’s still possible for title loans to go through. Discuss your options!
Car Condition
The money you get out of a car title loan may depend on your car’s condition. With a car title loan, the first thing lenders may inspect is the brand of your car. Some names have more value than others!
As the vehicle owner, you want your car to have little to no damage in the exterior and the interior.
Scratches, ripped fabric, dents, and holes all factor into the car’s condition.
Added accessories, upgrades, and rare paint jobs positively factor into the car value! If you’ve had work done on the car, you may get more money out of the loan.
While it’s obvious that looks do matter, functionality gets in the way as well. Check your vehicle for mechanical damages.
What About Credit Criteria?
For most loans, traditional banks rely on your credit rating and history.
If a credit check makes you hesitate, don’t worry. Credit checks from auto title loans knock off points from your score, but they’re not as heavy or rigid as bank loans.
Lenders don’t run a credit check all the time, but it’s still a possibility that lenders will take into consideration your credit score.
This one factor is both good and bad. Title loans can be easier to qualify for than standard loans, but that doesn’t mean credit score or credit rating is out of the picture.
After all, how will loan companies gain assurance and safety you can pay for the loan, right?
#2 Call or Fill Out Necessary Information Online
For a faster and more secure loan process in Hialeah, consider going digital.
Most lending companies will have a number you can ring up or an online form to fill out. There’s no need for a store visit!
Avoid waiting in lines or dealing with the hassle of commuting. After all, online forms and calls are much more accessible for many applicants.
Of course, if for some reason you prefer to loan in physical stores, nothing’s stopping you.
Just remember you can process your title loans from the comfort of your own home, and with the how things are now, it’s safer online.
If all goes well, you can find yourself with an approved loan application! After, you can access the loan itself in cash or your bank account. Get your money and use it for whatever you may need.
Interest Regulation in Florida
The Florida Title Loan Act is one important element to note when applying for car title loans in Hialeah.
Before you can pledge your vehicle as collateral, there are several processes the Florida Title Loan covers.
First, all lenders in Hialeah – and all of Florida – must have a license under the Office of Financial Regulation.
If you don’t know if your lender has a license, you can double-check with the Florida Office of Financial Regulation.
Second, before you receive your loan, there must be a written agreement. This agreement gets business between you and the lender down on paper, securing each party involved.
Both of you must express that you understand the terms of the loan and agree to them.
Before going forward with an approved application, make sure you have read and agreed to the terms.
Kinder terms can have the lender notifying you when the car is due for repossession. You can choose to hand the car over to the lender instead of an agent removing it from your home.
Some terms may also include terms that allow you to pay back the loans despite the event of a repossessed car. As long as the lender hasn’t sold the vehicle, the owner can still pay off the loan and get their car back.
However, not all title loans have these terms. When in doubt, it’s best to read the fine print.
Will the lender notify you about possible selling? Is there still a way to pay off the loan amount? Are there any other fees? Is the interest rate what you agreed to?
Loans are risky for anyone involved. As a borrower, you have to get approved, agree to an interest rate, and make enough cash to pay off the entire loan amount within the set date.
Read up! The best solution when dealing with title loans is to be knowledgeable of every possibility and loophole.
Features and Benefits of Getting Car Title Loans in Hialeah
Access Money Quickly
Process auto title loans’ requirements, get on the phone, or fill out an online application. That’s it! You can get the cash you need right after. There’s no need to worry about banks, credit, and other baggage that other types of loans have.
Keep Your Car
With auto title loans, you merely sell the title, but not the vehicle. As you work towards paying off the auto title loan, you can still drive with your car. You don’t need to worry about additional expenses, public transportation, and wasted money on your vehicle.
As long as you repay the loan within the deadline, you get to keep your car.
Have A Secure Process
Unlike banks and other lending companies, you don’t have to show up in person to pledge away your title for a loan.
Stay at home. Call, fill out an online form, and wait.
Keep track of your application, process bills, and know your alternatives. After the lender gets back to you, you’re good to go! Get your money and focus on repayment.
You get to experience a secure, easy way to get title loans.
Repay Easily
You have several choices when paying off your title loans.
You can clear it with a single payment or choose to have an installment plan; however, most lending companies will only have a single payment plan available.
A single payment saves you from accumulated interest rates. However, an installment plan for any loan is much more accessible.
Whether you pay with a bank or in cash, what matters is that you can pay in small chunks until you pay off everything.
In Conclusion
We hope this guide to a car title loan in Hialeah helped you out! Title loans can be easy to process in Hialeah, Florida. Just follow the steps and make sure you’re ready.