Car Title Loans in Hollywood: How to Get Money ASAP!
Unexpected bills. Emergency medical bills to pay. Or even just in need of fast cash.
The standard loan process isn’t always the quickest route.
BUT DON’T BE OVERWHELMED. Because we’re here to help you get money fast. Keep reading to know more about the Hollywood car title loan.
What Is a Car Title Loan?
Also known as a pawn loan, a title loan requires an asset to serve as collateral. The asset can come in the form of a car, motorcycle, boat, or even a house.
Among the many assets you can apply as collateral, the car title loan emerges as the MOST POPULAR vehicle title loan option.
Why Is This the Case?
More often than not, auto title loans are easy to get because of the quick application process and approval rating.
Unlike bank loans, car title loans help you get smaller sums of money at a short-term timespan.
Once you have your hands on an approved title loan, the lender now has the vehicle title to your car. [R] However, you can continue driving your car around Hollywood, Florida.
Most loan terms can last between 2-3 months or even 1 year. Depending on a couple of factors, such as the car’s value for money and conditions, you can acquire the car title loan in less than 24 hours.
Therefore, if you need a short-term solution to refill your bank account with much-needed cash, the car title loan is your BEST BET.
Why Should You Go for Title Loans Instead of Bank Loans?
Although you may be more used to doing traditional transactions at the bank, we highly suggest that you do business with a car lender through the title loan process.
We advocate for pursuing car title loans because they are more convenient for the application process, which we will get to later.
Auto Title Loans
Nowadays, most people do business online, as they should. With the recent advancements in technology, it is only fitting that applying for auto title loans can be done in this medium.
Of all the loan options at your full disposal, the auto title loan has become a staple among many because you can easily get cash if you are in a tight situation.
The speed, accessibility, and effectiveness of the online application process are second-to-none. [R]
Time is not in limitless supply, so make sure you avail yourself of auto title loans if you want to purchase 50 percent of a car’s equity value on the SAME DAY.
What Is Credit Criteria?
Before we discuss getting auto title loans, you need to understand the credit criteria and how it works.
Simply put, the credit criteria is a set of factors each lender uses to gauge whether or not to go for new auto title loans. [R]
Although the guidelines may differ from one loan to another, most reach a consensus regarding implementing these FIVE MAIN FACTORS.
Equifax, Experian, and TransUnion were responsible for assembling these qualifications. [R] They also used a credit scoring model to gauge the distribution of the percentages in terms of importance.
- Borrower’s payment history (35 percent)
- Credit utilization (30 percent)
- The average age of the borrower’s current credit accounts (15 percent)
- Amount of new credit inquiries (10 percent)
- Mix or composition of credit accounts (10 percent)
All factors involved contribute to a more complete and justifiable credit score for all loans.
What Requirements Will You Need to Qualify for a Hollywood Car Title Loan?
Here are the requirements when it comes to processing your payment plan.
Some lenders may not require these, but having these documents and additional information may come in handy when applying for certain loans:
- Government ID (Valid driver’s license, passport, etc.)
- Social security card
- Car title (original copy)
- Car pictures (all sides) to prove that you are the owner
- Pictures of your odometer
- VIN (Vehicle Identification Number)
- Pink slip (if you are applying for pink slip title loans)
Since most transactions are done online, it would be best to send your loan documents to the lender of your choice.
IMPORTANT: Generating Income Is Key
Before we talk about the qualifications, we need to get one thing clear: You don’t need to fully surrender your car once you have signed up for an auto title loan.
However, what you do need to accomplish is paying your car in full payment. Doing so will make things easier during the vehicle registration. If you have full ownership of the car, so much the better.
It will also help if you do a credit check with your designated lender. This will determine whether you have an active source of income or if you’re currently bankrupt.
Speaking of, it would help if you can generate some cash by doing any of these activities:
- A full-time job
- Part-time work
- Entrepreneurial endeavors.
Entering either of these fields will give lenders an idea as to whether you have the ability to:
- Qualify for a title loan
- Repay the loan amount.
How Do You Apply For Car Title Loans in Hollywood?
- Fill up the online application form or any available lenders via the hotline. Make sure to fill up ALL the required information and fields to avoid any inconveniences.
- Once you have filled up your personal and car information, the lender will assess whether you are eligible for a Hollywood car title loan.
- If your car title loan application is approved, the lender will give out cash to you or your entity. In some cases, the money is sent to the seller if you are on the verge of buying a new car or house.
- After receiving loan funds, you will have to pay back the loan on a recurring date both you and your lender agreed upon.
Some lenders tend to be strict when it comes to using funds from loans.
Therefore, you MUST be aware of the restrictions and policies regarding using the cash given to avoid future troubles or hiccups.
When Should You Go for an Auto Title Loan?
A couple of circumstances and unforeseeable events may give you a hard time maintaining your cash and paying the bills.
- You experienced a sudden accident, which requires surgery.
- Maybe you’re trying to pay the down payment for your ideal university.
- A typhoon may have hit your area.
Applying for auto title loans does not solve all your problems, but it gives a quick solution for handling your short-term finances.
Not So Fast…
It’s definitely quick cash or a positive way to get cash fast. However, short-term financing also comes with risks you should be aware of. High-interest rates are one example (more on this later).
The title loan has an easier application process than a bank loan, but don’t be so quick to go for the former JUST BECAUSE it’s easy to qualify for.
The biggest concern here is: can you confidently assure yourself you’ll be able to pay for the loan in a month or 2 months?
Because if you can’t, your title loan could roll over and incur HIGHER interest rates, draining your income faster than normal.
Auto Title Loans and Payday Loans: Any Similarities and Differences?
Similarities
One similarity both loans possess is that they’re short-term loans, making them suitable for those who need to pay a small or medium range cash loan right away.
Another common trait the two loans share is their quick approval rating. This is a huge advantage for those who may have bad credit or no credit.
With the times becoming more and more unpredictable, you need to be able to address unexpected crises. BOTH payday loans and auto title loans do just that.
Differences
Now let’s go to the differences. The title loan uses a material asset, while a payday loan does not. It gives the lender or car title loan company more certainty with title loans.
In terms of the repayment period, a payday loan is only issued within a two-week window. By this time, you should expect to pay the cash loan IN FULL.
You cannot say the same for title loans because they can last several weeks or months. In fact, refinancing can also take place in case of emergencies.
Due to the longer timespan, car title loans tend to be LARGER, meaning it can serve as an avenue for those who need larger amounts of cash.
What Should You Watch Out for When Purchasing Car Title Loans?
Applying for auto title loans may have many benefits and advantages, especially if you have either no credit score or bad credit.
While it is a great solution for those who have insufficient cash, you still need to pay attention to keep an eye on some considerations when going for an auto title loan. [R]
#1 Dishonest Lenders
One of which is the exorbitant amount and other expenses some lenders will charge you.
In a perfect world, ALL LENDERS should charge you a fair and justifiable amount. Unfortunately, some may take advantage of the situation.
Therefore, it might be difficult for you to repay the loan if you don’t keep a watchful eye when signing an agreement with a potential lender.
In your loan agreement, BE SURE to ask for full transparency on the payment terms and any prepayment penalty or interest rates that may apply.
#2 The Condition of Your Vehicle
You also need to take note of the car’s condition.
Make sure it is still UP AND RUNNING. Some lenders might force you to pay for miscellaneous expenses such as repairs, gas, etc.
Also, a car with many defects and required repairs may result in lost value over time. Your vehicle’s condition plays a significant role in your loan amount.
#3 Credit Criteria
Credit history can also come into play. Vehicle title loans ARE NOT 100% exempted from poor credit.
In fact, if you can’t justify your ABILITY TO PAY, the approval process for vehicle title loans can be more difficult.
Conclusion
We hope you enjoyed going over the different nuances and things to note when applying for car title loans.
By pushing the right buttons and seeking proper guidance from your lender, you will be on your way to a smooth loan application process.
For more questions and information regarding Hollywood car title loans, please feel free to contact us.