Car Title Loans in Palm Bay
Do you need a cash advance but are not sure where to get it? Are your financial debts piling up because of familial or personal reasons? Don’t lose hope if this happens to you!
There are a few ways to get QUICK cash, and one of these is to look for car title loans in Palm Bay. Interested in knowing more about how car title loans work?
Keep reading to find out how to get a title loan in Palm Bay!
Making a List
Before you begin the application process, it’s important to CHECK if you meet all the requirements needed for car title loans in Palm Bay.
Since the car title loan application requires conditional approval, most lenders look at certain details to determine if the consumer qualifies for the car title loan.
- Check our mini-lists below to see if you can avail of title loans in Palm Bay!
Applicant Requirements for Title Loans
- Residency: If you’re a stranger to Palm Bay, Florida, you won’t be able to get a car title loan; only RESIDENTS of Palm Bay, Florida can avail of auto title loans!
- Credit Score/Credit History: While you might have heard that a lender’s credit criteria don’t always include this aspect, it can be more DIFFICULT to get a car title loan with bad credit.
- Car Title: Ensure you have a CLEAR vehicle title issued under Palm Bay.
- Repayment Plans: The quickest way to pay back your debt is to have organized repayment plans, so make sure to STICK to them! It will help you get a title loan in Palm Bay.
Vehicle Requirements for Title Loans
- Stability: Having a stable car will make it easier for you to avail of title loans in Palm Bay
- Car’s Equity Value: Here’s where a little bit of math comes in. You will get negative equity if your car title loan is bigger than your vehicle’s value. So make sure to pay back your title loan on time!
- Low Mileage: Most car title loan lenders prefer low mileage cars, but some don’t mind high mileage cars.
- No Lien: Ensure that your car doesn’t have a lien title, as this helps most lenders repossess your car if you miss repayment deadlines!
- Overall Condition: Rather than the specific model of a car, it’ll meet the lender’s standards if its overall condition is good!
Application Process For Car Title Loans (Palm Bay, Florida)
Step 1: Hello, My Name Is…
To get quick cash from online title loans in Palm Bay, you’ll need to apply online by getting the form from your chosen website.
You can also choose to access the car title loan application form over the phone.
After accessing the form, you may be asked to give certain details, such as:
- Contact Details (i.e., email, phone number)
- Vehicle Model
- Financial or bank statements
After contacting the lender directly, you need to wait for their initial approval.
Step 2: Sending the Necessary Files
The next step in the title loan approval process involves submitting the required loan documents. While this may differ depending on the lender, the common title loan documents are:
- 1 valid government-issued ID: This will be used to verify your identity.
- Proof of residency: This will be used to verify your address. Palm Bay title loans would greatly increase your chances of being accepted as a fellow resident!
- Proof of income: Financial or bank statements are good examples of these.
- Pictures of your car: Some may include your car’s VIN or odometer reading.
- Personal references: These should come from people that aren’t family members.
- Insurance: For your lender to review.
After gathering these documents, you can choose to send them using your phone/laptop through any of the following methods:
To increase your chances of getting your lenders’ instant approval, ensure that all of your documents are complete and organized. This will help avoid major delays in the loan process.
Step 3: Checking It Twice
After getting your lender’s approval, make sure to review the document thoroughly before moving on to the last step of the process.
Some important aspects that you should doublecheck are the following:
- Actual loan amount/how much money you’re asking for
- Loan terms
- Repayment terms
- Repayment deadlines
- Interest rates
Don’t forget to check if there’s a prepayment penalty involved as well!
Step 4: You Have Received…
This is the LAST step of the process! Now that you’ve gotten the lenders’ final approval, you can now get your loan.
- The usual amount of time allotted for getting title loans is 1 business day, but this may change depending on your lender or other external factors involved.
Take note that your lender may use the following methods to send the money to you:
- Direct deposit to your bank account
- Electronic bill
Congratulations on getting your personal loan in Palm Bay! Don’t forget to follow your repayment plan so that you can get your car title back ASAP.
Advantages and Disadvantages of Car Title Loans (Palm Bay)
After learning about the application process for title loans in Palm Bay, the next step is to consider the benefits and drawbacks of pursuing a title loan.
Here are the benefits you should expect to get if you apply for a car title loan!
Do you have too many things on your plate and not enough time to accomplish them? The good thing about Palm Bay title loans is that the process can be done quickly and efficiently.
As long as you meet all the requirements and have the necessary documents, most lenders would ensure a speedy process.
2- Flexible Deadlines
Not 100% confident that you can repay your loan by the proposed repayment dates? If this is one of your main concerns, take note that title loan companies are usually amenable to changing deadlines.
- It is because they have your vehicle title as collateral.
While this is an additional comfort, make sure not to rely on this too heavily. The faster you pay back your title loan, the faster you’ll get your car title back!
3- Smooth Transportation
Are you worried about how to move from one place to another after applying for a title loan? Nervous at the thought of losing your car?
Don’t fret! Even if you applied for an auto title loan in Palm Bay, you could still use your vehicle.
- This means that while you’re in the process of paying your loan back, you can safely travel along the roads of Palm Bay.
Unfortunately, with benefits come drawbacks. Expect to experience some of these drawbacks if you are not careful handling your car title loan.
1- Risk vs. Reward
Providing acceptable property means that lenders are reassured of your willingness to pay back your debt. As such, lenders aren’t as heavily affected by title loans as borrowers are.
- This leads us to one of the MAIN disadvantages of car title loans: the fact that your car title is at STAKE.
Depending on how long it will take you to pay back your loan proceeds in Palm Bay, it might take a while before you get your car title back.
The worst-case scenario is if you continue to accumulate debt and frequently miss out on repayment dates, you might end up LOSING your car entirely!
2- Cycle of Debt
One of the most important things you have to do when borrowing money is to pay early. If you continuously miss deadlines, the fees will get increasingly HIGHER.
- As more time passes by, the more money you’ll have to spend.
To avoid falling into this cycle, make sure to stick to your repayment plan so that you don’t have to worry about paying for more than you bargained for when you’re making payments.
3- Running Against the Clock
All loan processes involve the essence of time. It’s important to remember that the money you currently have is technically a short-term loan.
Rather than attempting to rely on Palm Bay title loans as a long-term solution, it’s better to pay back your debt as soon as you can so you can get your car title back ASAP.
Types of Loans
1- Payday Loans
The term “payday loans” isn’t as widely recognized, as people often think of salaries when they hear “payday.”
Payday loans are often defined as “a short-term, high-cost loan that is typically due on your next payday.” [R]
To avail of this type of loan, you can do it online or in a physical location. Take note that most states have a specific limit for loan amounts.
- $500 is the usual limit for borrowers, but some lenders may go above or below this amount.
To pay back the loan, you’d have to write a post-dated check for the full balance along with any additional fees.
You’d also have to grant authorization for the lender to debit the funds from your account.
- You don’t need collateral to avail of this loan.
- Some lenders allow loans to be paid in installments.
- If you have a credit card, you won’t need a bank account to qualify for this loan.
- Most states often impose a loan amount limit.
- The repayment deadline is early.
- High APRs
2- Auto Equity Loans
Just like the name suggests, this type of loan is based on your car’s equity. If you’ve successfully had your car paid off, your car’s equity would be the car’s current market value. [R]
- But if you STILL owe money, your equity would be your car’s current value minus your loan balance
Take note that it’s still up to each lender’s discretion on the maximum amount you can borrow.
- Some lenders will allow you to borrow an amount with equal value to your equity, but others may allow you to borrow up to 125% of your equity!
To avail of this type of loan, you’d have to apply for the loan and indicate the following details:
- Contact details
- Credit score
- Vehicle details
Don’t forget to let your lender know if you have other auto loans as well, as they’ll need this information to calculate your equity!
- It can last for several months or years.
- Can offer low rates because they’re secured loans
- Since it’s a secured loan, it may involve an easier approval process because it’s less risky than unsecured loans.
- You don’t need to own a home to avail of this loan.
- If you’re still paying off your car’s debt, you might end up dealing with multiple lenders (i.e., your primary lender and another lender).
- You could lose your car if you miss repayment deadlines.
- Not a lot of people offer this type of loan
3- Credit Union Loans
A credit union is often defined as “a type of financial cooperative that provides traditional banking services.” [R]
In other words, they’re institutions that are created by and made for the people. More often than not, they range from small operations to large institutions.
To get a loan from credit unions, you’d have to open a bank account or a nominal account. Once you’ve accomplished this, you can then become a member.
- By engaging with other partial owners and participating in meetings, you’ll have the ability to vote for a board of directors and give your opinions on business decisions.
- Since your voting ability isn’t based on how much cash you have, your vote has the same weight as everyone else!
- Better rates compared to many traditional banks
- More ATM locations
- Members aren’t required to pay corporate income tax when they earn.
- Operating margins aren’t as strict compared to banks.
- Fewer options compared to banks
- Not a lot of on-site services and physical stores
- Most credit unions have set business hours.
4- Title Pawn Loans
While the term “title pawns” may sound quite misleading, you DON’T necessarily have to go to a pawn shop to avail of this loan. [R]
- You can apply online or visit a physical store to coordinate with a title loan provider.
For these types of loans, you can usually borrow $2,500-$10,000. Depending on your lender, you can pay the loan back in full after 30 days, but they can also choose to offer title pawn installment loans.
- This means that you’d be able to pay back your loan during various transactions.
In addition to this, you can continue driving your car as you’re repaying your loan. This is very similar to title loans, with the main difference being the eligibility requirements involved.
To apply for a loan, these are some of the requirements that some lenders will require you to meet/to have:
- Over 18 years old
- Lien-free car title
- Driver’s license
- Regular source of income
- US citizen or permanent resident of the state
Don’t forget to submit the following as well!
- Driver’s license
- Your vehicle
- Car title
- Car keys
- Other required documents (will heavily depend on the lender’s preference)
- You don’t need to have a bank account to qualify.
- If you apply for a loan in person, you can usually get it in 30 minutes.
- You can continue using your car.
- You might have to pay expensive rates if you miss repayment deadlines.
- You could lose your car if you can’t fully pay back your loan.
- If your lender allows you to rollover your loan, it will be more difficult to pay back the total loan amount.
Additional Trivia On Title Loans (Palm Bay)
Now that you’ve learned more about the application process and the advantages and disadvantages of auto title loans, here are some additional bite-sized pieces of information!
1- Federal Laws
On a scale of 1 to 10, how familiar are you with Florida title loan laws? [R]
Did you know that the usual amount of time allotted for a title loan in Palm Bay is 30 days after the date of the title loan agreement?
- If you want to extend this date, you can extend it up to one or more 30-day periods as long as you agree with your lender.
In addition to this, Florida title loan laws allow lenders to charge the following interest rates on your loan:
- Up to 30% per year for the first $2,000 you borrow
- 24% a year for any additional loan amount between $2,000-$3,000
- 18% a year for any loan over $3,000
To protect yourself and your property if you know the law! Some important laws to remember are the following:
- Chapter 537, Florida Statutes
- Chapter 516, Florida Statutes
Chapter 537 requires lenders to be licensed and for there to be a written title loan agreement between you and your chosen lender. It also states that lenders can repossess your vehicle if you don’t pay your loan fully.
- However, if the lender repossesses your vehicle, you have to be notified in advance of their intent and if they plan to sell it.
- If you end up paying your loan in full (along with other fees such as interest rates), you can still get your car back as long as it hasn’t been sold yet!
On the other hand, Chapter 516 doesn’t offer the same level of security.
- While your chosen lender is required to provide you with a written statement of the title loan, repossession procedures, sale procedures, and the potential of having hidden fees aren’t as specific.
Ask your lender to discuss ALL relevant title loan policies with you so that you’re prepared for any potential scenario!
2- Credit Check
Just how BAD is bad credit?
Some title loan lenders would still accept those with a bad credit score, but others would prefer a background credit check.
- With that in mind, it’s safe to say that your chances of getting an auto title loan are higher if you have a good credit score.
If you want to verify whether you have bad credit or poor credit, you can refer to Palm Bay’s numerous websites or credit institutions.
Make sure to practice responsible credit decisions so that you can avail of good title loans in Palm Bay!
3- Minimum Loan Amount
Minimum loan amounts vary per lender, but some title loan companies have $2,000 as the minimum amount.
- On the other hand, the loan limit is usually 25% to 50% of the car’s value [R].
Do thorough research on the loan amount that title loan companies often offer so that you can choose the BEST option for you!
4- Annual Percentage Rate
Besides looking for reasonable interest rates for title loans in Palm Bay, you also have to take note of annual percentage rates (APR).
An APR is essentially the “percentage that represents the actual yearly cost of funds over the term of a loan or income earned on an investment.” [R]
- This means that it takes monthly payments into account to develop the EXACT percentage rate you’ll need to pay per year.
It acts to protect consumers, especially since financial institutions must discuss their APRs before any agreement is signed.
- Did you know that this requirement is stated in the ‘Truth in Lending Act (TILA) of 1968’?
- This act was created to promote and uphold the concept of transparency in regards to loans [R]
5- Pink Slip Loans
Did you know the standard color for vehicle titles is pink? That’s where the name comes from, as it’s essentially just another time for title loans! [R]
It’s also interesting to note that their vehicle title’s colors can be blue or green in other states.
Sending My Location (Palm Bay)
Have you decided to push through with pursuing title loans in Palm Bay, Florida?
Now that you’ve weighed the pros and cons of pursuing auto title loans, just remember that online title loans are intended primarily to serve as an efficient way to get money quickly.
As long as you don’t rely too much on a cash advance as a long-term solution, you’ll be able to stick to your repayment plan and have your vehicle title back in no time!