Car Title Loans in Pinellas Park, FL
In need of FAST CASH OPTIONS?
What if we told you a loan could fund you on the same day, even with a bad credit score?
Let us introduce you to car title loans, aka pink slip loans.
Much like other short-term loans, it has interest rates and monthly payments, but it’s so much more convenient.
This type of loan is only legal in 22 states but don’t worry because you’re lucky; there are Pinellas Park title loans.
Interested to find out more? KEEP SCROLLING!
Traditional Bank Loans
Before mentioning the competition, how can we talk about the benefits of “auto” title loans?
The loan process for both a personal loan and a traditional bank loan takes around a full week from applications to getting your money.
Their payment terms are based on your credit history, and these loans offer fixed interest rates.
More requirements are needed, and not all applicants meet their lending qualifications.
How Does a Title Loan Differ From Other Loans?
On the other hand, auto title loans are quick and easy. You can apply online and get your money in just one business day.
Instead of doing a credit check, they require a car inspection to gauge the estimated value of your car and decide the loan amount from there.
Car title loans use your car’s equity in exchange for money.
More specifically, you use your vehicle’s title as collateral for the loan.
Hear me out!
You can still drive your car while making payments for the loan. The only time they will take your car away is if you don’t get to pay back your debt.
There are more benefits below, so keep reading to know more about why an auto title loan is a great alternative!
Car Title Loan Requirements
To further help you get started with your car title loans in Pinellas Park, FL, here are the loan documents you need.
Personal Data
Similar to any application, you’ll need to present your:
- Name
- Resident Address
- Email Address
- Telephone Number
- Date of Birth
These will be cross-checked with your government-issued ID, which you will need to present.
Most lenders will also ask you to provide your social security number.
Don’t worry about your information leaking because of the lender’s encrypted and secured databases.
Furthermore, the lender might ask what you’ll use the loan proceeds for.
Whether it be for unexpected medical bills, rent, mortgage payments, home repairs, or other expenses, be honest about it.
Being honest will help you get pre-approved for the title loan quicker.
Proof of Income
Since credit score is not the basis for lending, providing proof of income is a must for vehicle title loans.
This could be your regular paycheck, ongoing business benefits, bank statements, and more.
The great thing about a vehicle title loan is that it does not turn its back on unemployed or retired.
Just present your social security payments, disability payments, or other benefit stubs you receive.
As long as you can pay back the loan, rest assured that you will be funded.
Your Car Title
Your vehicle’s title is the most important thing you must have.
It should be a lien-free title under your name; this means that the vehicle should be yours and completely paid off with no current loan agreements.
You also can’t have two title loans on the same car title.
Additionally, you must also be the registered and legal owner of the car.
This title will be the official collateral for your loan.
Note: If you don’t have the car title under your name, various title loan services can help you get one from the DMV.
Vehicle Information
The estimated value of your car determines the loan amount given to you.
This is why you’ll need to have pictures of it. Show the interior, exterior frame, rims, wheels, etc.
Bundled with these Instagram worthy pictures of your car, you’ll need to present the following things about it:
- Make
- Model
- Milage
- Year
- VIN (Vehicle Identification Number)
Most lenders will require full coverage car insurance. Some of them even offer to help you get one.
Note: The current market value of your car is an accurate estimated value of how much cash these lenders can loan you.
Side note: Do not use a Lamborghini Aventador as collateral!
References
To ensure that all the information is real, you need a few references.
Because maybe you’re a scammer… never mind!
You will need to have at least 2 professional and 3 personal references. These will be presented after the initial loan application is finished.
How to Apply for a Car Title Loan in Pinellas Park, FL?
Once you have completed your car title loan preparations, get ready to claim money on the same day just by applying.
Application
The application process for Pinellas Park title loans is quite simple; you don’t even have to leave the comfort of your home.
Unlike traditional bank loans, you can go to the lender’s website and apply online.
Many lenders give instant pre-approval after completing the online loan application.
By finishing the application, you will express written consent that you are of age and can legally acquire a vehicle title loan.
You are also consenting these lenders, and a business owned by them can contact you.
Determining Payment Plan and Loan Amount
The next step is a pending review of your request for the auto title loan.
Don’t worry! This process is quick and won’t take longer than 30 minutes!
A credit check is not done during this process.
However, they may occasionally REQUIRE it if your bad credit status has some issues or if you are BANKRUPT.
This is where you’ll give your car details and title. Most lenders will have specialists looking at the car to calculate the loan amount.
Your circumstances will also come into play in this portion of the loan process.
A car title loan offers convenient terms because lenders in Pinellas Park, FL, understand that each individual has a unique financial situation.
Here Comes The Money!
This is the part you’ve been waiting for. Once approved, you can get your money right away.
You can make your lender directly send the funds to your account. But if you did not choose the direct deposit option, don’t panic.
Title loans Pinellas Park DON’T REQUIRE a bank account. Go to the nearest Walmart or CVS and get your loan money from a Money Gram machine.
And did I mention that you can get it in just one business day?
The real question, though, is how much cash can you get?
As mentioned earlier, the loan amount is decided by the vehicle condition. An auto title loan can lend you 25%-50% of your car’s value.
You could go borrow up to $25000. Who knew getting that much money was so easy.
Repayment
Sadly, title loans are a form of debt. So the final step will be repayment and getting your car title back.
Remember to get your funds paid quickly, or the lender will take your car away from you.
Paying back your loan early also has tons of benefits.
Not only does your credit score get better, but there are also no pre-payment penalties.
Remember that you have to pay the lender directly, so watch out for fake calls, emails, or other scams about payments.
In terms of getting your car title back, it’s completely hassle-free.
Pinellas Park, FL makes use of E-titles, which make lien notifications and updates almost instantly.
Note: There will be interest added to the capital you borrowed.
Florida State Laws Regarding Title Loans
To find the right lender, you must know the legal constraints of title loans.
Pinellas Park, FL title loan interest rates are subject to these state laws:
- For loans that are less than $2000, the legal limit is 30% per annum.
- For loans ranging from $2000 to $3000, the legal limit is 24% per annum.
- For loans that are more than $3000, the legal limit is 18% per annum.
Reasons to Apply for a Car Title Loan in Pinellas Park, FL
Have you ever gone to a credit union for a loan to get your hopes crushed by being denied? This scenario will never happen with car title loans in Pinellas Park, FL.
Many lenders give instant pre-approval, and the whole process would be done on the same day.
Just apply online; it’s as simple as that!
Title loans offer acceptable competitive rates, and if your situation is severe, they can easily lower the interest rates for you.
These lenders also offer convenient terms for repayment. Some payment plans are so flexible that they could even last a year or longer.
What more could you ask for!
These title loans are designed to help those in dire need of fast cash.
Fast Facts about Pinellas Park, FL
- The average family size in Pinellas Park, FL, is 3 people.
- The normal median income is $49,652.
- The total annual expenditure for households with children is $87,906.
Make these facts what you will but consider that an auto title loan is the quickest solution for your unexpected financial payments.
The Risks With Car Title Loans
Here are some of the risks you will have to take when getting a car title loan.
Disclaimer: Various title loan services by lenders are not banks or credit unions, which means that they cannot make loans or credit decisions by themselves.
Losing Your Car
As mentioned earlier, a poor credit score is not an issue. However, you risk losing your car or, even worse, repossessed.
The moment you fail to pay them back is the moment you say goodbye to your car.
Furthermore, missed payments could lead the bank to repossess your car without you knowing.
Note: “1 out of 5 car title loans end up with a car being repossessed.”- Consumer Finance Protection Bureau.
An Auto Title Loan is Expensive
The rule of thumb is that loans with a 36% and above annual percentage rate are considered high-interest loans.
As said earlier, the APR (annual percentage rate) of Pinellas Park title loans ranges from 18% to 30%. This can be considered as relatively high interest.
Other states even offer more predatory APR for their title loans. Thankfully, Florida isn’t one of them.
Losing More Than Your Car
Being short of cash during the repayment dates may force you to sell your other possessions.
You may need to give up your gadgets, jewelry, furniture, and more in exchange for cash.
This is the reality you’ll have to face if you don’t want to lose your car, but you can always just let it go.
Title Loans or Payday Loans in Pinellas Park, FL?
Another alternative short-term financing option you can apply for is payday loans.
In this short-term cash advance loan, you are lent small amounts of money at a high-interest rate.
You will then pay them back with your next paycheck.
Unlike auto title loans, you use your future salary as the guarantee.
Why should you choose title loans over payday loans?
- Title loans can lend you more money. A typical payday loan is usually $500 or less, while the minimum loan for a title loan is $2600.
- You have longer repayment terms with a car title loan.
- Payday loan interest rates are based on credit score, which means that the lower the rate, the higher it may be. This makes this short-term loan less bad credit friendly.
FAQs
Do you still have concerns regarding the topic? Here are the most frequently asked questions about the subject! Hopefully, your issues and concerns are answered!
What is a Title Loan Buyout?
A title loan buyout is a process where your new lender will pay for your current loan debt.
Imagine this scenario:
You currently have an agreement with lending company A, and you want to switch to lending company B.
Company B will then pay back the money you owe company A, after which you will then form a new agreement with company B.
This is worthwhile if you are not satisfied with your lender. However, don’t be quick to jump the gun.
Questions to ask before proceeding with a loan buyout:
- How much cash will I need to repay with the new terms?
- Will the interest rate offered to me be lower than before?
- Will my loan deadline extend?
How Can I Get Title Loans after Bankruptcy?
Title loans do not turn their back on those who are bankrupt but keep in mind that the process of applying will slightly change.
You may need to present more documents or get court approval to acquire the loan.
The extra information required may vary from lender to lender.
Tip: Consult with your provider and be transparent with any present or previous bankruptcy.
Are There Application Fees?
The great thing about title loans is that it is completely free to apply.
You don’t have to worry about consultation fees or application fees with auto title loans.
“One-click is all it takes getting your cash with me!”- Title Loans.
Register for Car Title Loans in Pinellas Park, FL Now!
Auto title loans are one of the easiest loans to qualify for. As mentioned, you’ll have your money the same day you apply.
Furthermore, having bad credit history won’t affect your borrowing.
Title loans also offer you competitive rates flexible repayment, and you can keep your car during the loan period.
What are you waiting for? Get instant pre-approval for your Pinellas Park title loans now! Just remember that there are risks that come with this loan.
We hope you learned something from this article, and we wish you the best!