Car Title Loans in Plantation, Florida: A Walkthrough Guide
Financial struggle happens to the best of us.
Assuming that you’ve exhausted all your options, then applying for a loan is your LAST RESORT.
However, not all loans get you money fast. Take a bank loan, for example; it will take at least a whole week to get approved.
Fortunately, fast cash car title loans exist in Plantation, Florida.
Find out more about Plantation title loans and receive cash on the same day without a credit check!
What Is a Car Title Loan?
A title loan is a type of loan wherein you use vehicle collateral as a guarantee. This could be the title of your motorcycles, SUVs, or other automobiles.
A car title loan, a.k.a an auto title loan, is simply just using your car ownership for money.
Keep in mind that you’ll need a proper reason for incurring this loan.
The loan proceeds are intended primarily for household purposes like paying bills, medical emergencies, sudden repairs, and more.
Here’s a grade school explanation of how it works:
- After your loan applications get approved, the cash lender becomes the legal owner of your vehicle.
- They give you money, interest rates on your loan, and a deadline.
- If you can’t meet your payment deadline, then the car title is theirs.
Is a Title Loan the Same as Selling Your Car for Cash?
Of course NOT!
Though the lenders become the legal owners, you will still be the registered owner of your car.
This means that you are still allowed to drive your vehicle even after the loan has been made.
Isn’t that convenient?
However, title loans are still loans, so just remember to pay your debt back!
NOTE: These lenders can help you register as the owner of your car at the DMV.
How Much Cash Can You Get From a Title Loan?
Before you get any money at all, the money lending company needs to estimate how eligible you are for their loans.
The loan amount is determined by your ability to pay them back and the condition of your vehicle.
Keep in mind these other factors that can affect the amount you can borrow:
- The state law
- The lender or provider you apply with
If you meet their requirements, then the minimum loan is at least $2500 and could be as high as $20,000.
Benefits of Car Title Loans, Plantation, Florida
Firstly, compared to loans offered by other financial institutions, a vehicle title loan application is QUICK and EASY — you can even apply online!
The loan processing period is also very efficient — you can get your cash on the same day.
Since auto title loans use the car as collateral, there are no credit checks. This type of loan is great for those with bad credit or a low credit score.
Worried about high-interest rates?
Plantation auto title loans offer competitive interest rates since the providers recognize that each person has a unique financial situation.
Furthermore, the rate is paired with very flexible and personal loan terms. Talk about customer-friendly.
Lastly, these loans are a great overall option for short-term loans in Plantation, Florida.
NOTE: Unlike small business loans, Plantation title loans do not have pre-payment penalties.
How to Apply for a Car Title Loan in Plantation, Florida
Applying for Plantation car title loans is quicker than waiting in line at an In-N-Out.
As mentioned earlier, you can apply online and get pre-approved for the loan without even leaving your bedroom free of charge.
To complete the application, you just have to fill up the necessary information required (more on this later).
Additionally, the websites are so user-friendly that they even have backup references just in case you’re having a problem with your screen reader.
If that’s not enough, you can even call their offices to inquire about the loan. You may also visit the lending branches to fill up and finalize your application.
Plantation, Florida has a lot of providers, so finding them will be pretty easy.
Do you need to have any specific qualifications?
As long as you have a car and a form of income, you are qualified for Plantation title loans!
Required Documents You Need for a Title Loan
Providing acceptable property as collateral is a MUST since credit score will not be the basis for this loan.
Nonetheless, you still need other documents to be approved for an auto title loan in Plantation, Florida.
Here is a list of those documents:
1. Personal Details
Your personal information is necessary for any application.
Don’t worry; these are just basic details. They won’t require the name of the place you grew up in or the name of your first pet.
Quick List of Details:
- Contact Information
- SSN (Social Security Number)
- Date of Birth
- Address or proof of residency
- Bank Account (dependent on the provider)
- Previous Bankruptcy (if applicable)
These will be used to contact you during the loan processing period.
A valid government-issued ID is required to cross-check if your personal information is consistent.
These include a driver’s license, passport, or a state-issued ID card.
They also need to determine your age since you need to be at least 18 to apply for an auto title loan in Plantation, Florida.
Furthermore, the ID will serve as proof of your identity and a countermeasure for con artists.
3. Car Details
As mentioned earlier, you need to have the complete car details to avail this loan.
With this in mind, you’ll need:
- Lien-free car title
- Plate Number
- Recent pictures of your car
- Car insurance details
These details help the lender estimate how much money they can loan, and it will also ensure the quality of your collateral.
How will they trust you to pay them back if they don’t know your income?
Proof of regular income is required for a customer to demonstrate ability to repay their debt.
In addition to this, you’ll need to have your employer’s details to prove that you are earning.
But what if I’m unemployed?
You can still avail of a title loan without a job; however, you’ll need to have some other form of income.
Proving your income when unemployed could be done through bank account statements, social security payments, and others.
You’ll need to have 2 professional references (employer included) and 3 personal references for this loan application.
State the following for each reference:
- Phone number
The Title Loan Process
Loan Processing has never been this easy.
Once you’ve prepared all the documents mentioned above, it’s finally time to apply for car title loans, Plantation, Florida:
- For title loans serviced in Plantation, the first portion you’ll answer in the online application will ask you how much money you want. This is where you’ll put in your car’s details (year, make, etc.).
- The next portion is to submit personal details. Beyond the information above, most providers will also ask for the ZIP code of where you live.
- Lastly, they will require pictures of your vehicle and a copy of your title.
- After applying for the title loan and getting conditional approval, your application is now up for a pending review.
- This is where you submit the other information that these providers could require.
- During the pending review, a loan agent will thoroughly check your classic vehicle and loan amount calculations.
- After the final approval, you will then receive a loan offer with the terms you qualify for.
TAKE NOTE: The loan agent could do a credit check; however, it’s not required. Some providers might also require you to install GPS trackers on your car for the duration of the title loan.
Don’t worry. It’s free. This is just to ensure that you won’t drive off into the sunset.
The final step of the process is when you sign the contract, and voilà, here comes the quick cash!
Now you might be wondering — how will you get the money?
There are three ways to get the loan funding of title loans in Plantation, Florida, and all of them are done on the same day.
- Your first option is to go to the branch office of your provider to get the money. You’ll receive a cheque for the amount agreed upon completion.
- The second option is to go to a Money Gram machine. These machines are conveniently found in Walmart. Both of these options require you to go out of your home.
- However, the last option is the most convenient. You can ask the provider to make a direct deposit to your debit card account.
Paying Them Back
The interest rates offered by title loans range from 1.5% to 2.5%. This is due to the state law in Florida.
These competitive rates are easily payable, but not being able to pay will risk your vehicle being taken away.
Luckily, there are several ways to pay back the debt.
You can make your payments through the phone or online.
The title loans serviced by providers in Plantation, Florida, also accept cash and cheque payments.
NOTE: The best title loans serviced in Plantation Florida have no pre-payment penalties or hidden fees.
The end of your loan is signaled with the return of your car title.
When the lenders have confirmed your final repayments, you are essentially clear of your debt.
Your title will be given back lien-free, and you will be the legal owner of your car again!
If you were required to put a GPS on your car, then you can also get the GPS removed for free.
They will send you the removal address, and your vehicle is officially back to being yours.
Frequently Asked Questions
This section is dedicated to answering questions you may have about car title loans.
Do Banks Offer Car Title Loans?
The quick answer is that most banks DO NOT offer car title loans.
However, they do service student loans, and short-term bank loans, among many others.
You can only receive a vehicle title loan from private providers or lenders that have their borrowing schemes.
Do You Need a Bank Account?
You don’t need to have a bank account to apply for car title loans Plantation.
Bank accounts are usually where the provider checks your ability to pay them back or where they can send the loan amount.
However, as mentioned earlier, there are options for offline cash claiming and other statements to prove your income.
You also don’t need to have an account to pay your debt back.
Can I Have Multiple Title Loans in Plantation, Florida?
No one is stopping you from having multiple title loans, but you’ll need to use a different car for another loan.
This is due to the lien-free title requirement for car title loans Plantation.
Once you use your car as collateral, it will have a lienholder which will automatically disqualify your next application.
However, you can only use the same vehicle when your previous loan is already finished.
Can I Get a Title Loan With a Salvaged Vehicle?
Providers of title loans find it very risky to accept a damaged car as collateral, which is why some of them will not allow it.
Don’t lose hope because some lenders are willing to grant you a loan with a salvaged vehicle. However, the loan process will be much more difficult.
It is important to let them know in advance that your car is salvaged.
Here are some of the extra requirements you’ll be needing:
- Documentation of the damages and repairs done on the vehicle
- Proof of car insurance is also required
Keep in mind that a reputable lender or provider SHOULD NOT charge a higher interest rate for salvaged vehicles.
Beware of those who will trap you!
Does This Loan Affect Your Credit?
As you know by now, your credit score is not a concern when applying for a vehicle title loan.
Nonetheless, much like any other loan, it can either positively or negatively affect your credit status.
- If you pay your debt back early, then it will be beneficial in improving your credit.
- The opposite will happen if you do not meet your repayment deadline.
Are You Allowed to Refinance Your Vehicle Title Loan?
Refinancing your title loan is common practice if you have the following concerns:
- High-Interest Rate
- High Monthly Payments
- Wanting to Change Lender/Provider
But what does refinancing your loan mean?
You can either renegotiate the current loan terms with your present provider or negotiate terms with a new lender.
The goal is to extend your loan time deadline and lower your interest rate!
Are Title Loans Legal Everywhere?
NO, THEY’RE NOT!
You’re lucky if you live in Plantation, Florida, because there are only 22 states that deem it legal.
These loans are not everywhere because not being able to pay back your loan could lead to a cycle of debt.
Don’t be too concerned because the state government of Florida has regulated title loans to mitigate this risk.
Do You Have to Go to the DMV?
In most cases, the providers will bring the documents to you.
This saves you the trouble of showing up and waiting in the queue at the DMV.
Conclusion: Are Car Title Loans Worth It?
The vehicle title loans in Plantation, Florida, are a great solution to your urgent need for cash.
It’s a LEGAL and RELIABLE way to get money with no discrimination towards bad credit.
Consider applying today if you appreciate:
- Fast and convenient funding
- Competitive interest
- Flexible repayment terms
- Accommodating loan agents
The bottom line is that title loans serviced in Plantation are definitely worth it!
However, no one is stopping you if you’d rather get a personal loan.
We hope you found this article about vehicle title loaning helpful, and get ready to say goodbye to unexpected bills, emergency payments, and more.
FINAL TIP: Always remember to fully read the contract, and beware of scammers.