Car Title Loans In Miami With Fast Online Approval
Car title loans are one of the best ways to borrow cash in Miami when you need a short term loan but can’t qualify with banks or local lenders. With a title pawn, you can use your money however you please, and most lenders allow you to borrow 60% or more of your vehicle’s value. Your car’s title is used as collateral for a title loan, and you make monthly payments until the loan is fully repaid. There is no credit check or income verification, and title loans in Florida may be underwritten and funded within 24 hours. At Title Pawn Online, we offer pre-approval for anyone with a 2014 or newer car, truck, or motorcycle, and you can get started now by calling 888-370-7434.
While title loans are great for someone who needs to borrow $1,000 or more quickly, they have some drawbacks. They come with high interest rates as there’s typically no need for a good credit score. Not only that, but you’re putting up your vehicle as collateral for a loan. That means you risk a vehicle repossession if you fall behind on the payments and default on the loan.
Requirements For A Same Day Title Loan In Miami
The requirements to get title loans in Miami are simple, and you can count on far fewer restrictions than all other types of loans that focus primarily on your credit history. Most secured lenders in FL will require the following:
Proof that you own your vehicle – This is with a lien free car title. You can’t have a cosigner or other lenders on the title and your vehicle has the best chance of qualifying if it has less than 100,000 miles and is year 2012 or newer.
A valid driver’s license or state identification card – Submit a driver’s license, FL identification card, or passport to verify your identity.
Income Verification: At least two (2) months of income stubs (paycheck stubs; if you are self-employed, you’ll need tax returns and bank statements instead).
Residency verification: (utility bill or lease agreement in your name). You don’t need to live in Miami to qualify for a title loan. Anyone in Florida can be approved.
While some title loan companies also require proof of insurance, registration, and an inspection, the most important requirement here is a fully paid off pink slip. It must show you as the owner, and you must physically possess the pink slip. No lender in Miami will offer a title loan without receiving the vehicle title as collateral.
The Interest Rates For Miami Title Loans
Title loans in Miami have extremely high interest rates and will often cost more than traditional bank loans or cash advances. That’s because your loan doesn’t require good credit, and there’s risk involved in a lender offering a loan without checking your credit or requiring a lengthy underwriting process. The Annual Percentage Rate (APR) for title pawns in Florida starts at 20% monthly and can be higher if you’re quoted a repayment term longer than 24 months.
One option to consider if you’re dealing with a high interest title loan is to see if you can reduce the APR by refinancing your loan. Title Pawn Online offers fast refinancing quotes for anyone with an existing auto title loan in Miami. You don’t need to be current on your payments to qualify, and some lenders can even help you avoid repossession by establishing a new repayment term. Most title loans can be refinanced with lower interest rates, and some customers will get a quicker payoff term and reduced monthly payment. Apply online to refinance your loan in Florida or call us at 888-370-7434 to start today.
Car Title Loans In Miami With No Job Or Bad Credit
Miami title loans aren’t subject to minimum credit standards like many other unsecured personal loans, which means bad credit won’t disqualify or deter lenders from approving applications for their prospective customers. Most lenders won’t even run credit when underwriting a title loan. One option available to anyone looking for a bad credit title loan is that you don’t need to be fully employed to qualify! We offer access to title loans with no income verification and you can be approved in hours if you provide proof that you have a lien free vehicle. Title loans without a job are options for anyone in Miami, and loan amounts range from $1,000 to $5,000, even if you can’t verify your income.
These loans require the pink slip to be paid off, and clear of other loan obligations. It sounds simple enough, but some companies in Miami will try to get away with referring to these loans as “unsecured” when they’re cash advances or payday loans without the title. A title pawn is always secured by collateral and you’ll need to sign over the pink slip and add your lender as a lienholder on the title. So always be sure you know exactly what type of title loan you’re getting before signing any agreements or taking out title loans in Florida with no job.
Are Car Title Loans Legal In Miami?
All lenders that offer online title loans must be state licensed and regulated by the Florida Office Of Financial Regulation (OFR). If your lender says they’re certified by the State Of Florida, that’s great, but you should always contact the OFR directly to get a current status update regarding their certification. Title loans are legal in Florida, but check the most recent regulations, as some companies are now subject to interest rate restrictions.
Apply online with Title Pawn Online, and we’ll match you with a local company in Miami that offers title loans of up to $15,000! You can be approved with poor credit and have a good chance of qualifying if you have a newer vehicle that’s paid off, titled, and registered in your name.
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