Fast Same Day Car Title Loans In Miami, FL
Car title pawns are one of the best ways to raise short-term cash in Miami. The approval pawn process involves using your paid off car title as collateral for a loan. You can then borrow money against the title and take the funds with you. The lender who administers the loan takes possession of your pink slip and you can keep driving the car for the life of the loan. There is no credit report check, there is no income verification, and title loans in Florida may be approved within 24 hours (in most cases).
The catch is that secured loans cost more than other forms of borrowing because title pawns tend to carry higher interest rates. This guide will explain how the loans work, whether they’re right for you, and where you can get a same day approval loan in Miami.
What’s Required To Get A Same Day Title Loan In Miami FL?
The requirements to get title loans in Miami are simple and you can count on far fewer restrictions than all other types of loans. Most secured lenders in FL will require:
– Proof of ownership – A valid driver’s license or state identification card – At least two (2) months of income stubs (pay check stubs, if you are self employed you’ll need tax returns and bank statement instead) – Residency verification (utility bill in your name with a recent payment history). The most important requirement here is of course the fully paid off pink slip. It can’t have any liens or outstanding loans attached to it and you have to physically have possession of the pink slip. No lender in Miami will offer a title pawn online without receiving the vehicle title as collateral.
Title Pawn Loan Facts: Here’s what title pawn loans in Miami don’t require.
– A credit report check – An employment verification/income check – Collateral “equivalent to” the loan amount. No other assets will be needed to secure title loan amounts in Florida. Loans for vehicle titles can be as much as $50,000 and you can borrow up to 75% of the car’s value with most companies that are licensed in Miami.
What Are The Interest Rates Or APR For Miami Title Loans?
Title loans in Miami aren’t as expensive as cash advances and payday advances from other cities. However, auto pawns will still cost you more than traditional bank loans or cash advances. Annual Percentage Rates (APR) for 24 hour title loans and other personal loans will start at 20% and only go up from there. The most common interest rates will exceed 36%, which is also standard for secured loans throughout Florida. But, don’t forget rates are always higher because they come with a monthly payment plan plus the title remains under your name and you can continue driving your vehicle during the life of the loan.
How Long Do I Have To Pay Off My Title Loan With A Lender In Miami
The State Of Florida allows licensed lenders to set a reasonable payoff amount and date for all secured loans. This means you have the right to make your title loan payments as early as you wish. Online title pawns in Miami can be fully paid off in 30-90 days, but most auto equity loans are paid off over a payoff term that lasts longer than 90 days. Expect a quote or estimate to be for 12 months to 36 months with the option to pay it off quicker.
The lending term will be determined by the lender based on the car’s value and how long it takes you to repay. You can do this at any time during or after taking out a title pawn with a licensed lender in Florida. That’s why you need to take it upon yourself to pay off a title loan as quickly as possible to avoid significant fees and finance charges that only grow as each day goes by.
Getting Car Title Loans In Miami With No Job Or Bad Credit Is Possible
Miami title loans aren’t subject to minimum credit standards like many other types of unsecured personal loans, which means having bad credit won’t disqualify or deter lenders from approving applications for their prospective customers. In fact, most lenders won’t even run credit when underwriting a title loan.
These loans will require the pink slip to be paid off and free and clear of other loan obligations. Sounds simple enough, but some companies in Miami will try to get away with referring to these loans as “unsecured” when they’re actually just cash advances or payday loans without the title. A title pawn is always secured by collateral and comes with monthly payments and a higher interest rate than most other types of personal loans. 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 Online Title Loans Legal In Miami?
All lenders that offer online title loans for cars must be state licensed and regulated by the Florida Office Of Financial Regulation (OFR). If your lender says they’re licensed by the State Of Florida that’s great, but you need to check up on what they’re saying and even contact the OFR directly to verify their company’s license is still active and hasn’t been suspended or revoked. A suspended license can cost a Miami lender its right to offer any type of loan in Florida, so it’s always best to do your homework before choosing a financing business near you in FL!
Additional Car Title Loan Lending Locations In Florida: