If you're facing a major expense without the cash to cover it, or you need money to cover checks about to bounce, pay credit cards or just get through the next few weeks, Miami car title loans may be the answer. These short-term secured loans are available to many people in the state of Florida and designed to help people with poor credit, who can't otherwise qualify for a loan.
While some people with great credit can simply get a loan from a bank, this isn't always an option. Even if you can qualify for a bank loan, what happens if you need the cash today? A bank certainly won't get you the cash same-day, and you may be left waiting for a week or longer. This is where car title loans differ. Miami lenders will get you the money you need, when you need it, regardless of your credit history.
Why Car Title Loans in Miami?
If you're curious about the advantages of car title loans, Miami lenders will be happy to explain the differences between this loan option and others, such as pawn loans. Basically, with car title loans, you can receive up to $15,000 same-day with no credit check required. You'll continue using your car and hand over your car's title until your loan is paid off. Rates tend to be much more affordable than many bad credit loan options and you can get up to 36 months to pay back the balance.
Laws Regarding Car Title Loans in Miami
There are many states and cities with laws governing car title loans; Miami is no different here. In Florida, title lenders can charge you up to 30% during your first 12 months on anything under $2,000, 24% if you borrow an amount between $2,000 and $3,000 and 18% per year for anything over $3,000. This means title loans can easily have interest rates lower than credit cards, pawn loans and other options. The faster you pay off your balance, the less you will pay in interest in the long run.
If you borrow just $1,000, you will pay about $300 in interest if you borrow the cash for a full year, but only $25 in interest charges if you pay off the balance in one month.
If you're thinking about Miami car title loans, be aware that you and your lender will need to sign a written contract that explains in detail the amount you are going to borrow, your interest rate and contact information for the Florida Department of Financial Services. This department regulates car title loans in Miami and they can advise you if you believe the lender is not behaving according to the law.
If your loan isn't paid back, the lender reserves the right to repossess your vehicle. In this case, they may sell it and keep the proceeds from the sale up to the amount you owe, along with reasonable expenses for towing and other costs. This is just like any other secured loan, such as a car loan or mortgage, and it's rare for lenders to repossess, as it's very expensive and they often lose money. Most will help you if you're having trouble by renegotiating the terms of your loan.
Qualifying for Miami Title Loans
Finally, the requirements for car title loans in Miami are as follows: you must be 18 years old or older and own your own vehicle with a clean title. The car shouldn't be more than 10 years old, and some lenders may give you a new loan if you have a few payments left on an existing title loan or car loan.
You can apply for Miami car title loans online, with a fast application process that takes about 5 minutes. From there, a representative will call you back and verify your information. They will determine how much they will lend you by considering your car's value, which takes into account year, make, model, condition and mileage. They will also schedule a convenient meeting place and time to deliver the money.
Car title loans in Miami can be an excellent option if you have bad credit and need money today. They often come with fairly low interest rates and they can save you money if you're facing late payment fees, bounced checks or not enough money to get through the next month.
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