Does My Credit Score Matter for Miami Car Title Loans?

Credit scores are not necessary to obtain Miami car title loans to get fast access to the cash you need. Did you know, however, that the credit score you are given can vary a great deal from what lenders even receive? There are three credit bureaus: Equifax, TransUnion and Experian. Each uses a different scoring method and different categories and the credit score you as the consumer and a lender receives may be off by a few different categories. Even worse, the credit score you can buy will be very different from the credit score your lender will use to determine if you qualify for a loan.

Car Title Loans in Miami are No Credit Check Loans

Miami car title loans are secured, short-term loans and there is no credit check required at all. This is a great option if you have no credit history or bad credit but you need money today. No credit loans are possible because your vehicle, not your credit, serves as collateral with car title loans. Miami lenders will allow you to borrow up to 80% of your car's value after it's appraised and inspected, with an amount that may be anywhere from $1,000 to $15,000.

Even better, the application and approval process is very fast, and title loan providers will not ask very many questions before granting your loan. To qualify, you must be at least 18 and own your car or truck outright with a clean title. You will also need a source of income to be approved for car title loans in Miami, whether it's a steady paycheck, alimony or child support, retirement income or unemployment income. The application generally takes less than five minutes to complete and it may be done entirely online.

The best part? You will keep driving your car or truck for the full term of the loan, and your car's title will be returned to you once you pay the loan back.

With the economy still recovering and millions of Americans facing financial problems combined with bad credit, it's wonderful to have this option if you need a reliable loan in a hurry. After all, credit scores are not very reliable and it's nearly impossible to manage your financial matters with faulty numbers in any other way. These incorrect numbers will tell other lenders you are ineligible for a loan and how much interest to charge you, and most lenders will not take collateral like a provider of car title loans. Miami currently has dozens of great lenders who will help you and not care about your credit.

Unfortunately, consumers have no real way of seeing the same number that creditors and lenders see, and lenders use these scores to rate us. Our credit scores affect everything from our ability to rent or buy a home or car, get credit and get car insurance, which means a no credit loan like a title loan can be a real blessing if you've been struggling financially.