Same Day Car Title Loans In Miami
Are you thinking about taking out a title loan but unsure how they work and what the requirements are? At Highway Title Loans we offer access to secured loans and you don't need good credit to be approved for a title loan of $1,000 to $20,000. The funding amount for instant auto title loans in Miami will depend on the value of your vehicle and you should be able to borrow around 40-75% of your car's resale value with a title loan. That amount can be even higher for high value cars and trucks.
Title loans use the available equity from your car or truck as collateral and you'll pay down the amount owed over a period of 3 to 5 years. You can always pay down the balance sooner and there's no fee if you want to pay off your loan early. You'll keep driving your car for the entire lending term and the only thing you need to do after signing a contract is add your lender as a lienholder to the car's pink slip.
When you apply for an initial quote with Highway Title Loans, an underwriter will want first to check the car's resale value. This is done by looking up comparable vehicle sales in Miami, and that amount is used as a benchmark to determine the loan amount. After you're approved, there will likely be a vehicle inspection that can be done in person at an inspection location, home, or office.
What Do I Need For Car Title Loans In Miami?
First, you'll need to have a clear title that's paid off with no current liens. If your car's title has a cosigner on it, they'll need to transfer full ownership to you, or you may be able to apply with them on the application. You'll also need proof of income, as lenders want to see if you can repay the loan. Some companies will ask for a pay stub or bank statement that shows how much money you bring in each month. You will also need a valid Florida ID and proof of insurance that covers the vehicle replacement value. Some companies in Miami will ask for proof of insurance on your car or truck and in some instances they'll require umbrella insurance in the case the vehicle is totaled and the payout is less than what you still owe.
One last but important requirement for a title loan in Miami is that you'll likely need to bring in the vehicle for a 30 minute inspection if you're looking to borrow more than $2,500. While Highway Title Loans doesn't handle the inspections, we'll let you know exactly what you need to complete your inspection in less than 30 minutes. During the inspection your lender will check the vehicle for any major damage or mechanical problems, and verify the odometer reading.
Can I Get A Vehicle Title Loan In Miami With Bad Credit?
Title loans are available for anyone with a paid off vehicle, including those with bad credit or no credit history. You don't need excellent credit scores because these loans have equity backing up the loan amount, so even if you have poor credit, the underwriter sees equity in your car and is more likely to approve your loan. Most firms that offer guaranteed approval online title loans in Miami won't even check your credit history; the ones that do will only want to verify your recent lending information and personal borrowing history. They will look beyond past credit mistakes and instead focus on the value that's available in your vehicle.
How Long To Get Money From A Title Loan Lender Near Me In Miami
A Florida title loan lender can send the funds straight to your bank account within one business day of approval. For those who apply on a weekend or holiday, it may take 1-2 days longer as the funding depends on the bank processing.
If you live in Miami, you may get the cash that same day from a local finance company anywhere in Miami-Dade County. You can apply online and pick up the funds within an hour or two from a lender that allows same day funding. There are dozens of lenders in South Beach and Little Havana that offer car title loans, and most can get you processed and funded in less than one hour!
Additional Benefits Of Instant Approval Title Loans Near Me In Miami, FL
In addition to the benefits mentioned above, Miami title loans offer perks that you won't get with personal loans. For one, auto title loans are more affordable than payday loans or online cash advances. The interest rates and fees for title loans are lower than those for other short-term loans, and you can repay the balance more quickly.
Also, title loan lenders in Miami will never require you to renew or roll your loan into a new agreement. Make timely payments and don't default, and your lender should report the on-time payments to the credit bureaus. That means your on time payments can help you get approved for an unsecured personal loan in the future!
What Else To Know About Miami Title Loans And How To Apply Online
Expect high interest rates and fees with any loan that doesn't require good credit, so comparing offers from different lenders is essential. Your loan amount is important and we know most applicants are looking for the highest amount, but choose the financing offer with the lowest interest rates and quickest payoff term as that will save you the most when factoring in interest rates of nearly 100% in Florida. Finally, title pawns are short-term loans and should only be used as a last resort when you need cash quickly but don't qualify for other traditional loan offers.
Apply anytime with Highway Title Loans and borrow up to $20,000 with a title loan in Miami. Start your application online or call 877-433-5454 to see how much you can get for your vehicle's equity!
Other Cities In Florida:
