Title Loans Miami Gardens, Florida
When you borrow money, you have a choice between a secured and unsecured loan. Title loans are secured, which means that the lender is guaranteed you’ll repay the loan. This guarantee is made possible because you give the lender your vehicle title as collateral. Your maximum loan amount is based on the book value and the condition of your car or truck. Secured loans can have short terms as well. In fact, most car title loans are for one week, two weeks, three weeks or 30 days, and you have the option to extend the loan up to an additional 30 days.
Title loans in Miami Gardens are a useful financial tool for the everyday person and provide an important alternative to the traditional bank loan. Financial institutions like Ocean Bank and US Century Bank tend to avoid personal loans that are less than $5,000 to $10,000. Even when they agree to small personal loans, they generally want a loan period of at least six months, which means more interest for you to pay. Another consideration is the application process, which is more involved. This process takes longer than a title loan application, and it’s more intrusive.
Title Loans Miami Gardens: Getting Your Title Loan Online with Loan Cheetah
Online title loans are quick and easy with Loan Cheetah. You’ll just need your:
- Name and zip code
- Phone number and/or email address
- Car’s year, make, model and trim
- Estimated mileage or odometer reading
Simply fill out the form on the homepage. Double check the information. Being as accurate as possible is important because that information will determine how accurate your car title loan quote is.
The quote provided by Loan Cheetah is just an estimate. You’ll also be contacted by a loan representative. With further details, that representative can provide you with even more accurate numbers. He or she can also explore the various loan options available to you, answer any questions you may have about the loan and the process and, when you’re ready, help you finalize the loan.
How Florida Regulates Car Title Loans
Florida has statutes on the books that govern lenders and title loans in Miami and throughout the state. Lenders must be licensed and remain in good standing in order to keep that license. In addition, the state governs how much interest you can pay: 30 percent up to $2,000; 24 percent up to $3,000; and 18 percent beyond that. Florida doesn’t cap car title loans, so the amount you borrow is only limited by the value of your vehicle. The state does restrict loan terms to 30 days and one 30-day extension period, which means that you can meet your obligations in a relatively short time span.
Advantages of a Title Loan in Miami Gardens, FL
Car title loan requirements are minimal, which means that acceptance rates are high. There are generally no credit checks, which means that bad credit, bankruptcy and no credit history at all is OK. Lenders of title loans in Miami Gardens also don’t perform background checks, and since the car is your collateral, your income is irrelevant. In fact, you may have no income at all or be on unemployment. You also get to keep your vehicle throughout the entire loan. When you finishing repaying it, the lender will return your title and the spare key that you handed over to them.