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The Basics Of Car Title Loans In MiamiBy Expert Author: Stam Bett
Are you facing a sudden expense that you don't have the money to cover? Whether it's checks that are going to bounce, rent that will be late or utilities that will get disconnected, it's common to feel embarrassed when money's tight. Still, this is nothing to be ashamed of and everyone has been there, particularly in the last few years as Americans face ever growing expenses and rising costs with hardships like foreclosure, credit card debt and job loss to deal with.
While some people have the luxury of getting a loan from a bank, this option isn't always available, nor will it always help. Bank loans take weeks, and you must have excellent credit to qualify. What if you need the money today, or your credit is too poor to qualify? The answer is Miami car title loans. Unlike loans from banks in Florida, there is no minimum credit necessary for card title loans. Miami has lots of great lenders who specialize in providing low rates and affordable terms with instant access to the money you need.
Not sure you qualify for Miami car title loans? Don't know how they work exactly? Here's the basics.
Benefits of Miami Car Title Loans
Car title loans in Miami, Florida offer the following benefits:
Up to $15,000 cash same-day
No credit check necessary
Affordable interest rates and terms up to 36 months
Continue driving your own car
Car Title Loans Miami Rules
Many states and cities have specific laws governing car title loans; Miami is no different. Under Florida law, title lenders can charge up to 30% during the first year on the first $2,000 you borrow, 24% if you borrow between $2,000 and $3,000 and 18% a year for amounts over $3,000. The faster you pay the loan, the less you will pay in interest, which makes these loans potentially very cheap.
As an example, if you borrow $1,000 you will have to pay $300 in interest if you borrow the money for 12 months, but only $25 in interest if you pay the loan back in 30 days.
With Miami car title loans, you and your lender must also sign a written agreement that explains how much you are borrowing, the interest rate and contact information for the Florida Department of Financial Services, which regulates car title loans in Miami and the rest of the state.
If you do not pay back the loan in full, the lender has the right to repossess your car, sell it and keep proceeds only up to the amount you owe plus reasonable expenses. While this sounds extreme, remember Miami car title loans are secured by your car. While you keep driving it, the lender holds the title until it's paid in full, just as with a car loan from a dealer, or a mortgage on your house. It's very rare for car title lenders to repossess cars, even in extreme situations, because it's very expensive and they usually lose money. Virtually all lenders will happily renegotiate the terms, extend your loan or help you in some other way.
Do I Qualify?
If you own your own car, there's a good chance you already qualify for car title loans. Miami lenders require that you are at least 18 years old and own a vehicle not more than 10 years old with a clean title. Some lenders will be willing to give you a title loan if you still have a car loan, provided you only have a few payments remaining. You can get a title loan on a car, truck, van or motorcycle and get money same-day.
In this day and age, you don't even need to leave your home to get a title loan. Most lenders allow you to apply online with a process that takes less than 5 minutes. You'll get a call back from the company to verify your information and determine your loan amount based on your car's value, and a convenient time and place is agreed upon to drop off the money and complete the agreement.
If you need cash today, turn to Miami car title loans with no credit check necessary. Assuming you pay your loan off fairly quickly, this option can be much cheaper than bouncing a check, having your utilities disconnected or paying late fees on a mortgage, credit card or other loan.
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