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The Many Benefits Of Miami Car Title Loans
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Miami car title loans are short-term loans based on the value of your car. To be eligible, you need to be at least 18 years old and own your own vehicle (or have few payments remaining) with a clear title. This option is incredibly beneficial to people with bad credit, who can't qualify for traditional loan options, and the interest rates are often less than most credit cards. If you're considering applying for car title loans in Miami, here are some benefits to keep in mind.
1. Fast Money
The biggest advantage to car title loans? Miami lenders allow you to get the cash you need very quickly. Loans are processed same-day, and you can actually have the cash in hand, or in your bank account, in less than one hour. That's because title loans are straightforward, requiring the lender to check your car to make sure it's worth enough to cover the loan.
2. Easy Qualifications
Another advantage to car title loans in Miami is the lenient requirements you must meet. You must have a car made in the last ten years with a clean title, and you must be at least 18. Beyond that, there is little more required. These loans are secured by your car's title, so lenders face little risk and approval rates are very high. Your credit does not matter, and lenders will not even check your credit score.
3. Keep Your Car
There's no need to sell your car to get the cash you need, or turn to pawn loans that require you hand over your belongings as collateral. With Miami car title loans, you continue driving your car the entire time. You will usually provide your lender with no more than your title and sometimes a spare set of keys.
4. Flexible Repayment Terms
When it comes to car title loans, Miami lenders tend to provide very flexible repayment terms designed to best suit you. You may pay monthly, weekly or bi-weekly, and lenders will help you by restructuring your loan if you can't pay it back in full by the due date. Most lenders do not charge prepayment penalties, either, which means you can pay back the loan at any time to save on interest charges.
5. Affordable Interest Rates
Speaking of interest, Miami car title loans tend to have very affordable interest rates compared to other bad credit loans, as well as credit cards. You can typically borrow up to $15,000 with a max APR of 36%, although you can qualify for an even lower interest rate depending on your credit and how much you borrow. If you only need to borrow the money for a few weeks or a month, you're looking at total charges under $100-200.
6. Use the Money for Anything
Finally, Another advantage many borrowers enjoy is the fact that the cash from car title loans in Miami may be used for absolutely anything with no restrictions. You can use the cash to pay off credit cards and consolidate debt, take a vacation, go to college, buy birthday presents and more.
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