Title Loans Palmetto Bay, Florida
Title loans in Florida provide extra cash to individuals in need of a little support. But unlike typical loans, a title loan is available only to automobile owners and does not consider the credit score or financial history of the applicant.
After someone applies for a title loan, they must hand over the loan of their automobile to the loan provider. Whether the automobile is a car, motorcycle or boat, the loan provider holds onto the title of the automobile much in the same way a pawn shop owner would hold onto an item as collateral.
The loan provider and the loan receiver make an agreed upon repayment schedule, including an interest amount. The individual must then continue to make payments on the loan until the initial loan amount and the interest accumulated is covered. At that time, the title loan will be returned to the owner.
The Application Process for Title Loans Palmetto Bay
The application process for title loans in Palmetto Bay is an easy to follow four step process. Because title loans in Miami are designed to get people the cash they need quickly, you can expect a fast turn around after your application.
Here is how to apply for title loans online:
Step 1: Give Details of Car
The first step of the application process is to provide information about the car, motorcycle, or boat you wish to pawn. You’ll want to tell the loan provider the make, model, and mileage of the vehicle.
Step 2: Provide Contact Information
You will also need to include basic contact information in your application. The online application for car title loans and boat title loans will ask for your name, phone number, and zip code.
Step 3: Get Free Auto Pawn Estimate
After your application has been submitted, you’ll get a free estimate of the loan you could receive. This number is not set in stone but could give you an idea of how much cash you can receive from title loans.
Step 4: Talk with a Loan Representative
Using the contact information you provided, a loan representative will contact you to finalize the loan and discuss the details.
Legal Implications of Title Loans
Although title loans in Palmetto Bay work differently than standard bank loans, the agreement that you enter into looks very similar. Even though the loan provider does not consider your credit score or financial history, you will still be expected to make full and complete payment on your loan.
Defaulting on your loan can also have pretty serious consequences. If you miss too many loan repayments due dates, your loan provider has the right to repossess your car and sell it to compensate the debt of your loan.
Benefits of Title Loans
When used smartly, a title loan on your automobile can help you in a number of ways. Without needing to consider your credit score or previous financial history, a title loan can be a lifesaver for many people.
Here are just a few of the benefits of car title loans:
- Help meet bill due dates
- Give you the freedom to buy something special
- Allow you to make a rent or mortgage payment
- Give you extra cash to buy gifts at the holidays
- Quick and easy application process
- Available to anyone that owns an automobile
If you are struggling to find the extra cash that you need, consider what an auto title loan could do for you.