How Do Title Loans in Pelican, Florida Work?
Auto title loans are a type of secured lending that uses your vehicle as collateral for a loan. Because title loans are installment loans, they tend to be more flexible than other kinds of loans, especially if your credit history is less-than-immaculate. In order for your vehicle to qualify as collateral, however, your car will need to have a certain amount of equity.
In most cases borrowers from all different types of financial backgrounds may be approved.1
Another part of the title loans process is understanding what a lien is.
What is a Lien on a Car Title?
A lien is the legal right to an asset.
When a lien is put on a vehicle title, it can mean several different things:
- The lender now becomes the lienholder
- The lien will exist until the loan has been paid in full
- Once the loan has been paid off, the lien is removed and the title is returned to you
Can I Keep My Car if I Get Title Loans in Entrada, Florida?
Yes! Your car will not be taken from you if you are approved for a title loan serviced by LoanMart1. You can continue to drive your vehicle as you normally would during the repayment process for your title loan.
How Do Title Loans Affect My Credit in Pelican, Florida?
Your credit is important because it helps determine important factors in your life, like your living situation, your job situation, and even your utility services. Understandably, you may be concerned about how getting a title loan will affect your credit.
During the title loan process in Pelican, Florida, there are two different credit checks you could be subject to:
- Soft Credit Check: After submitting your initial loan inquiry form, a lender will run a soft credit check. This does not affect your credit.
- Hard Credit Check: After you’ve filled out all the proper paperwork, your credit will go through a hard credit check. This may affect your score , paying your title loan back in a timely matter may potentially reflect positively on your score.
What Are the Required Documents for Title Loans serviced by LoanMart in Pelican, Florida?
Most loans require certain documents during the application process. To get title loans serviced by LoanMart1, you’ll need to submit the following to a lender in order to be deemed eligible.
- Photos of Your Vehicle: All four sides of your car as well as the VIN and odometer.
- A Valid Government-Issued Photo ID: This could be a driver’s license, state ID, military ID, or passport.
- Proof of Residence: This could be a rental lease, home title, cellphone bill, or utility bill.
- Your Vehicle Title: The title must be in your name and the car you intend to use as collateral must have some value in order to be eligible for a loan.
- Four References: These can be both personal and professional.
- Proof of Income: These can be recent pay stubs, pension documentation, Social Security Administration statements, retirement account statements, and even alternative forms of income such as benefits can be accepted as proof of income.
How Can I Get Started with Title Loans in Pelican, Florida?
If you’ve decided a title loan serviced by LoanMart1 is just what you need, the rest of the process is easy and involves only a few simple steps!
- Fill Out a Loan Inquiry Online: This process typically only takes minutes to complete and will require just basic information about yourself and your vehicle.
- Submit the Necessary Documents: These can be sent to your loan agent via email, fax, or text. Scanning your documents doesn’t take long, and you can snap pictures of your car using your smartphone!
- Receive Your Funds: You can possibly get your funding as fast as one business day!1