What are the Requirements for a Title Loan in Brickell, Miami?
During your search for financial relief, you may have wondered if you could even meet the minimal requirements for a title loan.
For residents in Brickell, the requirements are as follows:
- Be At Least 18 Years of Age or Older
- Be Able to Provide Proof of Income
- Own a Vehicle in Your Name
How Does a Title Loan Work in Brickell?
If you have not obtained one before, you may not be familiar with how a title loan works. Simply put, a title loan is just like the name would suggest: it is a single or multiple installment loan that uses the title of your vehicle to secure the loan.
The vehicle title will be used as collateral for the loan, which makes the loan secure. Since collateral is used for the loan, the approval process for a title loan in Brickell can be more flexible than other forms of traditional loans. Title loans are a popular lending choice among those who have as one’s score is not the most important factor for loan approval.1
Instead, there are two very important factors:
- The Ability to Repay the Loan
- The Equity of the Vehicle Being Offered as Collateral
When using your car’s title as collateral for a loan, the following are true:
- The lender becomes your lienholder
- The lender physically holds onto your car title until the end of the loan
- The lien exists on your title until the loan has been paid in full
If you prefer to talk to a qualified loan specialist, you can call now at 855-335-0853!
Can I Keep My Car If I Get a Title Loan?
If you are considering the route of a title loan for financial relief, you may wonder if you’ll be able to keep driving your vehicle while you repay the loan. While you are using the title of your vehicle to secure the loan, it isn’t necessary for you to surrender your vehicle! For example, with a title loan serviced by LoanMart, you get to keep driving your car while you make scheduled monthly payments. As long as you are continuing to make timely payments, you won’t need to worry about losing your vehicle during the repayment process of the loan.
What Can I Use My Title Loan Money for in Brickell, Miami?
No matter the kind of financial background you have, anyone can experience financial stress.
While the reasons why this occurs can vary, some common reasons for financial insecurity include:
- Funeral Costs
- Medical Debt
- Emergency Travel
- Debt Relief or Credit Card Debt
- Home Repair
- Car Repairs and Upkeep
- Veterinarian Expenses
Regardless of your reason for experiencing financial hardship, getting a title loan in Brickell could help you regain financial stability. Keep your head above water with the influx of money you’ve been searching for!
How Do I Get a Title Loan in Brickell?
When you’re ready to get started on securing some much-needed funding, there are just three simple steps you need to follow:
- Go Online: The first step is to go online and fill out a loan inquiry form. The questionnaire will only ask for basic information about your finances and your vehicle. This form could take just a few minutes to complete!
- Submit the Right Documents: In addition to the initial inquiry form, there are a few documents you will need to submit in order to be deemed eligible for a loan:
- A Government-Issued Photo ID: A driver’s license, state ID, passport, etc.
- Four References: Personal, professional, or both.
- Proof of Residence: A rental lease, home title, internet bill, or utility bill.
- Evidence of Income: These can be bank statements, paycheck stubs, or any other legitimate documentation showing how much you earn/have.
- Your Vehicle Title: The title must be in your name.
- Photos of Your Vehicle: Include all four sides as well as the VIN and odometer.
- Get Your Funding: Once you’ve submitted the required forms and documents, a loan agent will contact you about approval. All that is left to do is choose how you’d like to receive your title loan funds! Residents in Brickell can choose between:
- A Check in the Mail
- Direct Deposit
- Visiting Any Local MoneyGram Location