How Does a Title Loan Work in Miami, Florida?
If you need a title loan in Miami, Florida, you should know that they go by many different names. The name for a title loan changes depending on the lender and the state.
You can reach a knowledgeable loan specialist to discuss your financial options by calling 844-806-0083!
Title loans may also be called:
- Pink Slip Loans
- Auto Advance Loans
- Auto Equity Loans
Regardless of the name, title loans are secured installment loans that use the title of your vehicle as collateral for funding. This means that your car must be worth a certain amount of money, as it will act as added security for the lender.
Those with poor credit or less than ideal financial history may still receive the title loan funding that they need in Miami, Florida!1 In addition to being flexible with loan approval, secured loans can offer additional benefits as well!
As a result of using collateral to obtain the loan:
- Lenders can potentially offer more funding than unsecured loans due to the value of the collateral.
- Even those that have low credit may still receive approval.1
- Loan terms can potentially include lower interest rates.
- More advantageous loan terms for your financial situation.
Is it Risky to Get a Title Loan in Miami, Florida?
One concern that potential borrowers may have is if there is a lot of risk associated with title loans. Unlike other alternative loans, you aren’t stuck with short repayment periods when you acquire a title loan serviced by LoanMart.1
Concerns or questions? Talk to a loan representative who can give you the answers you need now at 844-806-0083
Convenient Three Step Process to Getting a Title Loan in Miami, Florida
Getting the inquiry process started for a title loan can seem like a daunting process, but it’s simpler than you might think! In order to initially qualify for a title loan, you’ll need to meet a few requirements.
While the requirements can differ based upon the state you reside in, residents in Miami, Florida will need to:
- Be at Least 18 Years Old
- Own a Vehicle in their Name
- Have Evidence of Reliable Income
Step One – Inquiry Form
If you meet the initial requirements, the first step to apply for a title loan is to fill out an inquiry form. This form may only take a few minutes to complete, as it usually only covers basic questions about your monthly income and your vehicle.
The inquiry will better help a loan agent determine the current specs and condition of your car. The car will determine the amount of funding you’ll be able to receive.
Step Two – Submit Some Documents
After you’ve submitted your initial inquiry form, there are a few documents you will need to submit in order to obtain a title loan serviced by LoanMart1. Luckily for Miami residents, the paperwork can be turned in online!
The specific documents can vary depending on the state you live in, but residents in Miami, Florida will generally need the following:
- A Government Issued Photo ID: You can use a driver’s license, military ID, or state issued identification card.
- Title of Your Vehicle: This title must be in your name.
- Evidence of Residence: Generally, this can be proven through a recent utility bill, bank statement, lease agreement, or with a cable bill.
- Photos of Your Car: This can help a loan agent determine the current value of the vehicle. You should capture photos of your odometer, VIN, and exterior of the car.
- Proof of Income: In order to be eligible for a Title Loan, you will need to show that you have the ability to pay it back. You can turn in recent paystubs, pension documents, bank statements, or award letters from a government agency.
Step Three – Get Your Money
If you’ve submitted the initial inquiry form and the correct documents, the final step is to receive approval for a title loan serviced by LoanMart1.
If you’ve been approved for a title loan, you can conveniently choose how you would like to obtain your funds!
Residents in Miami, Florida can receive their title loan money by:
- Visiting any MoneyGram Location in Miami, Florida
- Direct Deposit
- Wire Transfer