When you’re experiencing a financial stressor, one of the solutions that you can turn to can be found with title loans in Cape Coral, Florida. However, you may be asking yourself, how do I know if a title loan is right for me?
Questions about Title Loans in Cape Coral
You may have some questions about ChoiceCash Title Loans in Cape Coral. Here’s what people are asking when it comes to Cape Coral auto title loans
- How Does an Auto Equity Loan Work in Cape Coral?
- What are the Requirements for Car Title Loans in Cape Coral?
- What Documents are Needed for Title Loans in Cape Coral?
- Can I Get an Auto Advance Loan Online in Cape Coral?
- Can I Keep My Car if I Get an Auto Equity Loan in Cape Coral?
- How Can Auto Title Loans in Cape Coral Affect My Credit Score?
- What Happens if you Default on Auto Title Loan in Cape Coral?
- Where Can I Find my Funding for Title Loans in Cape Coral?
How Does an Auto Equity Loan Work in Cape Coral?
If you’re considering choosing title loans in Cape Coral, Florida, one question you may have is: How do title loans work in Cape Coral? Simply put, car title loans will use the title of your car as collateral to obtain the loan which makes the loan secured. This can make the repayment process ideal for residents in Cape Coral!
If someone doesn’t have strong credit history, then getting an unsecured loan can be difficult, as there is nothing to ensure the lender that the borrower will repay.
This is when a secured loan, such as a title loan, becomes beneficial to both the lending and borrowing parties. A secured loan is any type of loan that utilizes a collateral system to ensure repayment.
Because secured lending is safer for the lender, the qualification process can be more flexible, allowing more qualified people to get the funding they need in Florida. A common type of secured loan is a title loan, which uses a borrower’s vehicle title as collateral. A title loan allows a borrower to tap into the stored equity of their vehicle to acquire up to several thousand dollars in funds–depending on the value of the vehicle1.
Title loans, specifically ChoiceCash Title Loans, may be able to offer flexible approval and quick funding. By using collateral to secure a loan, just about anyone could get a beneficial ChoiceCash Title Loan1.
ChoiceCash Title Loans, serviced by LoanMart, are available all over the state of Florida and beyond, giving many eligible people convenient access to emergency funding1.
If, however, you don’t live near one of these cities, then you could still apply for a ChoiceCash Title Loan because the process can be completed online as well.
What are the Requirements for Car Title Loans in Cape Coral?
Title loans are meant to be accessible and fast, and to make this possible, the requirements are more flexible compared to traditional loans. In order to make it easier to get the emergency funding that you need, credit isn’t considered as a major factor for a title loan.
While most title loan lenders still do perform a credit check in order to properly build the terms of the loan, it is not a major qualifier in making an approval decision.
The reason why title loans can be approved without strong credit history is because the loan is secured by a vehicle’s title. One of the main requirements for a ChoiceCash Title Loan is the possession of a valid vehicle title in your name.
Additionally, to ensure responsible lending, some form of income is required to qualify for a ChoiceCash Title Loan. It is important to note, however, that the income doesn’t have to be from a traditional job. Being employed isn’t a requirement for a ChoiceCash Title Loan. Your income can be from a variety of different sources, like:
- A Pension
- Social Security
- Other retirement accounts
What Documents are Needed for Title Loans in Cape Coral?
When you are looking to qualify for ChoiceCash Title Loans in Cape Coral, Florida, one of the important questions you could be asking yourself is: what do I even need to qualify for a ChoiceCash Title Loan in Cape Coral, Florida?
Fortunately, it’s easy for residents of Cape Coral, Florida, to qualify. A loan agent will ask you for specific documents to verify factors like the vehicle’s condition, your income and identity, as well as proof of residence. Here’s a more detailed list of commonly needed documents:
- A Valid Government-issued Photo ID: This includes a driver’s license, state ID, or passport.
- Proof of Residence: A recent rental lease, home title, voter registration card, or utility bill.
- Evidence of Income: These can be recent pay stubs, pension documentation, Social Security Administration account statements, retirement account statements, recent tax records, or similar.
- Your Vehicle’s Title: The title must be in your name
- Photos of Your Vehicle: Including all four sides of your car as well as the VIN and odometer.
- Four References: Personal, professional, or both
If any additional documents are required, your loan agent will explain what is needed and why. All of these documents can be submitted online to expedite the process.
Can I Get an Auto Advance Loan Online in Cape Coral?
Getting a title loan online is a great option because it makes everything move more quickly. For residents in Cape Coral, Florida, getting approval for a ChoiceCash Title Loan in Cape Coral, Florida can take minutes1!
Beginning the qualification process and submitting all required documentation online can make the entire process smoother and more efficient, meaning that you could get your ChoiceCash Title Loan funding in less than one business day1.
Can I Keep My Car if I Get an Auto Equity Loan in Cape Coral?
When you find yourself ready to look for title loans in Cape Coral, one of the most important questions you might be asking yourself is: can I drive my car if they have my title?
Getting the money that you need should never set you back, and any title loan that requires that you give up your vehicle is one you should reconsider. With a ChoiceCash Title Loan, you can keep your car and keep driving it as normal. Getting the funds that you need should make your life easier, not harder.
How Can Auto Title Loans in Cape Coral Affect My Credit Score?
The process of getting approved for title loans, though, may do a small bit of harm to your credit, but the effect is negligible. Here are some of the key factors that make up your credit score:
- History of Payment
- Credit Utilization Ratio
- Age of Existing Credit
- Credit Diversity
- New Credit
These are listed in order of importance, and the aspect that may affect your credit when getting a title loan is the lowest one. When getting a title loan, lenders perform a credit check, and they do this in one of two ways:
- Hard Inquiries
- Soft Inquiries
The first one is what hurts your score. Hard inquiries are done when a lender wants to see extensive detail about the borrower, and when this is pulled, it can lower your score up to 5 points while it stays on your record for 2 years. However, any hard pulls performed within a two-week span are counted as a single inquiry, .
Soft Inquiries are the alternative and are usually performed during prequalification. It allows lenders to see a basic overview of the borrower but does not harm your score at all.
The only other time a title loan may harm your credit is in the case of default and repossession, which may be reported to the credit agencies. However, repossession can be avoided and negotiated, as it may not be in the best interest of the lender or the borrower.
What Happens if you Default on Auto Title Loan in Cape Coral?
Defaulting on title loans in Cape Coral isn’t good for any resident. If you ever feel like you’re struggling to make your monthly payments, talk to your loan servicer. Chances are, your payments can be restructured to lower monthly amounts to something more affordable.
If you still cannot afford to make the monthly payments, or you did not negotiate new terms, then your loan may default. it may be possible for your vehicle to be repossessed. Once this is done, the vehicle may be sold at auction to cover the costs of the loan, making the debt even, if possible. The exact terms of what is considered “default” are in the loan agreement and can vary, so always read your loan contract. Here is an overview of how this process may happen:
- If you miss a payment, a loan agent will reach out to try and help get the situation fixed.
- If no payment arrangement is abided by, or more payments are missed than allowed, then the asset may be seized.
- If the asset is seized, you may be permitted to still work out an arrangement to repay the loan and have the vehicle returned. This option may vary depending on the loan agreement.
- If no final agreement can be reached, the vehicle may be sold at auction in order to recoup the lender’s losses.
This is the biggest risk with secured lending, which is why it is important to understand personal financial limitations and to not accept debt that cannot be handled. However, ChoiceCash Title Loans has rates that are competitive in the title loan industry, making it a safer, more affordable option. With unwavering customer support, there is always a loan representative who can help.
Where Can I Find my Funding for Title Loans in Cape Coral?
Not only is the approval process for a ChoiceCash Title Loan fast and easy, so is just about every other aspect. When you’ve been approved for a ChoiceCash Title Loan, there are a variety of options for you to choose from concerning how you would like to collect your money. You don’t even need to have a bank account to get your funds. Here are all the ways you could get it:
- By Direct Deposit – If you do have an account at a bank, your funds could be deposited into your account. To do this, your lender will need your routing and account numbers. Funds could be available once ACH has processed. This could take one business day to complete.
- By Check – If you still prefer a check over an electronic deposit, it can still be an option. Also, checks don’t require bank accounts. The check could be cashed at your preferred check cashing center.
- Via MoneyGram – MoneyGram has many convenient locations, and they can all get you your funds almost instantly. All that is needed to receive a MoneyGram transfer is the provided reference number and a photo ID
Cape Coral Residents Can Begin the Qualification Process for ChoiceCash Title Loans Today
Residents of Cape Coral, Florida who are interested in title loans can begin the process today and may even be able to receive their loan money the very same day1. The process is very convenient and can be completed without an office visit. There are three steps to complete:
- Fill out a brief prequalification questionnaire or call (888)742-7153 to speak directly with a loan agent. You may receive an instant prequalification decision.
- After prequalifying, a loan agent will ask you for some documents needed in order to verify the requirements for ChoiceCash Title Loans in Cape Coral.
- Finally, after being approved1 and signing an agreement, the only step remaining is to collect your loan funds.
MoneyGram has lots of locations. Here is a list of MoneyGram locations where you can receive your approved loan funds: