Clearwater offers a unique blend of coastal living and affordability. However, a large unexpected expense can present a financial challenge wherever you live. Title loans in Clearwater, Florida may be the quick solution you need in those situations – even if your credit isn’t perfect.1 Here’s how title loans in Clearwater work and the steps you can take to apply for yours today.
Understanding Car Title Loans in Clearwater, FL
A car title loan serviced by LoanMart is an installment loan secured by the equity in your vehicle. Qualifying for this type of loan is easier than a qualifying for a traditional bank loan because the title to your vehicle serves as collateral.1 To secure the loan, the lender places a lien on your car’s title after you accept funding. The lien is removed once you repay the loan in full. However, it is important to note that defaulting on the loan can result in the lender selling your vehicle to recover the outstanding loan balance. This is why you should be confident in your ability to meet the repayment obligation before committing to an auto equity loan.
How Title Loans Differ from Bank Loans in Clearwater
Applicants with bad credit may qualify for title loans serviced by LoanMart. This is often not the case with traditional bank loans.1 Additionally, LoanMart-serviced loans do not require borrowers to have bank accounts to receive funds, or to make payments on the loans.
Car title borrowing also has quicker approval times than traditional bank loans do, which can make accessing the funds take less time.1 While the interest rates on car title loans can be competitive, they are however significantly higher than the rates that traditional banks charge. Therefore, applicants who can qualify for funding from their bank and who don’t require funds as fast as same-day may be better of choosing a bank loan.
How Much Can I Borrow with a Title Loan in Clearwater?
You can borrow as much or as little as you want – within your approved loan range – with a Florida title loan serviced by LoanMart.1 The maximum amount for which you may be eligible is $15,000 in Clearwater, depending upon your income and the value of your vehicle. The value of your automobile is based on its make, model, mileage, age and overall condition.
What About Interest Rates on Title Loans in Clearwater?
Interest rates on auto equity loans can vary based on state lending regulations, the lender’s assessment of credit risk, the total amount borrowed and the length of the loan term. With that said, LoanMart-serviced loans offer competitive interest rates that are often lower than those for payday loans or other subprime options.1
Qualifying for Vehicle Title Loans in Clearwater
To qualify for a vehicle title loan serviced by LoanMart, you’ll need to:
- Be at least 18 years old
- Live in Clearwater
- Hold a Florida-issued title to a vehicle with enough equity in it to support the loan
- Have stable income capable of supporting the loan payments
Documents You’ll Need to Support Your Application
To expedite the process on your end, gather the following documentation before applying;
- Valid government-issued photo ID (driver’s license or passport for example)
- Proof of residence in Clearwater (such as a signed lease or a recent utility bill)
- Proof of steady income (this can include alternative sources like Social Security or retirement benefits)
- Clear, up to date photos of your vehicle (inside and out, along with the VIN and odometer reading)
Applying for a Title Loan in Clearwater
To apply to borrow against your car’s title, you’ll need to:
- Complete a brief application online, or call 855-422-7412 to apply by phone1
- Provide the documents listed above
- Submit a DMV form granting the lender permission to place the lien (if required)
Timelines for Approval and Funding for a Title Loan in Clearwater
Completing the online application can take as little as five minutes. Approval can often be had in under an hour.1, 3 Once your application is approved and finalized, you could receive your funds as soon as the next day – or even sooner.3
Managing Your Title Loan Responsibly
Managing a car title loan responsibly involves the following:
- Understanding the loan terms and requirements: should you have any questions about loan terms and how to qualify, loan officers will be happy to answer any questions you may have. Call 855-422-7412 or visit our FAQ page to get your questions answered.
- Borrowing only the amount needed: Even if you are approved for more than you need, it’s a good idea to only borrow the amount you had in mind when you applied. Title loans are considered a comparably expensive way of borrowing, so it’s advisable to not borrow more than you need.
- Having a clear repayment plan: While making payments on the loan might not be top of mind when you apply, it’s important that you have a clear plan on how to fit the car title loan payment in your monthly budget.
- Communicating promptly with your lender if payment difficulties arise: Title lenders and servicers understand that life happens, and most do not seek to recover and sell your vehicle if you have some temporary issues with your repayment schedule. However, it is important to proactively let your lender or servicer know if you expect that you won’t be able to make your loan payment by the due date.
- Choosing a reputable lender: Selecting a loan provider with a good recommendation, solid customer ratings and a long track record in the industry can make or break your loan experience!
Whether you live in Clearwater or another Florida city, such as Palm Bay, Orlando or Port St. Lucie, a title loan serviced by LoanMart could be what you need to navigate an unexpected financial emergency.
Apply today for your LoanMart-serviced title loan in Clearwater!
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Locations Near Clearwater, Florida
LoanMart is proud to help people all over the United States, including Clearwater, Florida and beyond! Look through the different LoanMart service areas and see which one is closest to your neighborhood:
Featured Locations Near Clearwater, Florida
Nearby States by Florida That Offer A Title Loan Serviced by LoanMart
LoanMart is proud to help people all over the United States, including Clearwater, Florida and beyond! Look through the different LoanMart service areas and see which one is closest to your neighborhood:
