How Does a Title Loan Work in Little Havana, Miami?
Simply put, a title loan is a secured loan that is obtained by using the equity of your vehicle as collateral for the loan. This means that you’ll need to have a certain amount of equity in your vehicle in order to be eligible for a title loan.
Using collateral can make the loan secure, which gives certain advantages, such as:
- Those with varying credit histories can apply, even despite having poor credit.1
- Borrowers can potentially receive more funding, as vehicle’s have more equity than other assets.
- Secured loans can potentially offer lower interest rates.
If you have questions about title loans in Little Havana reach out at 877-649-2324 to get the answers you need!
What is a Lien and is One Needed for a Title Loan in Little Havana?
In order to obtain a loan, a lien must be placed on your car title. To put it simply, a lien is a sort of security for the lender. During the repayment process of a title loan, the lender becomes the lienholder, which means they get ownership of the car until the end of repayment.
When a lien is put on a vehicle title, repayment is guaranteed for the lender. This can be beneficial for the borrower, as lower rates and longer repayment terms could be acquired. Plus, with a title loan serviced by LoanMart, borrowers could keep driving while making scheduled loan payments!
What are the Requirements for a Title Loan in Little Havana, Miami?
During your loan search, you may wonder if you’ll be able to meet the requirements for a loan. While it can seem daunting to apply for a loan, it is a lot easier than you may think.
Potential borrowers looking to apply for a title loan will need to meet the following key requirements:
- Own a Vehicle with the Title in Your Name
- Be 18 Years of Age or Older
- Prove You Receive Reliable Income
Can I Get a Title Loan Online in Little Havana, Miami?
In this day and age, convenience is everything. Consumers can get almost all their errands done online, including grocery shopping! If you can get your groceries online, why not your title loan?
With alternative funding options like title loans serviced by LoanMart, applying for a title loan online can take just minutes to complete.1
What Documents Do I Need to Submit to Get a Title Loan Online in Little Havana?
In addition to meeting the basic requirements for a title loan, there are additional documents you’ll need to submit in order to qualify for a title loan.
While the documents you’ll need to submit can vary by state, usually you will need:
- Photos of Your Vehicle: Include all four sides as well as the VIN and odometer.
- Four References: These can be personal, professional, or both.
- Your Vehicle Title: The title must be in your name.
- Government-Issued Photo ID: This could be a driver’s license, state ID, or passport.
- Proof of Income: These can be recent pay stubs, pension documentation or bank statements. If you do not receive traditional income, other legitimate documents could be used as proof of income.
- Proof of Residence: A rental lease, internet bill, home title, or utility bill.
How to Get Started on Obtaining a Title Loan in Little Havana, Miami
When you’ve made the decision to get a head start on your financial troubles, a title loan serviced by LoanMart could be the solution you’ve been looking for.1 Getting started can be easier than you might think!
With title loans serviced by LoanMart, there are three simple steps:
- Go Online: Firstly, fill out a loan inquiry online! The form will ask for fundamental information about your financial need and the car you intend to use as collateral.
- Submit the Right Documents: Once you’ve submitted your initial inquiry form, there are a few documents you’ll need to send to a loan agent. Fortunately, you’ll be able to send everything online, via fax or email.
- Get your Funding: Once you’ve submitted all the right information to a loan agent, you’ll be contacted about your eligibility status!
The last step is to choose how you want to receive your emergency funding:
- By Direct Deposit
- By Check
- At Any Local MoneyGram Location
If you prefer to talk to a qualified loan specialist, you can call now at 877-649-2324!