In a nutshell, title loans are a method of arranging financial solutions for people who already own a vehicle free and clear of any complication. Naturally, the amount of finances available for this type of loan depends on the appraised value of the automobile in question. This amount varies case by case, but it can range from a few hundred dollars to several thousand. Title loans work on a monthly basis in just the same way car payments are made every 30 days or so. However, there are instances where extensions may offered to borrowers who need more time to make ends meet. The premise of the car title loan is simple. While the terms of the loan agreement are being met, the lender retains ownership of the title on a vehicle. In essence, this means that they own it until the borrower fulfills their end of the bargain. Meanwhile, the borrower maintains possession of the vehicle used as collateral in the loan. In the event that the amount of money financed is paid in full, the title returns to the original owner without any issue. If payments are not met to specifications detailed in the agreement, the lender then has the right to repossess the vehicle and do with it as they see fit under the law.
For title loans in Miami Gardens, there are certain actions that the lender must take if they choose to resell a repossessed vehicle under state law. In Florida, lenders are not allowed to ask for more than 30 percent annual interest on a loan under 2000 dollars. These interest rates drop to 24 percent for 3000 dollars, and they slump to 18 percent for amounts higher than that. Other state laws require that lenders processing title loans in Miami Gardens and across the state of Florida have a license from the Office of Financial Regulation. These regulations also require that auto loan agreements be written and signed before any transaction can take place. Agreements must be clear about the amount financed and the interest rates involved. Additionally, details in these agreements have to be equally clear as to what actions the lender intends to take, as far as resale goes, if the loan can not be paid back in time.
These measures are all made to ensure that title loans in Miami Gardens are conducted with integrity throughout the process. Although it may sound like something of a pain in the neck, getting things started is remarkably easy depending on the lender a vehicle owner works with. Amberjack Finance is an authoritative lender that finances title loans Miami citizens can trust. All it takes is two quick and easy steps to get a quote. Best of all, the steps to initiate these helpful title loans in Miami Gardens can be completed online. The first of these steps is to provide simple information such as name, address, and phone number. The following step is just about the same as the first by submitting the year, make, and model of the vehicle to be used as collateral.
Interestingly enough, the ease and straight forward simplicity of attaining a title loan is just the beginning of the reasons why getting one makes sense. Besides the quick nature of car loans, they are relatively cheaper than traditional cash advances. For example, when a payday loan falls into default status, paycheck liens and litigation can follow. In a worst case scenario regarding any title loan, loss of property is the only major worry a person has to deal with. Truth be told, all borrowers need to have is a solid contingency plan based on strategic budgeting for payment and a clear title on a vehicle to do business a lender. Without a doubt, it is a good deal all around.