Life has a way of throwing you financial curveballs unexpectedly. The question then becomes, how does one deal with a financial emergency? You have never known frustration until you need fast cash and have no good options to get it. Imagine your HVAC system has broken down and your miscellaneous funds are dried up, or you have to pay for out-of-pocket medical expenses but your credit cards are all maxed out.
Title loans in Palmetto Bay, Florida can be lifesavers when in a financial pickle that requires quick solutions. Lending businesses in Palmetto Bay offer competitive interest rates for auto title loans. Not everyone though may know what it takes to get a title loan, so it is best to get some of the details cleared up.
Title loans work by borrowing against the equity of a vehicle - a customer presents the title of a car to a lender in Palmetto Bay in exchange for a certain amount of money. The range of loans varies from one lending company to the next, but you can get as much as $5,000 or more.
Title loan lenders will consider the worth of your vehicle when determining the size of the loan. A title loan is structured to be short-term, and in Florida a standard term is 30 days, although the customer can negotiate for more.
Most people in need of fast cash get confused about whether to get a title loan or a title pawn loan because the distinction between the two is a bit blurry. For title loans Miami, the lending company will require proof of ownership of the vehicle before giving the money. It means that you only have to give the title of the asset.
Some lenders can ask for a set of keys, but you get to keep the vehicle. Note that the title must not have any lien on it. On the other hand, a title pawn loan requires you to turn in your car for the money. Both types of loans don’t require credit checks or demand a certain credit score to qualify. Most borrowers prefer title loans because they don’t have to be without their cars for the duration of the loan.
Customers must understand the regulations that govern title loans in Palmetto Bay before beginning the application process. Florida is one of the regions where title loans have interest rate limits. The first $2,000 has a 30% maximum interest rate cap, 25% for amounts between $2,000 and $3,000 and anything over $3,000 has a limit of 18%. The state requires lenders to calculate rates as simple interest rather than compounding it.
Lending businesses in Palmetto Bay can be licensed under Florida Statute 537 or 516. Under both laws, an agreement between the customer and lender must be in writing and provide clear disclosures by including information such as;
Our title loans in Palmetto Bay come with simple application and approval procedures, which is why they are viable solutions in urgent situations. A customer must have valid government identification, be over 18, and own a car outright. On our online form, you will have to provide the vehicle style, estimated mileage, year, make, and model. You will also give your phone number, zip code, email address, and full name. We take security very seriously so you can be sure personal data won’t be misused.
With the details you provide, our online calculator will provide a free quote for the loan you can get. Our customer representatives then contact you once the process is complete. Our title loans in Palmetto Bay take only a few hours to process meaning you will have the cash within the same day.