Learn About This Convenient and Flexible Funding Option
There is nothing more stressful than finding yourself in a situation that requires money and not having it. Some people work their whole lives but still don’t have enough to put away for savings. If you’re struggling financially but need access to extra funding, you may think you don’t have many options available. The good news is that you do! As a resident of Miami, Florida, you can inquire about a ChoiceCash car title loan serviced by LoanMart1. Qualified borrowers can access quick cash in as little as 24 hours!1
Car title loans could be a great resource for people with bad credit since the approval process’s focus isn’t solely on the borrower’s financial background. Instead, approval largely depends on how much value is in your car and if you can repay the loan, but your credit will still be considered. However, the process is simple, easy, and flexible for many reasons!1 The main and most convenient reason is that you can complete the inquiry process online without leaving the comfort of your home!
Learn why car title loans in Miami, Florida, are an excellent option for people who struggle with money but may need help during a financial emergency1. You can begin your inquiry by filling out this inquiry form or calling 855-914-2945 to speak with a ChoiceCash title loan agent today!
How Do Car Title Loans in Miami Work?
Car title loans can be simple to apply for and simpler to understand. Essentially, an applicant will use their vehicle’s title to secure cash and borrow off of their car’s available equity. Title loans are known as secured loans for one main reason– a borrower is using their car’s title as collateral for the potential cash. This type of loan is ‘secured’ because the lender will have a form of insurance if the person doesn’t repay their loan in full. If you fail to make regular monthly payments on a title loan, you risk having your car repossessed!
However, that is not the first option most lenders want to take. If you have entered into this type of agreement and are struggling, you should reach out to the title loan lender and let them know as soon as possible! Don’t wait until it’s too late, reach out before you default and as soon as you feel like you may miss a payment.
Car title loans have been referred to by many different names in the past, but they function similarly. You may have heard of:
- Pink Slip Loans
- Auto Title Loans
- Auto Equity Loans
- Car Title Loans
- Vehicle Title Loans
In the past, car title loans were called pink slip loans because the title documents were printed on pink paper. This was done to prevent people from losing track of such an important piece of paperwork!
The idea is a bit outdated at this point, considering the fact that most things can be digitized. However, the name still remains. A car title loan may be called many different things, but applying for one can be simple and straightforward! 1
What Is the Inquiry Process for a Car Title Loan?
The inquiry process for a ChoiceCash title loan serviced by LoanMart can be simple! It’s also convenient because you can complete it online from your smartphone or computer1. That means you don’t have to find an in-person location to visit or endure long wait times that feel like a waste. If you find yourself in a situation where you need money quickly, being able to inquire about a title loan from anywhere you have internet access can be a significant relief.1
Requirements for an Auto Title Loan
Before beginning the loan approval process, you should learn about the requirements for an auto title loan. A borrower must meet three main criteria to qualify for this type of financing. The requirements are as follows:
- Be an Adult Over the Age Of 18
- Have a Legal Car Title Under Your Name
- Be Able to Show the Ability to Repay The Loan in an Approved Way
You must be a legal adult of at least 18 years old to inquire about auto loan titles! That’s because entering any financing agreement is a big decision, and it could be irresponsible to do as a minor.
Additionally, you need a legal car title under your name to be considered for this type of loan. Auto title loans rely on the borrower putting their car up as collateral in exchange for funding from a lender. You would not qualify for this type of financing without having a car title to a qualifying vehicle in your name.
You don’t necessarily have to be a car owner or driver to qualify, though! Perhaps you own a few classic vehicles in storage– if the title is in your name, you could still use them to apply for title loan funding. Or, you may be currently financing your vehicle. If that’s the case, you can still apply for a title loan if your car has enough positive equity.1
Finally, you must show proof of a steady income to qualify for a car title loan in Miami. The borrower’s collateral, the vehicle title, is used just in case monthly payments are missed. But, a lender will still want to know that you can repay the loan.
Steady income proves that you have access to money every month, which could make you capable of making your payments on time.
What Documents Are Needed for a Car Title Loan in Miami?
If you feel confident that you meet all three of the above criteria, the next step is gathering the required documents involved with inquiring about a car title loan. Having these documents on hand is very important! These are not complicated pieces of paperwork– most adults would be able to track them all down quickly. Below are the required documents for inquiring about a ChoiceCash title loan serviced by LoanMart:
Valid, Government Issued Photo I.D.:
Miami residents need to be able to prove their identity and age if they want to inquire about car title loans! As mentioned earlier, you must be an adult over the age of 18 to even apply online for a title loan. You can use a driver’s license, Real-ID, or even a passport.
Proof of Florida Residence:
Florida residents can apply for a title loan, but they must be able to provide proof of address! ChoiceCash title loans serviced by LoanMart are available in many states, but you need to provide proof of residence in a state where these title loans are available. You can do so by using a piece of official mail, like a recent utility bill or a bank account statement.
Proof of a Steady Income:
One of the main things a title loan lender will care about is whether or not you can repay your loan proceeds. This is why you need proof of a steady income to qualify! The best part about a ChoiceCash title loan serviced by LoanMart is that you don’t need to work a traditional 9-5 position to be considered1– below are examples of income proof that are acceptable to use during your inquiry process:
- Worker’s Compensation
- Disability Benefits
- Social Security Income
- Lawsuit Settlement Funds
Inquiring about a ChoiceCash title loan in Miami can be simple and straightforward!1 If you’re curious about your circumstances and chance to qualify, contact a title loan agent by calling 855-914-2945 today.
Recent Photos of Your Vehicle:
You must produce recent vehicle photos during the inquiry process for car title loans. That’s because title loan providers will want to see what condition it’s in! Instead of physically bringing your car into a location for an inspection, your photos will help serve as a virtual inspection. ChoiceCash title loans serviced by LoanMart are incredibly convenient options1!
What Are the Advantages of Getting a Car Title Loan in Miami?
There are numerous advantages to inquiring about a ChoiceCash title loan serviced by LoanMart in Miami, Florida! As far as a loan option is concerned, this is one of the most flexible and convenient ones to inquire about1. Take a look at some of the benefits that qualified borrowers can take advantage of:
- Flexible Approval Process
If you’re in a challenging financial position, you need a financing option that can work with you, even if your credit is not up to par. The loan terms involved with unsecured or traditional loans are not very accessible to people with a bad credit history. With a ChoiceCash title loan, bad credit is not always an issue.1
- Easy Online Process
The approval process for a ChoiceCash title loan serviced by LoanMart can take place online! That means total convenience when you need to find out if you’re eligible for quick cash1. Gone are the days when you had to find a physical store location or bring your car in for an inspection. You can inquire wherever you have internet access! Apply online today!
- Keep Driving Your Car
Qualified borrowers for a ChoiceCash title loan serviced by LoanMart can continue driving their vehicles during the entire repayment period1. Miami residents, like most Americans, rely on their cars for daily transportation! Giving up your vehicle in exchange for funding can be super inconvenient.
This privilege is only extended to borrowers who make their monthly payments on time! If you’re struggling to remember when to pay your bills, consider setting up automatic payments from your bank account. That way, you never have to worry about missing future payments.
- No Prepayment Penalties
It’s not uncommon for some lenders to charge borrowers these pesky prepayment penalties on top of high interest rates and hidden fees. Prepayment penalties are when a lender charges a borrower a fee if they pay their loans back too quickly, all at once, or not during the agreed-upon loan term times.
The great thing about a ChoiceCash title loan serviced by LoanMart is that you don’t need to worry about a prepayment penalty if approved for funding1! You can pay your loan amount back as soon as possible or feasible.
How Much Cash Can I Get for a Title Loan?
You are probably wondering, ‘how much cash can I get for a title loan?’ The answer isn’t as straightforward as you might think, though. The offered loan amount for an auto title loan depends on multiple factors.
Your car’s equity will directly affect how much funding you’re approved for. That’s because a lender will want the loan amounts to reflect how much value is in your car in case a borrower misses payments. That way, they are not at a loss for anything, and your car will be sold at auction if you fail to keep up with your loan terms.
The best way to determine how much equity is in your car is by determining the market value it holds and subtracting the amount of money you still owe on it, if at all. If you want help finding your car’s equity, you can use the ChoiceCash title loan calculator tool to come up with an estimate! Typically, qualified borrowers can access up to 50% of their car’s equity.
What Can I Do With My Title Loan Funding?
If you get approved for a title loan and demonstrate your ability to repay the loan, you probably have a good reason for needing it in the first place. Perhaps you are dealing with a financial hardship that needs to be taken care of urgently. While there are limitations to what you can spend your cash on, there are a lot of things you can do with your money.
There are plenty of reasons for needing extra cash quickly, but there are positive reasons to inquire about title loan funding too! Miami residents can use their loan proceeds towards:
- Paying off Medical Bills
- Consolidating Debt
- Emergency Travel Arrangements
- Household Renovations
- New Electronics
Sure, inquiring about car title loans is a great way to solve emergencies that pop up, but they can also be used for fun things! Keep that in mind when you consider a ChoiceCash title loan serviced by LoanMart. You have several options for how to get the cash if approved1. You can choose a direct deposit into your account, get a check in the mail, or head to a participating money transfer location in your area if you want the cash in your hand.
How Can I Repay My Loan in Miami, Florida?
If you are a Miami resident who has passed the final approval and qualification process for a ChoiceCash title loan serviced by LoanMart, you may wonder how to pay the loan back. There are several convenient ways you can do so! You can:
- Set up automatic payments from your bank account
- Send a check in the mail
- Head to a participating money transfer location to pay back in person
Inquire About a Car Title Loan in Miami Today!
Miami residents who struggle with their finances but need access to quick money can inquire about ChoiceCash title loans serviced by LoanMart!1 You can apply online for many title loans in Miami, Florida. Still, few have the flexibility and potential to receive access to funding within one business day or less1.
A car title loan is a short-term loan that is great for solving financial emergencies if you don’t have access to savings or extra money. You can use your vehicle as collateral for funding!
Payday loans are great for obtaining small amounts of money, but car title loans can be a better option if you need something more substantial. Inquire about a ChoiceCash title loan serviced by LoanMart today by filling out this inquiry form or calling 855-914-2945 to speak with a ChoiceCash title loan agent!