Auto Title Loans in Fort Lauderdale, FL
If you need fast cash but the bank or credit union has refused you, you still have options. You may still qualify for a car title loan even if you have bad credit and don’t qualify for bank loans. At 5 Star Car Title Loans, we issue car title loans to Floridians who need emergency cash for unexpected expenses.
In this guide, learn everything you need to know about car title loans, how they work, and what you need to apply for one today.
What Is a Car Title Loan?
Car title loans in Fort Lauderdale are short-term financing loans. Also known as auto title loans, this financing option allows the borrower (you) to use their car as collateral to get the money they need ASAP. As a borrower, you must have free and clear ownership of your car to use it to apply for a car title loan in Fort Lauderdale.
Title Loan Requirements
You can apply for a Fort Lauderdale title loan over the phone, online, or in person. You will need to provide:
· Proof of ownership of your vehicle’s title
· Your driving license
· Proof of car insurance
· The car itself
How Do Fort Lauderdale Title Loans Work?
When you present the above documents and your car, 5 Star car Title loans will ask for basic information, assess your car’s value, and fill out the loan documents. Many lenders make credit decisions without relying on your credit score since you are providing acceptable property (your car) in collateral.
5 Star Car Title Loans retains the title of your car, puts a lien on it, and gives you the money you borrowed. You make regular payments for the loan’s duration — usually 30 days — and can continue to drive your car. When you repay the full loan amount, 5 Star Car Title Loans returns the car’s title to you.
How Much Money Can I Get with a Title Loan?
A Florida statute caps the actual loan amount at 25% to 50% of the car’s cash value. You must repay the loan, including interest and fees, within the allowed period of 30 days. After repaying your title debt, you will reclaim the lien-free title of your vehicle.
The values of auto equity loans are usually small, ranging from a few hundred to a few thousand dollars. The market value of the car you pledge as collateral is used to calculate the precise balance.
What Are Interest Rates on Title Loans in Fort Lauderdale, Florida?
In Fort Lauderdale, FL, car title loans are a quick way for borrowers with poor credit ratings to get instant money in an emergency. Yet, it is essential to be aware of the high interest rates over time. Auto title loans and payday loans charge high interest rates because they face a higher risk of borrowers defaulting on repayments.
Under Florida law, title loan lenders may charge:
· 30% interest for the first $2,000
· 24% interest for additional borrowed money between $2,000 and $3,000
· 18% interest on amounts over $3,000
These auto equity loans are intended primarily for short-term emergency funds and come with a relatively short 30-day repayment period. If you need more time to repay the loan, you can extend or “roll over” the loan to another month. The annual percentage rate (or how much it costs to borrow the money for one year) is typically high due to the loan’s high interest rate.
How To Apply for Fort Lauderdale Title Loans
To ensure a fast and hassle-free process, title pawn lenders encourage consumers to prepare the following list of documents with their applications.
What Documents Do I Need to Get a Title Loan?
The required documents you will need for the approval process to meet the lender’s credit criteria include:
· Current registration of your vehicle
· Original title of your vehicle showing sole ownership
· Phone numbers, names, and addresses of at least two reliable references
· Proof vehicle insurance
· Matching title of your car and government-issued ID.
· Proof of repayment ability or recent pay stubs
· Working copies your car keys
Some lenders also require GPS tracking device installation in the car in the event the lender eventually gets the right to repossess the vehicle due to repayment defaults. The lender may disable your car remotely if you fail to repay your car’s equity debt.
Title Loan Process in Fort Lauderdale
Whether you decide to apply for a title loan in-person, over the phone, or online, it is important to understand how they work. These are the steps to apply for and get your loan approved:
1) You need to find the title of your car and ensure that you own it, free and clear.
2) You present the following things to your lender:
· Your car and its registration
· Your auto title loan application, including your personal information and names of references
· Your photo ID
· The title of your vehicle
· Proof of income
· Proof that your car is insured
· An extra copy of your car keys
3) You fill out your application form. If you are applying online, upload the correct documents with the application, including your photo ID, proof of income, and evidence of insurance.
4) You need to wait for the lender to review your auto title loan equity application and appraise your car to determine its value.
5) The lender may grant conditional approval pending review if the appraisal process takes time.
6) If the lender approves your application, you sign the loan contract and hand over your car’s title.
7) Upon final approval, the lender releases the loan proceeds, usually the next business day, for you to deposit into your bank account.
8) The title of your car stays with the lender until you repay the money borrowed. As long as you continue to make payments, you get to keep your vehicle.
9) You repay within 30 days. This includes the loan principal plus a monthly finance fee on interest.
Understanding the Benefits of Title Loans Online
There are many reasons to send in an application for instant loans online. Once you work with 5 Star Car Title Loans, you’ll understand why people love the convenience of online loans. Here are a four of those benefits:
Stay where you are and apply anytime – Wherever you are, if you have access to internet you can open your smartphone, tablet or laptop and send in your application. There is no need for you to go anywhere!
Fast and easy applications – Everything from turning in your request all the way to signing a final contract can be accomplished online.
No obligation offers – when you send an application to 5 Star Car Title Loans, you are under no obligation to accept any offer.
Quick and fast comparison shopping – By sending in one application, you are able to receive offers from multiple lenders. Compare terms and costs and select the best deal for your situation.
FAQ
How Will a Title Loan Affect My Credit Score?
Auto title loans in Fort Lauderdale usually don’t affect your credit rating. When you apply for these so-called pink slip loans, most Fort Lauderdale lenders do not conduct “hard inquiry” credit checks. Hard inquiries into your credit history lower your score, but this isn’t an issue when applying for title loans.
Title lenders also do not report loan repayments to credit bureaus, so the loans cannot affect your credit rating.
Can I Get a Buyout or Refinance My Title Loan?
You can access title loan refinancing when you have existing title loans but want to work with a different direct lender. Your new lender will pay off the loan balance you still owe your current lender. Be sure to find out first if the original terms have any prepayment penalties if you pay early.
If your new lender buys out your automotive loan from your current lender, you get a new loan from the new lending company. A buyout usually comes with better terms and low monthly payments. It works the same way as refinancing a secured loan at competitive interest rates.
Therefore, you can get a buyout from a new lender or refinance your title loan to access better rates.
What Happens If I Default on My Title Loan?
If you default on your car title loan in Fort Lauderdale, Florida, within the 30-day period, the lender may roll over the loan. When your title loan gets rolled over, your lender allows you to borrow the money for an additional 30 days. However, you must pay another monthly fee, the “rollover fee.”
Multiple rollovers may cost a lot in repayments — perhaps more than the value of your original loan. When you default on your auto title loan, the lender will repossess your car and sell it to recover the unpaid debt. However, in Fort Lauderdale, Florida, and the rest of the United States, the lender must adhere to the Fair Debt Collection Practices Act, which protects you from illegal or abusive repossession.
Can I Get a Title Loan Online?
Online title loans in Fort Lauderdale make the application process convenient. You can start your loan application process online, check the approval status, make payments, and check your automotive title loan balance.
Online car title loan lenders provide an application process much like the one described above.
Where Can I Get My Title Loan Money in Fort Lauderdale, FL?
You can apply for auto title loans in Fort Lauderdale, Florida, online in just a few clicks. At 5 Star Car Title Loans, we offer short-term financing loans in exchange for your car as collateral. Call or contact us online 24/7 to learn more about fast title loans. Minimum loan amounts vary. A credit check is part of the process, but applicants with bad credit or no credit may qualify.
We have the expertise, authority, and trustworthiness to be your go-to short-term lender. Get the cash you need today. Apply for your Fort Lauderdale loan at 5 Star Car Title Loans by calling 888-309-0994 or logging on to our website.
