5 Star Car Title Loans in Davie, FL
Amidst tightened budgets and low salaries, it gets really difficult to cope with financial emergencies. Such hard times call for help from external sources, such as borrowing money from your near ones or applying for traditional loans.
However, the long waiting hours and the lengthy loan process can become major obstacles. Hence, people look for short-term financing options such as car title loans. With the alternative of title loans in sight, the borrowers can at least bypass heavy paperwork.
Consequently, 5 Star Car Title Loans offers short-term loans for Davie residents who need emergency funding for settling sudden bills or expenses.1
What are Car Title Loans?
Car title loans are short-term funding options with which the borrowers can secure extra cash by using the vehicle’s title as collateral. And since the title loans use collateral, they also fall in the category of secured loans.1
The borrower can use title loan money as a personal loan as it can help him with personal as well as household purposes. Thus, the loan proceeds from title loans can be used to pay medical bills, legal fees, home repairs, car repairs, etc.1
Other Names For Title Loans
There are other names by which title loans are known. Some of the most common names include:
- Auto title loans
- Pink slip loans
- Auto equity loans
- Vehicle title loans
- Title pawns
- Vehicle equity loans
Required Conditions To Qualify For Davie, Florida Title Loans
Corresponding to other states’ requirements, Florida, too, has a unique set of requirements for title loans. For a borrower to qualify for title loans, meeting these requirements is the first step. These include:1
- Applicants must be of 18 years or above.
- Applicants need a consistent earning source.
- Applicants must have a good amount of equity in the vehicle they are using.
List of All the Required Documents for Getting a Title Loan
Although there are no long lists incorporating requirements and loan documents, there are still some important papers that are essential for title loans. Those documents include:1
Lien-Free Car Title
A clear and lien-free car title is the basic requirement for getting loans in Davie Florida. The borrower must be the sole owner of the vehicle.
A Valid Government Issued Photo-ID
Your passport or driver’s license or any other state government-issued valid ID with your photo will work.
Proof of Residency
The residents can share their lease or mortgage agreement to show their address. Alternatively, they can also use rental agreements, utility bills, and address on the mails as proof of address.
Proof of Income
There is no specification on type of income or employment and therefore, different documents such as bank statements, pay stubs, tax statements, compensation letters, et cetera can be shown as proof of income.
Photos of The Vehicle
Applicants are required to submit several latest photographs of the vehicle( including VIN and odometer reading) to apply for a car title loan in Davie.
Get an Online Auto Title Loan in Just Three Easy Steps!
If you satisfy the conditions and have all the right documents, you must be wondering about the loan process!1 Well, it starts with an easy loan application that can be filled out on our official website. The detailed steps are described here:
Apply Online
Fill out your details (name, address, phone number, income) and car details (odometer readings, make & model, manufacturing year, etc.) in the online loan application. This information will be used to check your eligibility for title loans.1
As an alternative, you can call us at (888)-309-0994 and one of our loan agents will help you know if you qualify for a loan or not.1
Turn in Some Documents
The details on the application will help you in getting conditional approval and your loan will be pre-approved. The final approval, however, will be subject to the pending review of important documents.1
Therefore, you will be asked to share some documents with us and we will evaluate them. If your information checks out, you will get final approval.1
Collect Your Money
Once you get the final loan approval, a loan agent will share the details of minimum loan amounts, interest rate, Annual Percentage Rate (APR), monthly payments, etc. with you.1
Make sure to check the details and carefully read the loan terms & conditions before signing. You can ask any question related to title loans and we will be glad to assist you.1
After you have checked the information and confirmed it, you can sign the loan agreement. The funds will be available in one business day.2
Receive Davie Title Loans Easily!
Since the whole point of online title loans is to provide the borrowers a unique and comfort-filled experience, the title loan lenders (including us) have put forth various methods through which you can collect your funds.
You get your money in the form of:
- Cash
- Direct deposit to your bank account
- A mailed check
What if I Want to Pay the Loan Back Early?
A good way of avoiding debt consolidation is making payments on time but for some people, a better way is to pay the entire loan amount before the decided-upon time.4
Flexibility is one trait of title loans. So, yes, with 5 Star Car Title Loans you can repay the partial or full loan amount before the due date.4
No matter how early you pay the loan, you will not be charged with prepayment penalties or hidden fees. Therefore, you do not have to worry about hidden charges while repaying the loan early.4
You can now easily repay the loan using the following multiple payment options:
- Cash Payment at the nearest branch
- Money order or check
- Online bank transfer
- Using debit or credit card
Can I Qualify for a Title Loan in Davie, Florida, if the Title is Not in My Name?
Although there are so many other documents that are needed to qualify for a title loan, the vehicle’s title holds the number one priority. It is a document of primary importance and hence, you cannot get a title loan if the vehicle’s title is not in your name.1
The auto title loan companies will only lend a loan if your title is in your name, so, you will be required to get it transferred. And there is a simple process to do so. You just need to visit the nearest Florida HSMV and complete these steps:
- Fill out a title transfer request form
- Carry the form and some important documents while your visit to HSMV. The documents will include vehicle registration and a valid driver’s license.
- Submit the documents for verification and fill out the fee for getting the title transferred (preferably in cash).
Once the title transfer process gets completed, you will be informed about it. And when the title gets transferred in your name, you can then apply for an auto title loan.1
How long will it take to get my Loan Approved?
5 Star Car Title Loans provide instant loan approval. With your basic information, you can receive conditional approval. The speed of the loan approval process is directly proportional to the rate at which the applicants provide the information and important documents. The faster you provide the documents for verifications, the sooner we can complete the process.1
Once your documents have been verified and you have signed the loan contract, you can get money in one business day.2
Is Bad Credit a Problem While Getting Car Title Loans in Davie?
No, bad credit is not a problem. Both payday loans and title loans are among the bad credit loans implying that even someone with a poor credit history might qualify for such loans. However, there are some conditions behind that.1
For someone to qualify for a title loan, he should have a car with good equity plus higher market value, and should also have a strong ability to repay the loan. If they check out the aforementioned conditions, they can qualify for a title loan even with low credit scores.1
Will a Credit Check Be Performed?
Generally, there are no credit checks. However, in some cases, the lenders might need to perform routine credit checks to know the financial history of the applicants.1
These credit checks are different from that of traditional loans of a bank or a credit union as title loans. A title loan has a soft credit check that does not affect the credit score of the candidate.1
Completely Online Title Loans With No Inspection
Car inspections are essential for getting a title loan but to simplify the online process, 5 Star Car Title Loans advances an innovative solution! The inspection can now be done online!1
We will only want basic information about the vehicle. Most likely, you will be asked about your car model, manufacturing year, brand, make & model, and whether repairs are done to it.1
In addition to those details, you will also be asked to provide a few photographs of your car from different angles to understand the condition of your vehicle. This will be enough for an online inspection. However, if need be, we can ask for additional information.1
How Much Cash Can I Borrow with a Car Title Loan in Davie?
As the factors determining the loan vary from individual to individual, the minimum loan amounts vary too. In Florida, the title loan companies consider the following three factors to calculate the amount of money the borrower can get.1
Those factors include:
Your Ability to Repay
The ability to repay is estimated by examining the borrower’s income and expenses. This is done with the intention to know how much loan will the borrower be able to afford. This will help in deciding the EMIs too.1
Your Car’s Equity Value
The loan amount is usually sanctioned against the equity left in your car. You can get the amount based on the car’s equity value. The higher the equity, the higher the loan amount.1
Your Car’s Market Value
Some important things will be assessed to know the car’s market value such as its manufacturing year, brand, model, color, and cosmetic surgeries to the surface. Again, greater market value will fetch more loans.1
5 Star Car Title Loans tries to help applicants get a fair value of the loan. Hence, with 5 Star Car Title loans, you can easily get a loan of up to 75 % of your car’s value.1
Apply for a Title Loan and Get Instant Cash!
For all the locals of Davie, Florida, who are in urgent need of cash, getting a loan has become a piece of cake.1 With online title loans by 5 Star Car Title Loans, you can get money in as short as a day.2
So, if you are trying to get your hands on extra cash, apply online right now and collect your money in a day!2
