5 Star Car Title Loans in Pensacola, FL
Pensacola, FL is a beloved tourist destination and is home to fetching beaches, parks, and rich cultural history. Life in this city is quite exciting but is filled with ups and downs. there can be times when financial conditions are not in your favor and you get short of money.
Most people, at such times, try to borrow money in the form of traditional bank loans. However, with the long waiting days that can turn into weeks and months, getting a bank loan is not as easy as it sounds.
Therefore, for getting quick cash, we all need short-term financing options that give instant approval. Out of these options, getting a car title loans in Pensacola is an affordable, fast alternative.
For locals of Pensacola, 5 Star Car Title Loans presents fast cash solutions in the form of affordable title loans.1
What is a Car Title Loan?
A car title loan is a short-term and secured loan that uses the borrower’s car title as collateral. The title loans are given against the vehicle title. The borrower uses his vehicle title as collateral on which the lender directly puts a lien and in exchange, gives money.1
Some other names for title loans
- Auto title loans
- Title pawns
- Pink slip loans
- Auto equity loans
- Vehicle equity loans
How Do Auto Title Loans Work?
The loan process is quite easy. The borrower must possess a vehicle with its title in his name (plus some other important documents). Since title loans are secured loans, they are given against collateral, which is the vehicle title.1
The borrower approaches the lender with a clear vehicle title, after checking the borrower’s eligibility, the lender puts a lien on the title and releases the funds. Although the loan is given against the title, the borrower can take the money and keep driving his car too.1
As far as repayment is concerned, the repayment terms will be put forth by the lender on which both parties have to agree. Based on those terms, the installments will be paid by the borrower until the whole loan has been repaid.4
On the completion of the loan payment, the lender will remove his name from the vehicle title, returning a clear title in name of the borrower.1
Apply Online for an Auto Title Loan in Pensacola
5 Star Car Title Loans offers a three-step, easy, and quick online loan process that can be completed in under 10 minutes. It starts with a simple application and ends with funds collections.1
The title loan process has these three steps:
Step 1: Apply Online or Give Us a Call
There are two ways to start the process: you can either fill out the online loan application or can simply call us. If you choose to call us, the loan agent will let you know if you qualify for a title loan or not.1
The online process is a little different. On the online application, you will be required to share your details such as your name, address, income, mobile phone number, and car details. This information will be required to check your eligibility.1
Step 2: Turn in Some Documents
Once you have completed the first step, you will be granted conditional approval and your loan will be pre-approved. However, we will need to check a few important documents to verify your information. So, you will be asked to share those documents and you can either mail them or upload the scanned copies.1
The sooner we receive the documents, the faster the loan application will move.1
Step 3: Collect Funds
Once we have received the documents and verified the information, you will be given the final approval. AfterOurofficer will share the rough estimate of the minimum loan amount, interest rates, APR, monthly payments, repayment terms, and other important loan terms with you.1
Our customers are active but the responsibility to remind them about reading the loan terms and conditions befall us.
Therefore, we encourage everyone to go through the guidelines, instructions, and conditions before signing the papers. Once you have checked, inquired, and confirmed the information with our loan officer, you can sign the agreement.1
After signing the papers, you can get your money in on a business day! If the approval process gets even faster, you can expect to receive money the same day!2
How Much Cash Can I Get with Pensacola Car Title Loans?
Generally, title loan lenders check three important factors while calculating the loan amount. The same three factors are considered while checking your qualification for a title loan. The factors which will be studied include:1
Ability to Repay
You, the borrower, must have a steady source of income as it will the lender know that you won’t face any trouble while making payments.1
So, your ability to repay will be assessed by examining your income and your expenses against it. This assessment will be further used to decide on the loan amount.1
Car’s Equity Value
Each vehicle has a certain amount of equity left in it and the same goes for your car. As title loans are generally sanctioned against your car’s equity, it will have a huge impact on the amounts.1
Car’s Market Value
Your car’s market value is as important a factor as your car’s equity value. The market value is based on the condition of the car and its mileage, brand, manufacturing year, model, and repairs.1
Since the loan will be affected by the car’s value, you can get a loan of up to 75% of your vehicle’s value with 5-Star Car Title Loans.1
Can Someone With A Bad Credit History Qualify for Title Loans in Pensacola?
As surprising as it may sound, you may qualify for a title loan even with your bad credit score. Just like payday loans, you can get title loans with poor financial history. Usually, title loans do not need credit checks and hence, they can be said as no credit check loans.1
However, there can be situations or cases where a credit check might get performed based to know the financial situation of the customer. Just so you know, these are soft credit checks that neither affects your credit scores nor your loan qualification.1
Your poor credit history will be no problem if you can demonstrate a strong ability to repay and your car has adequate value. Consequently, it is safe to say that you can get a title loan irrespective of your credit type if you fulfill the other conditions.1
Complete List of Some Necessary Documents Required for Title Loans
It is essential to thoroughly understand all the details of the requirements and qualifications for getting a loan. Some necessary documents will be required by title loan companies and lenders. The list includes:1
A Qualifying Car Title
As a borrower, you must have a title in your name, free from any liens. In short, you must be the sole vehicle owner.
Proof Of Income
The applicants have to show their steady flow of income and this can be done by showing the right documents. To show your income, you can share compensation letters, bank statements, pay stubs, or SSI.
Proof Of Address
Proof of address can include your utility bills, mortgage, or rental agreements on which your house address is mentioned.
Proof Of Identity
It is important to have some form of government-issued ID while applying for a title loan. For doing so, you can share your driver’s license, your passport, or any other photo ID proof.
Recent Pictures Of The Vehicle
There will be no in-person inspection, however, it will be important to know the condition of your vehicle. Hence you will be required to share photos of your car from each angle that must also show the VIN and odometer readings of the vehicle.
Are There Any Prepayment Penalties?
There are no hidden fees or prepayment penalties on paying your loan earlier than the decided-upon time.4
We at 5 Star Car Title Loans understand that to avoid debt consolidation, most people try to pay off their loans as early as possible. Keeping that in mind, we do not charge extra fees even if you pay your title loan earlier.4
Do I Need a Bank Account to Apply for Pensacola Title Loans?
While having a checking account is common among the residents of Pensacola, some people don’t use them. For residents who fall in the second category, getting a car title loan is as easy as for others.
Getting an online title loan has three steps but when it comes to repaying, there is just one. Checking accounts are important for receiving and repaying the loan but if those things can be done using other methods, having no account will not be a problem.
Have look at the multitude of payment options for residents who do not have checking accounts:
- Cash
- Mailed Check
- Credit card
- Mobile Application
- Via MoneyGram location
Who Keeps My Car While I’m Paying Back The Loan?
We will not require you to submit your car or the keys. The thing is, the lien that is put on your title acts as a guarantee and that alone is enough. So, even while you are repaying your loan money in the form of installments, you can keep driving your car.1
However, there is one condition to keep this agreement intact: you must keep making the payments on time without fail.4
Can I Qualify For A Title Loan In Florida If The Title Is Not In My Name?
Without the car title in your name, getting a title loan becomes quite a herculean task–impossible rather. The basic requirement for getting a title loan is having your title in your name. However, if for some reason, your title is in someone else’s name, there is one solution.1
You can get your title transferred to your name by visiting the Florida Department of Highway Safety and Motor Vehicles (FLHSMV) and following these steps:
- Request a title transfer: Start by filling out the online or offline transfer request form and carry it while visiting the HSMV.
- Important documents to bring along: Apart from the title transfer form, bring your driver’s license, vehicle registration, and another identifying document. They will be needed for verification.
- Make the payment: Submit the request form, and documents and pay the fee (preferably in cash) to complete the process.
Once your title has been transferred to your name, you will be notified. After that, you can apply for Pensacola title loans.1
What are the Requirements for a Title Loan in Florida?
Florida title loan laws are the same for everyone residing in the state. So, if you are trying to get a title loan in Pensacola, you must satisfy the criteria and meet some basic requirements. So, here is the list of requirements. If you wish to get a loan, you must:1
- Be 18 Years of Age or Older
- Own a Qualifying Vehicle in their Name
- Have a Steady Source of Income
- Have two references
How To Receive Title Loans Pensacola FL?
With 5 Star Car Title Loans and its money-receiving methods, you can collect your funds in the blink of an eye! Avoid long queues by choosing any of the following ways to get your money:
- Direct Deposit in your bank account
- Receiving a Check in the Mail
- Getting a Money Transfer
- Closest MoneyGram Locations
For What Purposes Can Loan Proceeds From Title Loans Pensacola, FL Be Used?
You can use title loans for either getting emergency funds or for making payments. A range of expenses can be covered using the proceeds. With Pensacola title loans, you can pay:1
- Medical bills
- Travel expenses
- Home Repairs & Renovations
- Wedding Expenses
- Funeral Cost
- Legal Fees
- Veterinary Expenses
Advantages of Getting an Auto Title Loan with 5-Star Car Title Loans
Surely, our customers who wish to get a loan might be thinking of how they can benefit from title loans. For all of you wondering, here is the list of exclusive benefits which we believe, you will experience:
- Competitive Interest rates1
- No prepayment penalties4
- Bad credit is not a problem1
- Completely online title loans1
- A short approval process1
- Receive quick cash2
- Get continuous assistance1
Wondering How to Get Some Extra Cash?
Stop looking around, you can get fast cash with 5 Star Car Title Loans! Apply right now and expect to receive your money in as little as one business day!2
