For the first-timers out there… getting an auto equity loan is really no big deal. With a little know-how and some research into your title loan provider, you can borrow like a financial expert. Here’s what you’ll need to know about getting title or auto equity loans in Miami:
The Basics of Miami Auto Equity Loans
If you’re not familiar with how a standard title loan works, don’t worry. The concept is simple. In essence, you’re using collateral for cash. So what does that mean?
It means that you can use the equity or value of something that you own to use against your loan. The most common piece of equity that’s used in these types of loans comes from your car. You already know that your vehicle is the most valuable asset that you own (aside from your home, if you own one). But did you know that you don’t have to sell your car or hand over the keys in order to access that value?
Auto equity loans do just that: they allow you to temporarily loan out the equity of your car in exchange for its equal value in cash. Again, this doesn’t mean that your car is going anywhere. It stays with you throughout the duration of the title loan. What it means is that you’ll simply be handing over the piece of paper that is the title as a form of collateral.
This collateral ensures that you’ll pay off that title loan just as soon as you’re able to. It’s just a physical representation of that promise. All pretty standard stuff.
Once the auto equity loan has been fully repaid, the title is returned to you. But during that time, nothing really changes for your day-to-day life. You’ll see have been driving your car the whole time, just like you normally would. Except now you actually have money to fill it up with gas!
The Steps of Securing an Auto Equity Loan Online in Miami
Just like any loan, it starts with some paperwork. But unlike many types of loans, title loans in Miami require less time to process. Here’s why:
Rather than leaning on your credit score or financial history, auto equity loans rely on real-world value in order to secure a loan. Many kinds of loans will consider your “loan-worthiness” to be determined and proven by a series of numbers, scoring methods, etc. There are thousands of borrowers living in Miami who don’t have the kind of superior credit score needed to lock down that kind of loan, however.
So title loans forego much of that process. They’re able to do that because instead of your financial reputation being used as collateral, you’re using a physical piece of property, instead. This allows Florida borrowers to forego much of the credit checking and hoop-jumping. It also saves on paperwork, because all auto equity loan providers in Miami really need to know is the relevant information about your car.
You’ll be asked some basic questions about your vehicle in order to determine its equity value, as well as some basic contact information collecting from you, so that the loan provider can get in touch. From start to finish, the entire online auto equity loan application process takes about ten minutes. Plus, you can do it all online at your own convenience.
After you’ve submitted your application, you should hear from a Miami title loan specialist shortly thereafter. You’ll get approved for the loan, and then you’ll be able to view a quote telling you how much cash you’re likely eligible to receive.
From there, you’ll have access to an online search database that allows you to compare and search for auto equity loans that offer you better deals. You can pick your ideal title loan and you’ll likely have that money in your hand within about a day or so.
Sometimes title loan providers in Miami will require a quick looking-over of your car to ensure that it’s as you described it, so that you can get the maximum amount of funds for the equity that you’re using. Sometimes there will be additional background checks to meet before the process is complete, but it’s all done relatively quickly.
There are local auto equity loan locations scattered throughout Miami, so most borrowers don’t have to drive more than fifteen minutes to pick up their money once everything’s been ok-ed and the loan starts. You drive home with your funds, and then you can start repaying the loan whenever you’re financially stable enough to do so.
Some Answers To Your Florida Title Loan Questions
One of the most frequently asked questions we get from newbie title loan borrowers is:
- When will I receive my funds?
- How much?
Exact numbers are tricky without some more knowledge, but the general answers are:
- As early as this time tomorrow and
- More than you would expect.
Most auto equity loan borrowers have reported receiving their cash funds within around 24 hours’ time after applying. But it could take up to a few business days. No more than a full week, typically.
How much cash you can expect to receive through an auto equity loan depends on the auto equity in question! If you own an old Honda with more than its fair share of miles on it, then you will probably receive less money than you would for a brand new Jaguar that’s barely been driven off of the dealership. However, even older and more “well-loved” cars are worth more than most of their owners anticipate.
If you want to find out a more exact dollar amount, you can check out a free online auto equity loan calculator to get an estimate on the value of your vehicle. You’ll be asked some basic questions about your car; like its make, model, year, estimated mileage, etc. We can take that information and provide you with an instant quote.
If you have more questions, you can relax. There are Florida auto equity representatives standing by 24/7 who can answer any questions you may have. Just give them a call anytime, and they’ll help you out; for free. With countless free lending resources at your disposal, you have no excuse not to be a better informed borrower, and to keep yourself smart and safe throughout the lending process.
The Benefits of Using Equity When Getting a Loan
One of the main reasons that more and more Miami borrowers are switching to title loans is because they prefer to utilize the untapped potential of their vehicle’s equity rather than leaning too heavily on their financial histories. But there’s more to it.
If you have valuable equity (particularly auto equity) it can be beneficial to borrowers for a number of reasons. First and foremost; you already own it.
Using the assets that you already own in full provides a buffer of safety for the borrower. Lenders who perform hard credit checks and research your background to assess how loan-worthy you are can further damage your credit score. The more frequently that you apply to these types of loans, the more likely it is that your credit score will lower.
Hard credit checks further lower already iffy credit scores, and hurt your future chances of securing a loan, housing, rental cars, etc. By avoiding unnecessary strain on your credit score, you can safeguard your financial future.
Who Qualifies for Auto Equity Loans in the State of Florida?
The most basic requirements that applicants must meet are…
- You must be at least 18 years old (to be verified with a government-issued form of I.D.)
- You must own the title of your car under your own name and free of any liens.
- You must be a legal resident of the state of Florida.
If you can manage those three requirements, then you’re already well on your way to securing just about any auto equity loans you want in Miami. Additional requirements can vary depending on the borrower, the lender, or even the equity you intend to use.
We already mentioned that a brief and informal inspection of your car might be required, just to verify that everything looks to be at the value at which you described it. Remember- you still keep your car. It’s 100% yours still.
Some lenders will require credit checks, while others don’t. Some might have other requirements for potential borrowers to meet, but that’s always discussed before anything else is done, so that the lender can decide for themselves if this is the right auto equity loan for their needs and situation.
The purpose of auto equity loans is to provide Miami borrowers with a more “borrower-friendly” loan. We’ve created a new-and-improved title loan so that more Floridians can get approved for a higher-quality loan, rather than very few borrowers getting rejected over and over again for mediocre loans that don’t suit their own needs.
Title loans are the inclusive loan that helps anyone and everyone who needs a quick and safe resource for cash funds. If you own a car, there’s an auto equity loan that can work for you. It’s just a matter of finding it and locking it down.
Basically: have car, will travel, can borrow.
While the amount of your auto equity loan will depend on the equity of the car, almost every borrower with that four-wheeled equity (or even other forms of vehicle equity like boats or trailers) can qualify for a title loan in Miami.
Is an Auto Equity Loan the Right Loan for You?
A Florida title loan isn’t the right solution for all borrowers looking for a fast short-term loan. While it’s the best option for many people because of the easy-qualification process, it’s not always the best fit.
If you don’t own the title of your car free-and-clear, then a title loan isn’t going to work for you. If you need a long-term loan like a mortgage, then this isn’t your best option for that purpose. However, if you need a short-term loan that you can comfortably repay over the course of the next few months, then an auto equity loan may be the right call.
With competitive interest rates and low consistent payments that can be tailored to fit into your schedule, many borrowers find that car title loans are the best solution to a short-term loan situation.
For example- you need a one-time cash boost to help cover the cost of an emergency home repair (or just to replace that broken refrigerator that’s been giving your grief). You can pay back a title loan in a shorter amount of time than you would with a longer-term loan. It’s ideal for those one-off quick cash solutions. You’re not having to put strain on your financial reputation, and you don’t have to resort to drastic measures like selling your car.
Miami auto equity loans are great for immediate financial emergencies because the processing happens so quickly. But if you’re looking for a slow and steady loan to help you many the house payments over the course of a couple of years, then this isn’t the right type of loan based on your needs.
If you’re worried that your current situation is somewhere in the ether, and you’re not sure what type of loan is right for you at this point, you can always look further into title loans and then make the call. It’s best to talk to loan representatives of the different type of lending options that you’re considering.
They’ll be able to better assess your individual financial standing and your current needs, and they can talk with you about what it is that you’re looking for in a loan. Your personal financial goals are always an important factor in this kind of decision. A representative can walk you through what the loan will look like through its stages, and they can help you design a loan that might fit into your life and busy schedule the best.