Auto title loans in Tampa are subprime loans given to borrowers with bad credit who use their auto equity as collateral, allowing consumers to borrow money based on the value of their vehicle.
When you apply for a No Title Loans, you’ll have to show proof that you hold the title of your vehicle in Tampa. It is important that your vehicle has a clear title and that your car loan is paid off or nearly paid off. The debt is secured by the auto title or pink slip, and the vehicle can be repossessed if you default on the loan.
Some lenders may also require proof of income and/or conduct a credit check, bad credit does not disqualify you from getting approved. Auto title loans are typically considered subprime because they cater primarily to people with bad credit and/or low income, and they usually charge higher interest rates than conventional bank loans.
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Car Title Loan - Finance Roof and Home Repairs With a Title Loan
Are you suffering with a leaky roof because you don't have the cash or the credit required to repair it? It can cost a homeowner from hundreds to thousands of dollars to repair and replace a roof or any other major structural defect. But if you have a clear car title, you don't have to suffer interminably. Secured debt instruments such as a title loans can give you the cash you need in times of emergency.
Car title loans are designed for subprime borrowers with a bad credit score. All you need is a clear pink slip and you can get a large sum of cash in a few hours. You can use the title as collateral to get a quick loan for emergency home and roof repairs.
If you have bad credit, you know how hard it is to find a lender who will give you a low-interest loan. For homeowners who need funds for emergency repairs, it can be a blessing because the loan is secured, so interest rates are less than for unsecured debt.
A leaky roof is an emergency for most homeowners. Most roofs require repairs over time and if not take care of, leaks can get worse leading to property damage worth thousands of dollars. Repairing a roof is a large expense for most homeowners and, unless you have a little cash set aside for a rainy day, that cost is going to take a large bite out of your family's budget.
If you're lucky and your roof requires only minor repairs, you won't need more than a few hundred dollars to repair the roof. The cost will depend on the size of your home, materials used, the contractor you hire, and the area you live in. It ranges anywhere from $2,000 to $10,000 depending on all these factors. If you use materials such as asphalt or shake, the costs can spiral to even $25,000.
Roof repair financing options are available for most situations. You can choose the one best suited for your situation from those below:
* Ask your contractor to work out a payment plan. Although some contractors want their money upfront, most will want to keep a client and may be willing to offer you flexible payment terms for your roofing contract.
* Use your credit card. If you haven't maxed out your cards, you can use one of them to fund your roof repairs.
* Get a home equity loan. For homeowners with equity in their home, this may be a good option to finance roof repairs or maintenance.
* Get a personal or home improvement loan. If your credit score is still acceptable, you can approach conventional lenders and banks for funds without having to put up collateral and the interest rates you pay will be much lower.
* Apply for a car title loan. This option is suitable for those who have bad credit, but have auto equity and can therefore provide collateral in order to secure the debt. For borrowers with bad credit, a car title loan can help you get emergency repairs done. This will help you prevent further damage to your home and property without having to approach a bank or loan shark for cash.
As long as you have proof of ownership of your vehicle and possess the documents to show that it is paid off or nearly paid off, lenders will be happy to give you cash against your car title. However, as title loans are given to subprime borrowers, you must be prepared to pay a higher interest rate than with traditional lending sources.
You can borrow up to 50 percent of the car's wholesale value with these instruments. And if you strictly adhere to the terms of the agreement and make your payments on time, it will help you establish a positive payment record and boost your credit score.
Once you reestablish credit and have a good credit score, you can turn to conventional lenders for a loan with lower interest rates. Because subprime borrowers are vulnerable to disreputable lenders, you must be especially careful to read the terms of your title loan agreement carefully.
Beware of lenders who use aggressive selling tactics and make sure that you are not being charged exorbitant interest rates that will trap you further into debt ending up with your vehicle getting repossessed. Look for a lender that offers reasonable interest rates and allows convenient and flexible terms so you can avoid repossession.
You need some cash, but you aren’t sure where to get it. In your research, you’ve come across different kinds of loans and options for fast cash. There are No Title Loans, home equity, secured loans and unsecured loans. There are so many kinds; it can be very confusing to keep them all straight. So what kind of loan sounds like the best deal for you?
Who Has the Best Title Loan Rates?
If you are facing a financial emergency and need to borrow $1,000 or more, you should consider using your automobile as collateral for one of two short-term loan options. These are typically referred to as auto equity loans or title loans, and though some people use the phrases synonymously, they aren't exactly the same. There are a few variables that set the two apart, the biggest of which is the issue of vehicle ownership. Here is a closer look at the details of each loan type.
Auto Equity Loans
These loans are for borrowers who are still making payments on the vehicle and do not yet own it in the eyes of the law. The legal owner is the lien holder-usually the bank or credit union that originally financed the purchase of the car. Regardless, you may still qualify for equity loans if you have sufficient equity in the vehicle.
The minimum amount of equity needed varies from lender to lender, but a general rule of thumb is that you will only be able to get a loan in the amount of 50% of your equity. That means in order to qualify for a $1,000 loan, you'll need to have at least $2,000 worth of equity in the vehicle.
Other important points to keep in mind regarding auto equity loans include the following:
- You must be at least 18 years old, employed, have a valid driver's license, and show proof of insurance on your vehicle.
- You will have to provide documents detailing the remaining balance on your original loan, as well as your payment history.
- One condition of the loan contract will be that you agree to let the new lender take a security interest in the car, allowing them to seize the vehicle if you do not repay the debt on time.
- You will be able to continue driving the car as usual for the duration of the loan.
- People with very poor credit ratings may have trouble getting approved for loans.
Title loans are similar to auto equity loans in many respects. For instance, the minimum requirements concerning age, employment, and vehicle insurance are typically the same, as is the risk of repossession as a result of nonpayment. The main difference is that in order to qualify for title loans, you must own your car outright. If you are still making monthly payments on the original loan or if there is any other type of lien on the vehicle, your application will not even be considered.
Other important points regarding title loans are:
- The vehicle must be less than 10 years old, drivable, and have a minimum wholesale value of $2,500 or more, depending on the lender.
- The loan amount will be determined by your projected ability to make timely payments, your car's overall value, and other criteria of this nature.
- If approved for the loan, you will be required to hand over the vehicle title-and perhaps even a spare key-when you sign the contract.
- You will have full access to the vehicle as long as you do not miss any payments.
- Many people with bad credit or no credit may still qualify for title loans.
As you can see, the general terms, conditions, and qualification criteria for auto equity loans and title loans are the same. The only differences you need to be aware of before applying involve vehicle ownership and approval rates for people with less than perfect credit. If you're still unsure of which type of loan you should apply for, you can ask the lender to review the specifics of your case before deciding whether or not to move forward.