Auto title loans in Edgewater 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 1 Hour Title Loans, you’ll have to show proof that you hold the title of your vehicle in Edgewater. 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.
Title Loans In In Edgewater Are Available To You Today!
The Importance of Obtaining A Good Credit Score
There’s a lot you need to know when it comes to getting a Florida Title Loan.
Not only is it hard to find a direct lender in Florida, but you also need to know what to look for in terms of a quality company. You can always go the online route and find a legitimate company that provides online auto title loans.
But many prospective borrowers feel more comfortable meeting with a lender face to face at retail lending location. In an ideal situation, an applicant will have researched their financial options and decided that auto equity loan is the best option for them. Beyond that, they need to feel comfortable with their lender and loan terms.
Unfortunately this isn’t always the case with people who apply for online title loans in Florida.
It’s imperative to protect yourself from unscrupulous lenders and do as much research as you can about the company that you’re looking to work with.
Work with a service that discloses the principal amount borrowed and what the interest rate will be.
Find out what the exact payment terms are for your specific loan agreement.
Are you paying the loan off in full in 12 months, 30 days..etc?
Does the firm you’re working with have a prepayment penalty?
Do they allow you to drive your car for the life of the loan, assuming you stay current on monthly payments?
All those details matter and it’s important to know every specific detail. That’s where we come in.
NetworthDirect is not a direct lender.
We don’t funds loans directly and we don’t make decisions regarding your financing application or underwriting process. We also don’t provide payday loans, cash advances or installment loans.
Our goal here is to provide visitors with as much info as possible about the process from start to finish.
Our site caters to Floridians who are interested in learning more about short term lending options. Many of these financing choices focus on applicants who may apply for a title loan.
But we also touch on payday advances, bank loans and other forms of fast cash short term borrowing.
We have articles and resources that will assist you in navigating the process from start to finish. Please reach out to us if you have any questions or need help throughout the process of applying for an online title loan. Florida statutes and financing regulations are always changing so check back often for new updates.
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 1 Hour 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?
Title Loans - What is a Secured Loan? Try Car Title Loans
How is this a good investment for both the borrower and the title loan company? It is an excellent investment for the borrower. This is why: at this point of time, let's assume the borrower is in some kind of financial disposition. That means the borrower may have lost their job, can't afford to pay their rent, may need money for their child's school tuition; there could be a number of possibilities why the borrower is in search for instant cash. Depending on the borrower's vehicle value, the borrower can receive up to whatever the maximum the loan company may offer. Some loan companies offer up to $100,000 and others may offer lower loans of up to $5,000. Obviously if the borrower is driving a Mercedes or BMW they will be looking at a larger loan value, but every title loan company is different.
Let's look at the other side of the spectrum. How is this a good investment for the loan company? If we scroll back to the first few sentences in this article, we can see that the title loan company "uses the borrower's vehicle title as collateral during the loan process". What does this mean? This means that the borrower has handed over their vehicle title (document of ownership of the vehicle) to the title loan company. During the loan process, the title loan company collects interest. Again, all companies are different. Some companies use high interest rates, and other companies use low interest rates. Of course nobody would want high interest rates, but the loan companies that may use these high interest rates, probably also give more incentives to the borrowers. What are the incentives? It depends on the company, but it could mean an extended loan repayment process of up to "x" amount of months/years. It could mean the loan company is more lenient on the amount of money finalized in the loan.
Back to why this is a good investment for a title loan company (for all the people who read this and may want to begin their own title companies). If by the end of the loan repayment process, the borrower cannot come up with the money, and the company has been very lenient with multiple loan extensions. The company legally receives the collateral of the borrower's vehicle title. Meaning the company receives ownership of their vehicle. The company can either sell the vehicle or turn it over to collections. So are car title loan companies a scam? Absolutely, NOT. The borrower just has to be careful with their own personal finances. They must know that they have to treat the loan like their monthly rent. A borrower can also pay-off their loan as well. There are no restrictions on paying a loan. He or she could choose to pay it monthly, or pay it off all in a lump-sum. Just like every situation, the sooner the better.
Car Title Loans: The Pros and Cons
It is very helpful to analyze the pros and cons of a car title loan before you decide to take a loan out. Learning about your financial investment before you finalize anything is a great financial tool to success. A borrower must consider their options fully before making a decision.
If you go online to most car title loan companies and read their "about us", "apply-now", "FAQ" pages you will see how bias their information really is. This is called false marketing. Just like the terminology "false advertising" most of these companies never state the entire truth about their company. They may hire outsourced journalists and columnists to write their content. Read the content before you make your final decision. If the content is cheesy and uses imagery in their content, the company is probably bullshit. Writing jargon in articles, is not something to brag about, but come on? Really? This is 100% needed! An example of poor imagery content may be: "Tired of thunderstorms and rainy days, get a car title loan today, and turn your day into a bright-sun shiny day". The content shouldn't be a story, if the borrowers really wanted to read a story, they could take their "nooks" out and read an article from "Reader's Digest". The content should be straight to the point, to get the borrowers' to want to receive a loan from the car title loan company.
The Pros of Car Title Loans
The most clear-stated pro would be the advantage of receiving instant cash. Anyone could walk into their local 7-11 or convenient store and purchase a state lottery ticket. That process is extremely easy; however the probability of receiving a large amount of cash instantly is extremely low. The probability of receiving instant cash at your local auto loan company is extremely high. Unlike traditional banks, and credit bureaus, another advantage of the car title loan industry is NO CREDIT CHECKS. Most of the time, borrowers come to tile loan companies because they're stuck in financial situations. Their credits scores are usually poor at this point, after collections have had to continuously made adjustments because they couldn't pay their bills on time. That is a major "Pro" for a car loan company. No matter what the borrower's credit score may be, the borrower is still qualified to receive a car title loan. Another pro of the car title loan industry (which was actually mentioned previously in the article) is since the borrower is putting their car loan as collateral, it is easy to convince the lender to extend the loan to you.
How does a borrower qualify? Like stated before, there is NO CREDIT CHECKS, therefore the borrower is already pre-qualified for a loan at this point. However, the borrower must meet the following requirements to receive a car title loan. The borrower must be over the age of 18 years old, the borrower must be the owner of their vehicle title, they must have already paid off their vehicle liens-free, and they must have a valid driver's license or state identification card.
How long does the application process take? The simplicity and speediness of the application process is another "pro" or advantage for the car title loan. The average online application just asks basic personal questions pertaining to the borrower's vehicle, and location. The application roughly takes about a minute or less to complete. Most companies get back to the borrower within a few minutes of submitting an application. Once the loan representatives read through the borrower's application information, they quickly give the borrower a call based on the number provided in the app, and go over the details and process of obtaining a loan.
How long does it take to receive the loan? Every company depends and probably has a different loan process, but it usually takes within 24 hours or less to receive the "instant cash". That is another advantage, or "pro" of the loan industry. Traditional banks, and credit bureaus, can take up to a few weeks to finalize the loans. By that time, the borrowers would have already lost their homes, been in serious debt, etc. Taking out a car title loan is the best financial choice. Check.
The Cons of Car Title Loans
Now that we looked at the Pros, let's look at the Cons of car title loans. Honestly, no financial decision is 100% perfect. Nothing is perfect, but some things get close. If this article was based on telling the reader that the car loan industry is the best financial choice, then the article would be full of shit. That's why the title is "key-worded" "Choosing the 'RIGHT' financial service. Not the BEST. The "Right" financial service. Remember, nothing ever is perfect, especially in finances, but some things come close.
The cons of a car title loan are indeed straightforward. The borrower is basically handing the ownership of their personal transportation over to the car loan company as collateral in order to receive a cash loan. As stated before, the borrower can face extremely high interest rates- depending on the company. If you have poor to no credit because of your financial situation, and learn that you cannot pay-off the loan you will be stripped of your vehicle, and instead of being able to alleviate your debt, you will fall into even more debt. At this point, the collections agencies will be completely done with you. The saying "follow the directions, and it'll turn out right" is extremely important and accurate when obtaining a car title loan. A borrower may also be at risk of taking out a loan from a disreputable company that will charge extra fees on top of the accrued interest, or instant hidden feeds that were written in the fine print in the contracts, that are almost impossible to see, unless observed carefully with a magnified glass. Thus, a borrower must be careful before making a finalized decision in any financial situation, especially when their biggest ticket possession is being used as collateral.
Now that this article has closely examined the Pros and Cons of the car loan industry, it is up to the borrower to make the right financial decision. The final decision is the hardest part. The final step is always the hardest part because the borrower now has to make a final decision whether he or she wants to take out a car title loan or choose to use another financial recourse. Honestly, after everything stated in this article, it would seem to be that choosing a car title loan is the right financial service. Again, banks and credit bureaus take too long to process a loan, so why choose them? If the borrower is in need of fast cash, they might want to consider choosing a car title loan.