Use Your Vehicle Equity

In need of getting some fast emergency money? Did you know you can use the equity that you have in your vehicle to get the money that you need within 24 hours?

There are many companies in Miami that offer equity title loans, but make sure that you shop around, you need to find a company that will give you the money that you need on the equity of your vehicle but at the lowest interest rate.

Using the equity that you have in your vehicle is one of the fastest ways to get money when you get a car title loan in Miami most companies will let you keep your car, as they will hold on to the title.

There are some companies that do auto pawn loans, but they will keep hold of your vehicle, and they are typically more expensive than title loans. It is important that you shop around with multiple different car title loan companies because they are more expensive than bank loans, so you need to make sure that you are getting the lowest possible rate.

Make sure that the company is in compliance with the CFPB, and that they have good reviews online with Google.

Use Your Vehicle Equity

When you apply with a car title loan company in Miami, you will be using your vehicle’s equity and not your credit score to get approved.

The number one qualifying factor is the equity of your vehicle, if you have it, then you will get prequalified. If you do not have any equity in your vehicle, then you will not be able to get a title loan.

Your car is your credit, but it is important that you choose a company that will see if you have the monthly income to pay for the title loan payments.

Make Sure There Are No Prepayment Penalties

Not all title loan companies are the same, so it is vital that you ask if there are any prepayment penalties, you need to choose a company that does not charge them.

Also, make sure that there are no additional fees that they are charging you, they are allowed to charge a small documentation fee, but nothing more.

Negotiate Your Terms

You can negotiate your terms, make sure that you are getting what you need, all of the title loan companies want to have you as a client, so make sure that the terms will work for you.

Make sure that the monthly payment will fit in your budget, see if you can get longer terms, so it will lower the payment, and make sure that the payments are amortized, so your payments will go towards your interest and your principal.

Requirements For Vehicle Equity Loans

With most title loan companies the requirements will all be very similar, you will need to provide them with your proof of income, to show that the monthly payments will not be a problem.

You will need to provide your proof of residence, your driver’s license and your auto insurance. Not all companies need to have insurance, so it is best to ask.

Some companies will require that you submit detailed photos of your vehicle, also the mileage and the VIN number, with some companies, the photographs will be sufficient, and they will not need to see the vehicle.

Getting Funded

When you are shopping for your title loan in Miami, find out how you can get the money, will it be a check, and do you have to go into a physical office to sign your contract. Can they wire the money directly into your bank account, are they going to mail you a check, or can you go to a local MoneyGram to pick up your money?

When you are choosing a car title loan company in Miami, you want to make sure that it will be as easy as possible to get the money that you need.