Car title loans are generally very costly, but are a fast and easy way to get the money you need. People who opt for this type of loan are usually those who need the money immediately. Some typical emergency expenses are medical bills, last-minute bills, moving expenses and similar. The process of getting a car title loan is usually fast and is done in 15 minutes or less. You pledge your vehicle as collateral, hand title to the lender, and typically you get the money the very same day. However, you almost certainly won’t get the full value of the vehicle in your loan. Lenders will usually give you somewhere between 25 and 50 percent of the car’s value.
If you’re considering Pembroke Pines as a place to get your loan, there are a few things to keep in mind.
The amount you can expect to get is between $1000 and $5000. Your credit is not checked prior to getting a loan. Maybe you have bad credit, no credit or a bankruptcy on your record – you can still apply and get a title loan. You just need to hand your car title to the lender until the loan is paid back. There are some documents you need to prepare in order to apply for a title loan. Those are: your vehicle clean Florida car title, proof of residence and income, car registration and a valid driver’s license. The only thing the amount of your loan is based on is the equity of your vehicle.
As is the case with all title loans, Pembroke Pines title loans are short-term loans and are not a long-term solution.
In some states, the lender can repossess your car without warning the day after you default on the loan. In Pembroke Pines, however, the lender will have to wait for 30 days before repossessing your four-wheeler and is required to notify you in advance and give you an opportunity to hand over your car to them.
The lender also has to send you a written notification of the date, time and place where the sale will take place. In case you manage to collect the money and pay before they sell the vehicle, the lender will have to give you the car back.
In some places, lenders can refuse to accept partial payment and can charge you a penalty in case you pay off the title loan early. That is not the case in Pembroke Pines and the rest of Florida. There, the title lenders are required to accept partial payments and are not allowed to charge a penalty in case you pay the loan before the due date. So, when considering title loans Pembroke Pines might be a good place to look.
In some cases, you are allowed to extend repayment. This is called “rolling over” the loan. This means that instead of paying off the loan, you get a new 30-day loan. That is usually a bad idea since now you have to pay new loan fees.
When faced with an unexpected expense, people tend to turn either to payday loans or car title loans. So which is better?
Payday loan lenders give you short-term cash loans for a postdated check that is typically dated for your next payday. Two-week loan term is a standard, and if you fail to pay it off, you can end up with several multiples of your original loan amount.
A typical title loan term is 30 days, and the interest is usually around 25%. They also have slightly lower interest rates, and the amount of loan is higher. The type of loan you should get depends on your particular situation, and that’s why you should consider all your options before making a choice.