Are you planning to start a business or go back to school or even to settle some major or minor financial obligation? Have you tried looking for money from all sources you know without success? If that is your case, then you must be going through a very tough period. However, not all is lost. If you have a car, then you have no reason to keep worrying. A car title loan is your best option, with no much paperwork and a short Turn-Around-Time, you have your money.
Car title loans exist both as pure online lenders and as physical offices in Miami. Here are a few tips to enable you to get the best out of these loans and avoid unnecessary pitfalls.
Know the repayment options available for you
Before you get into applying for the loan facility, make an inquiry on how the loan would be repaid, the terms and conditions thereof. Is it through direct payment or a checkoff? And for how long are you going to pay? Just like all other loan facilities, the shorter the repayment period, the more the installments and the less the interest you’d pay. The longer the period the less the monthly payments and the more the interest. Thus, it is advisable to pay for the shortest time possible to avoid high charges.
How are the penalties
Before committing yourself, you need to find out what would make your repayment attract penalties. There are types of car title loans where paying earlier than stipulated would attract a penalty. That means if you jump into some money that can pay-off the loan mid-way; you’d rather keep it until the end of the period. The thing here is that lenders are in business and thus looking for ways to rake some good profits, and paying off early is like denying them some good amounts.
Be keen on the online application and approval procedure
Some car title lenders offer pure online application and approval process while others would want to verify some documents physically. Thus, you need to pay attention and respond accordingly. Others may demand to see the car physically and that would mean you drive it to their designated locations for inspection. Whichever way, the process takes less than a few hours before you receive the check.
What type of cars does the lender accept?
Some lenders would not accept cars that are more than eight years from the Year of Manufacture while others are okay with whatever car as long as it’s in good condition. Check out also if there is a mileage restriction. Do your searches even before you begin the application process and this would save you time.
Does the lender have the requisite licenses?
Any Miami Title Loans lender must possess the right certificates and licenses to do the business. There are regulations that guide car title lending and these vary from state to state. Check out if they have such.
Car title loans are very popular due to their less stringent requirements and faster approval and drawdown rate. Confirm your state’s eligibility of the online loan before you begin the process.