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Are Car Title Loans a Bad Idea?

October 08, 2019

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A car title loan is a type of loan that can be obtained by using the title of your car. Car title loans are popular with consumers because they are easy for just about anyone to get. In fact, a car title loan is one of the easiest, fastest loans you can get. While car title loans help countless consumers get the money they need every year, there are some myths spread about car title loans that are meant to shine a bad light on them. The truth is, car title loans are not bad, and without them, many consumers would suffer the consequences of a financial emergency with no alternatives available.

Loans at a Bank

Why Not a Bank or Credit Union?

It's important to understand that banks, credit unions, and other types of traditional lenders may not be an option for everyone. Many people recommend traditional lending institutions because they say the interest rates are lower. According to Credit Karma, unsecured loans (the type many consumers opt for when they have a financial crisis) often have higher interest rates because there is no collateral used to secure the loans. Those rates can vary from one bank to another, depending upon your credit score. In fact, many consumers can't even qualify for an unsecured loan through a bank. In the case you can qualify for a loan through a bank or credit union, it can often take some time to get the loan. In situations where you need money fast, waiting for the loan process might not be an option for you. This is one of the big reasons bank loans might not work for some consumers. There's a lot of paperwork involved and time spent waiting to see if you qualify.

A Couple of Myths About Car Title Loans

Outrageous interest rates are one of the biggest myths about car title loans. This isn't always the case. Many car title loans, including TitleSmart, offer competitive interest rates, particularly for anyone who needs to get a fast loan. Another myth is that car title loan companies are just waiting for you to miss a payment because they want to swoop in and take your car away from you. This isn't true either. That isn't how car title loan companies make money. They are in the business of issuing car title loans, not taking cars so they can sell them. At TitleSmart, we are interested in helping consumers get the money they need when they need it. We don't want your car. The car title is simply a means by which you can obtain a loan through us.

Myths About Car Title Loans

How Does a Car Title Loan Work?

Unlike banks and credit unions, car title loans are pretty straightforward. At TitleSmart, we make it quick and easy for you to get the funds you need in an emergency. All we need is the title of your car (free of any liens), a valid I.D., proof of residence, and proof of a viable source of regular income. You don't even need to be employed. You can still get a car title loan even if you are on disability. Our process is simple. We can assess your vehicle on the spot to determine the amount of the loan you qualify for and issue you a car title loan the same day. In fact, we can have the money in your hands often within half an hour. It's that easy.

What about your credit? No problem. We won't even check your credit. Since your loan amount is based on the value of your car and you're using your car title to secure the loan, we don't worry about your credit score. You can have good credit, bad credit, or even no credit at all and still be able to qualify for a loan through TitleSmart.

Another important thing to remember about getting a loan through TitleSmart is that we don't require you to leave your car with us. We know that it can be hard enough for you when you are going through a financial crisis and need money. The last thing you need to worry about is being without your vehicle, so all we need is your title. You get to keep your car with you while you have your car title loan with us. That means you won't need to worry about how you're going to get to work, how you'll run errands, or how you'll continue to do the things you normally do with your car.

TitleSmart Loans
TitleSmart has one goal in mind. We are here to provide consumers who need money with a viable option for getting a loan fast. Our car title loan experts are here to help our customers on an individual basis. We work with each consumer to find the loan option that will work best for them, ensuring consumers get the money they need. We go over all of the terms with each customer so there is complete transparency regarding the car title loan and how it works. Our loan experts will answer all of your questions and make sure you have no concerns whatsoever before you get your car title loan.

At TitleSmart, we care about your privacy too. Not only do we not share your information with anyone, we also won't ask personal questions or ask why you need the loan. There are no restrictions on how you use the money you get from TitleSmart. While many people get a car title loan from us because they've found themselves with unexpected medical expenses, utility bills, or late rent, others simply want a little extra money to buy something they might not otherwise be able to afford. You can do anything you want with the money you get from us without having to explain yourself. Your TitleSmart loan is yours to do with as you see fit, no questions asked.

Car title loans are not a bad idea. They can be a source of financial relief for consumers who need money fast. There's no better place to get a car title loan in Florida than at TitleSmart. We are a trusted company building a solid reputation with our customers. If you need a car title loan for any reason, call us at (954) 404-7306 or fill out the form here on our website. Our car title loan experts will be happy to assist you today.

If you found this article helpful then let us know in the comments section below. Likewise, feel free to share it using the share options below. Want us to cover another topic of your interest pertaining to auto title loans? If so, then like us and follow us on social media, and post to any of our social media profiles the topic you'd like us to discuss: Facebook TitleSmartFL, Twitter @TitleSmartFL, and Instagram @TitleSmart.

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TitleSmart INC makes use of the phrase "Auto Title Loans" for the sole purpose of advertising. We provide auto equity loans. TitleSmart INC is licensed under the "Florida Consumer Finance Act" under Florida Statute 516. For this reason, lender's loans are exempt from licensing requirements under the "Florida Title Loan Act." This lender's approval of loan is based on the consumer's ability to repay the loan and the condition of the vehicle being used to acquire the loan.

Fees: $89.00 Lien Fee, $25.00 Application Fee, and a Document Stamp Tax which changes according to the amount of the loan. The fees are built into the life of the loan. APR: Annual interest rate ranges from 18% to 30%, depending upon current market.

Repayment: Our convenient payment options are designed to fit the consumer's ability to repay a loan. Those options currently range from 6 months to 24 months.

The table below represents an example of the overall cost of a loan. If you have questions or need further information, we are always happy to be of assistance. We want you to fully understand the terms and cost of your loan before you get one.

Loan Amount$1,000$6,000
Interest Rate(APR) 30% - $214.7318% -$733.25
Lien Holder
(One Time Fee)
$89$89
Application
(One Time Fee)
$25.00$25.00
Doc Stamps
(One Time Fee)
3.8321.33
Term 12 months 14 months
Monthly Payment$109.40$489.24
Total of Payments$1,312.81$6,849.33
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