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Are There Limitations on How I Can Use My Car Title Loan?

October 18, 2019

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If you are like many Americans, you've faced a financial crisis at least once in your life. Like many consumers, you might have trouble getting a conventional loan. Banks and credit unions might not be an option for several reasons. In some instances, a person's credit might not be good enough to get a loan from a bank. Sometimes there simply might not be enough time to go through the often-lengthy process of getting a bank loan. That's why car title loans are such a good option for so many people.

Money from Car Title Loan
Car title loans are pretty straightforward. You simply use your car title to obtain a loan. The car title has to be in the name of the person who is applying for the loan and it must be clear of any liens. At TitleSmart, we make it as easy as possible to get a Car Title Loan when you find yourself needing cash for any reason. Our requirements are minimal. To start with, bring your vehicle and the title to TitleSmart and fill out an application. We will do an appraisal of your car and determine the amount of your loan. Once you are approved, you will receive the cash for your loan right on the spot. We understand that leaving your car behind is not an option. Don't worry about that. We don't need to keep your car in order for you to qualify for a loan through us. We know that you will need your vehicle to continue to go to work, run errands, and do everything else in your life that requires a vehicle. All we need is your title, which will be returned to you once the loan amount has been paid in full.

Are There Limitations on How I Can Use My Car Title Loan?

TitleSmart customers have used their loans for numerous purposes. While it's true that many of our customers are facing financial difficulties and need their loan to pay off unexpected expenses, utilities, debts, medical bills, and other financial emergencies, we've had customers who simply wanted to borrow money to make a special purchase or even take their family on vacation. You could even borrow money to throw a lavish party. While we don't recommend taking out loans to throw a party, we don't dictate what you can do with the money you borrow from us. The loan is always yours to do with as you please. We value your privacy and won't even ask you to tell us why you need the loan. Whether you are paying bills or are planning a family getaway, how you use your TitleSmart loan is entirely up to you.

Clients Concerned About Credit History

What About My Credit?

A lot of customers walk into our store afraid that they might not qualify for a loan because they have poor credit. One of the great things about getting a car title loan from TitleSmart is that your credit history doesn't matter at all. Maybe you have good credit, but if you're like so many Americans, you have less than perfect (or even downright bad) credit. Maybe you're just getting started in life and have no real credit history at all. Here's the good news. It doesn't matter what your credit score looks like. Why? Because we aren't even going to look at your credit score. Your loan will be based solely in the equity in your vehicle.

We won't require a lot of paperwork and documents to qualify you for a loan either. These are the documents and the information that you will need:
  • Original vehicle title.

  • Government-issued identification matching the name on your car's title.

  • Proof of residence, such as recent utility bill, cable bill, or credit card statement.

  • Proof of vehicle insurance: We will call your insurer to confirm the details of your policy and have our company name added to the policy as the payee in case of loss. We can also help you get insurance if you don't have a policy!

  • Proof of income or ability to repay the loan, such as bank statements or pay check stubs.

  • Personal references.

  • Detailed photographs from all sides of the vehicle.

  • Photos of the VIN plate and the odometer.
Don't have a job and you have a disability? That's no problem either. All you need is a regular source of verifiable income showing you have the means to pay back your loan. You also don't need to have a bank account to get a loan from TitleSmart. You can even get a loan from us if you have filed bankruptcy. There simply is no easier way to get the loan you need when you need it.

If you're looking for a car title loan in Florida for any reason, call TitleSmart at (954) 404-7306 or fill out the form on our website to get the process started. You can even stop by the office without an appointment. Our qualified car title loan experts care about your needs. We are here to help you discuss your loan options and get you a loan to fit your needs. When you need a loan for any reason at all, trust TitleSmart to be there for you.

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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