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Do I Need Proof of Insurance to Get a Car Title Loan?

July 02, 2019

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Do you have a car title that's clear of any lien? Are you in need of a loan fast? If so, there's an option for you that many consumers find convenient when they find themselves in a situation where they have unexpected bills to pay or any other emergency that requires cash fast. Car title loans have become a popular option for Americans who don't have time for the process of getting a loan through a traditional lender or who may not have the credit score for a traditional loan. That's because getting a car title loan is much easier and faster to get than a bank loan.

Car Insurance

Do I Need Proof of Insurance to get a Car Title Loan?

Yes, you will also need proof of insurance. At TitleSmart, we ask that you have insurance for your protection and ours, that way if the car is in an accident during the loan term, the insurance will cover the loan. As part of the loan process, we 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. If you don't have insurance, no problem. We can help you get it.

Other Documents for a Car Title Loan

At TitleSmart, we have made the process of getting a title loan as easy as it can be. Our goal is to make sure consumers who can't get traditional loans have an option when they need one. Getting a car title loan from TitleSmart is simple. All you need is a car with a clear title, some basic documents, and the need for a loan fast. The documents you need for a title loan from TitleSmart include the original vehicle title, a government-issued identification that matches the name on the title of the vehicle you will be using to obtain the loan, proof of where you live (utility bill, cable bill, or credit card statement will do), proof of some kind of income, showing you have the ability to repay the loan (bank statements or pay check stubs are fine), a couple of personal references, and photos of the vehicle from all sides, including photos of the VIN plate and the odometer.

Get Loan and Drive Your Car
TitleSmart can help you get the loan you need right away. If everything is in order, we can have the money in your hand the same day you apply for the loan. If your credit is bad, good, or even if you have no credit, you can still get a loan from us. That's because TitleSmart doesn't worry about using your credit score to get you a loan. We base the loan you get on the value of your car, so as long as you have a vehicle with a title that is clear, you can get a car title loan from us.

What Can I Use My Title Loan For?

This is a great question. Many people assume title loans are for financial emergencies like overdue rent, unpaid bills, medical emergencies, or other unexpected bills. Title loans are great for these reasons, but you might just want to have a little extra money for a summer vacation or for doing some work around the house. At TitleSmart, we aren't going to ask you why you need a loan. Our goal is to get you the money you need as conveniently as possible, regardless of what you need the money for. We don't require you to tell us what you will do with your loan.

Do I Get to Keep My Car with a Title Loan?

Yes. This is because at TitleSmart, we understand that being faced with a financial crisis can be a big enough headache. We don't want to add to the stress factor. When you use your car title to get a title loan at TitleSmart, you get to drive away in your vehicle. You will still be able to use it as you normally would, making it possible for you to keep up with the things you would normally do.

TitleSmart is a great alternative to loans from traditional lenders. If you find yourself in need of a car title loan, let us be your first choice. We offer easy loan terms, fast and convenient service, and customer service that goes beyond the average customer service experience. We are available Monday through Saturday to serve your car title loan needs. Give us a call at (954) 404-7306 to speak with one of our qualified loan specialists.

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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