Title Loans in North Miami Beach, Florida
North Miami Beach is famous for its invigorating beaches, art Deco museums, world heritages, and diverse culture. It is the most exciting and attractive city in Florida to have fun with your family. But not all people are fortunate enough to enjoy the beauties of beaches or celebrate the cultural diversity of North Miami Beach due to an unexpected financial crisis that virtually paralyzes smooth functioning of life. In such a situation, a title loan gives helping hand to the people with less fortunate circumstances to improve their financial condition.
A title loan has become an integral part in the lives of people in North Miami Beach, Florida as it enables them to raise quick cash for covering all kinds of expected and unexpected expenses. The most important characteristic of this loan facility is that the bad credit people, who are often discarded by the mainstream lenders for an instant loan, can also acquire it without worrying about their credit score.
Using a North Miami Beach title loan, you can fulfill a range of financial needs of your family, such as:
- Renovation of your dream home
- Paying an urgent medical bill
- Funding your kids’ education
- Celebrating birthday party
- Debt repayment
- Holiday plan
Meaning of Title Loans in North Miami Beach
A North Miami Beach title loan, otherwise known as a car title loan or an auto-equity loan, is a short-term secured loan, which can be obtained by keeping the title of your vehicle as collateral or security in exchange of the loan amount. It is the easiest way to raise immediate cash. The size of the loan is decided by considering the equity in your vehicle. The minimum loan amount is $2500. It can be raised up to $10,000 depending upon the condition of your vehicle. Most of the Florida title lenders generally consider three things before finalizing the loan amount:
- The amount of cash you require
- Your ability to repay the loan
- Equity in your vehicle
Major Benefits of Title Loans in North Miami Beach
Car title loan has emerged as the perfect alternative to mainstream loans in Florida by virtue of its ability to provide cash without checking the credit history of a customer. The Florida title loan help financially-challenged people to acquire the most-sought-after or the much-needed cash deal with any financial emergency. This quick financial remedy has received overwhelming responses in North Miami Beach thanks to its following incredible benefits:
- Confidentiality of your personal information
- Loan more than 50% value of your vehicle
- Effective customer support services
- Don’t give your vehicle keys
- Flexible repayment options
- No credit score check
- Lower interest rates
- Refinancing option
- Cash on same day
How to Get a Title Loan in North Miami Beach?
It may sound strange that the North Miami Beach-based title lenders approve your loan application within an hour. However, it is practically possible because of the hassle-free process that most title loan companies sincerely follow. In order to obtain a North Miami Beach car title loan, you simply need to go through the following simple steps.
- Fill out the application form with all necessary details.
- Submit all necessary documents.
- Have your vehicle inspected.
- Get a free title loan quote on your vehicle.
- Read terms and conditions.
- Sign the contract.
- And get the loan.
Title Loan Laws Applicable in North Miami Beach, Florida
- In North Miami Beach, a title lender can charge an interest rate up to 30% per annum for the first $2000 loan, just as in Miami and statewide. The rate of interest is 24% per annum for loan amounts between $2000 and $3,000. The interest rate is 18% a year, if the loan amount is more than $3000.
- According to Chapter 537, Florida Statutes, a title loan company must hold a valid license from the state Office of Financial Regulation to run its businesses in North Miami Beach. The law also makes it mandatory both for the lender and borrower to sign a written agreement before finalizing the title loan deal.
- As per the state law, the lender is bound to provide you a written statement about loan amount and its interest rate.
- The lender should charge an annual simple interest, not compounded interest rate in North Miami Beach.
- The term of title loan is limited to 30 days in North Miami Beach as per the Florida Statute 537. However, it can be extended if the lender and borrower agree to the extension.
