Title Loans With Bad Credit – How They Work
Bad credit shouldn’t stop you from getting approved for a loan, but it often does. Most lenders require excellent credit when applying for a loan in Florida, but that’s no longer true if you have a paid off vehicle!
Using a car as collateral, you can now borrow money with a Florida Title loan and not worry about your credit score. Bad credit title loans are available for anyone in Florida who can’t be approved for personal loans because of a low FICO score. Car title loans are also a good option for people who need a larger loan than what they could get approved for with a traditional loan. Loan amounts can be higher for a title loan because you are backing up your loan with security in the form of a vehicle. In contrast, unsecured loans primarily rely on your credit score when determining approval.
Bad credit title loans are offered for $1,000 to $20,000 in Florida, and the approval process is relatively easy for anyone with a lien-free vehicle. You’ll save a lot of time during underwriting by not having to deal with a formal credit check, and you can get approved with any newer vehicle with less than 100,000 miles. Apply with Florida Title Loans online, or call 888-986-8505 when you’re ready to get started!
Why Take Out A Bad Credit Title Loan
-Borrow the cash you need quickly. There are hundreds of companies offering online title loans in FL, and many services promise same day cash. All you need is a lien free vehicle and proof of income to qualify, and it’s much easier to be approved for a title loan than a payday loan.
-Good credit is not a critical underwriting requirement. Some lenders won’t even run a standard credit check that looks for recent defaults or missed payments. Interest rates on auto title loans are high, and there’s less emphasis on the applicant’s credit history. You may be subjected to a brief credit check, which will likely include a search to see if you’re in bankruptcy or already have a title loan. But even in this scenario, your credit history is primarily an issue determining your loan amount, not whether or not you’ll get approved.
-Keep driving your vehicle while you make the monthly payments. People often think a bad credit title loan requires them to pawn their vehicle and keys as collateral. Now, with a bad credit title loan, you can borrow cash without giving up your keys as security for a loan. You will sign over the car’s title as collateral and keep your vehicle. Some title loan companies may require a GPS tracking device for loans over $10,000. But even in this scenario, that’s negotiable, and you can often borrow a lesser loan amount with fewer restrictions.
-Borrow more money than you’d ever get with a traditional loan. Payday loan providers and cash advances companies can only offer a few hundred dollars, and that’s if you have a decent credit score. Installment loan lenders provide loans over $1,000, but you will need excellent credit to get approved. With a title loan, however, you’re approved based on your vehicle’s equity, and Florida lenders won’t check your credit score!
Can A Poor Credit Title Loan Improve My Credit Score
You may see a slight bump in your credit rating after making a few title loan payments, as on-time payments may appear on your credit report as an installment or recurring loan. Your creditor may report those monthly payments to the credit bureaus, reflecting them as on-time payments.
These title pawns are less risky than other types of debt because they are paid back in fixed payments over a set period. The positive history can help offset some negative items dragging down your score. Of course, if you default, then your score will take a hit, and not only that, you will face the risk of having your car repossessed. Unlike a default, vehicle repossession will stay on your credit for years and could seriously affect your ability to borrow money from a bank, credit union, or unsecured lender. So it’s important only to borrow what you can afford and ensure you make all your payments on time.
How To Get Bad Credit Title Loans – Apply Online Or With A Local Lender
One of the best things about bad credit title loans is that you can apply for them online, and get an approval decision in minutes. Many companies in Florida offer title loans; most have websites where you can fill out an application. At Florida Title Loans, we accept online applications regardless of your FICO score, and you can pre-qualify over the phone at 888-986-8505. The approval process is easier than ever for someone with bad credit and your credit score likely won’t even come up during the underwriting process. We can get you a quote solely based on your vehicle’s value, and all we need for pre-approval is the make, model, trim, and year of your car to get started!
If you don’t want to apply online, you can apply with a direct lender near you. Many of these companies are smaller and have less online presence, but they will all work with customers with poor credit and offer fast underwriting. You only need to find a few companies in your area that offer title loans and are willing to complete the underwriting and inspection process in person. There’s no need to ask if they provide bad credit financing because they all do! It will likely take less than an hour to complete the paperwork, underwriting, and final vehicle inspection before picking up the cash! Verify the interest rate initially quoted to you and check that it’s the same in the final loan contract you will be asked to sign.
Apply With Florida Title Loans For A Poor Credit Title Loan
If you need emergency cash and have a paid off vehicle, it may make sense to see if you qualify for a car title loan. Applicants with bad credit should find it easy to get approved when they use the car’s pink slip as collateral. Get started now with the online application at Florida Title Loans, and we’ll let you know right after you apply how much money you can qualify for!
Completing our online application takes less than 5 minutes, and you can always call us at 888-986-8505. After that, you should hear from one of our qualified processing agents, who will explain the terms and details of your bad credit financing options!