Title Loans in Clinton Twp, Michigan
5 Star Car Title Loans in Clinton Township, MI
With big bills and a long list of expenses, sailing through the month can become a huge task. These types of financial trouble can come upon anyone at any time, and sometimes we are not prepared to face such problems. Hence, we look for help.
When dealing with a cash crunch, the very first option that comes to mind is to borrow money via long-term financial solutions such as a bank loan or credit product.
However, a traditional bank loan consumes a lot of time and energy. So, turning to short-term cash loans naturally becomes a better option!
There are two popular options such as payday loans and title loans. While payday loans are comparatively high-interest loan services.
For the residents of Clinton Township Michigan, 5 Star Car Title Loans presents secure, fast, and affordable title loans which can help them in settling immediate cash needs!2
Car Title Loans In Michigan
These are quick and simple short-term lending options for people who need sudden financial assistance. These are secure loans and hence, are based on collateral which is the borrower’s car title. In exchange for your title, the lenders fund eligible borrowers.1
Car title loans are famous for several other names including pink slip loans, title pawns, vehicle equity loans, etc. In these loans, the borrower can easily repay the loan in small installments while continuing to keep driving his car.
How Do Car Title Loans In Clinton Township MI Work?
Indiana title loans work in a simple manner and have a fast processing time.2If you own a car, you can reach out to the lender directly and apply for a personal loan and get money for immediate cash needs.1
When you apply for a loan, the lender puts a lien on your car title and based on the car’s value and your ability, you can get the money.1 The money will then be repaid in the form of monthly payments.
And once the complete loan amount has been repaid, the lien will be removed thereby making you the sole vehicle owner once again.1
Title Loans: Basic Requirements For Clinton Township, Michigan?
To qualify for title loans, the applicant must abide by the laws and regulations. In Indiana, in order to apply for loans, you must:1
- Have a qualifying vehicle with a clean and lien-free title.
- Be 18 years old or older at the time of applying.
- Have a government or Michigan state-issued Photo ID.
- Have an income source with regular earnings.
Necessary Documents For Getting A Title Loan in Clinton Township Michigan
Although there are no long lists of requirements of documents, there are still essential documents that are necessary for getting title loans. In Michigan, you should have the following documents in order to qualify for the loan:1
The vehicle title acts as collateral and so, it is one of the most important documents. Make sure your title is clear and lien-free with only your name on it.
Proof Of Income
Proof of income can be shown by using bank statements, pay stubs, SSI, or other documents which ensure a steady flow of income.
Proof Of Address
You will be asked to submit utility bills, credit card bills, or mortgage/rental agreements as proof of residence.
Proof Of Identity
You can show a Govt or State-issued ID verifying your identity as a state citizen. This proof can include your driver’s license or your passport or any other identity with your photo.
Photographs Of The Vehicle
Recent photographs of your vehicle from all angles must be shared with the lenders to show the condition of the vehicle.
Will My Vehicle Qualify for Auto Title Loans in the City of Clinton Township if It is Older?
Yes, you can easily get a loan even if your car is older as long as your car has enough equity to meet the requirements. The car equity is the difference between its current resale value and the debt you owe on it.
The car’s equity is affected by various factors and some of that includes:1
- The Odometer Readings (Mileage On it)
- The Condition of the Vehicle
- The Car Type
- The Make & Model Of The Car
- Any Repairs Done To It
Can I Apply for Car Title Loans in Clinton Township if the Title is Not in My Name?
Without a title in your name, getting title loans is impossible. The auto title loan companies need a lien-free title in the name of the borrower in order to give auto title loans.1
Therefore, you have to have the title in your name. If by any chance, the title is not in your name, you can get it transferred by following these steps:
- Visit Your Local Michigan DMV: Visit your nearest Michigan DMV office and fill out a title transfer request form.
- Bring the Right Documents: While visiting the DMV, make sure you carry your vehicle’s original title and registration, driver’s license, and the application for vehicle transfer.
- Pay via cash: Submit the documents for verification along with your request form and make payment via cash.
When the title is transferred to your name, you can then easily apply for an auto title loan in Clinton.
Get Online Car Title Loans In Just Three Easy Steps!
The process of getting a car title loan with 5 Star Car Title Loans is quite straightforward and does not demand much from the applicants. Few easy and simple requirements and you are good to go. Follow these three pain-free steps to complete the title loan process:1
Step 1: Apply Online
Visit our official website, apply online and fill out an online loan request form. Share your basic details such as name, address, income, phone number, and car details and you will complete the online loan application.1
As another option, you can call us and a loan agent will fill the form for you.1
Step 2: Submit Documents
Based on the information you shared, you will receive conditional approval. The final loan approval will be given after the pending review of documents has been done. So, you will be requested to turn in a few documents for verification.1
After the verification of those documents, you will receive final approval.1
Step 3: Collect Cash!
Once the loan has been approved, an agent will contact you. He will give a rough estimate of the actual loan amount, title loan interest rates, annual percentage rate, payments, etc.1 Sign the contract only after reading the terms carefully. You can expect to receive your money in one business day!2
I Have a Bad Credit History, Can I Still Qualify For a Title Loan?
Bad credit can sometimes act as a hurdle while applying for loans. However, this is not the case with car title loans.
Since the lender’s credit criteria are based on three important factors other than credit scores, it is possible to get a title loan even with a poor credit score.1
However, sometimes, a routine credit check is performed but that does not impact the eligibility of the applicant. Since title loans are collateral-based, they are primarily based on:1
- Ability to repay
- Your car’s equity value
- Your car’s market value
Therefore, as long as you have enough equity left in your car, and can demonstrate ability, you may receive funds even with bad credit history.
Get Your Auto Title Loan And Keep Driving Your Car
We believe that a car is one of the most important and valuable assets. It is also one of the primary transportation ways.
Therefore, we do not ask the borrowers to leave their car or its keys. If the borrower is making timely payments, he can continue driving the car.
Pay Early Without Any Prepayment Penalties
5 Star Car Title Loans maintains complete transparency and therefore, there is no scope for any hidden fees or penalties catching the borrowers by surprise.
If you have taken the loan and wish to pay it earlier than the decided time, you can do that without worrying about any kind of prepayment penalties.4
We accept early payments without charging any kind of fee or penalty. However, we are not sure about the procedures of any other lender or lending partner.4
How Much Cash Can I Get With A Title Loan?
Owing to the factors that decide the qualification of title loans, the minimum loan amounts vary for every applicant. There are three important factors that are considered while calculating how much cash you can get via this loan. The factors are:1
Your Ability to Repay
Your current income, your monthly expenses, and the amount of debt you owe are some of the details which are examined to calculate your ability to repay. The lenders will have a look at these details to know if you can afford a title loan.1
Your Car’s Equity Value
The loan amount is usually sanctioned against the equity left in your car. You can get the amount based on the car’s equity value.1
Your Car’s Market Value
The market value is based on the condition of the vehicle, its manufacturing year, brand, model, colour, and cosmetic surgeries to the surface.1
The loans from 5 Star Car Title Loans can help you get a loan of up to 75 % of the car’s value.1