5 Star Car Title Loans in Dearborn Heights, MI
Sometimes you need some extra money to support your financial situation when unexpected expenses may arrive. While taking personal loans in Dearborn Heights, MI can be a good long-term financial solution, it’s not always the most viable option if you have a bad credit score.
In that case, you may want to opt for an alternative method for quick cash. For example, if you have a car title under your name you may use it for acquiring a quick car title loan.1 5 Star Car Title Loans is a leading provider of short-term loans in the form of title loans in Dearborn Heights, MI.
These title loans allow borrowers to arrange emergency cash without needing to wait through a long approval process or undergo a comprehensive credit check.2 Thus, these are ideal for those who need bad credit loans in a short time.1
What is a Title loan?
Title loans are known by many different names such as auto title loans, auto equity loans, pink slip loans, cash title loans, etc. These are collateral loans where you need to submit your car title to lenders for immediate cash.2
Unlike other collateral loans, you don’t have to submit your car as collateral. Instead, the lien is placed on your car’s title so you can use your car without any problems. These loans are given regardless of your credit history, so even if your credit score is poor, you can still qualify.1
Thus, many people opt for car title loans in Dearborn, Michigan, as their last resort when they have exhausted all their other borrowing options.
How do Title Loans Work?
The process of obtaining title loans is pretty easy and straightforward.2 You just need to follow the following easy steps to get online title loans in Dearborn Heights, MI:
1) Apply Online
At 5 Star Car Title Loans, our process is totally online and can be started at any time. For this, you just need to go to our website and fill out a simple application form that will require your basic details and car information for an online assessment.
2) Submit Documents
For a quick online assessment, you also need to submit a few documents including your driver’s license, income proof, car documents, etc. You can get conditional approval, pending review of documents, if you meet the eligibility requirements.1
3) Online Inspection
You also need to submit photos of your car from all angles with its odometer reading and VIN. Our team will assess the vehicle’s condition and provide an estimate of how much cash you can get with the title loan.1
4) Get Quick Cash
If you agree with the loan terms, you will need to sign the loan agreement and you can expect the cash to be available within 24 hours from loan approval.2 You can receive the money via direct deposit in the bank account, mailed check, Moneygram, or any other preferred method.
It may usually take 1-2 business days to get the loan proceeds from assessment to final approval.2
What Documents are Required for Title Loan Approval?
For getting any kind of cash loan, you will need to submit the relevant specified documents. Here are the key documents you will need to submit for obtaining a title loan in Dearborn Heights, MI.
- Driver’s License
Your government-issued driver’s license is required as a valid ID proof to demonstrate you can legally own and operate a vehicle. You can also provide your passport or other acceptable government-issued photo ID.
- Original Car Title
Your original car title will need to be submitted as it will work as collateral. The car title must be under your own name matching your name on the driver’s license. In addition, it needs to be lien-free, which means it should not have any partial claims from any third parties.
- Car Registration
Your car registration documents will also be required. Make sure your registration is current and valid as per the federal laws in Dearborn Heights, Michigan.
- Proof of Income
You also need to provide supporting evidence of your ability to pay the loan back.4 Thus, you will need to provide documents regarding your salary stubs, bank statements, and income from any other alternative methods.
- Credit History
Although most lenders don’t run any credit checks for loan approval, credit history is usually required for documentation purposes. So, even if your credit history isn’t great, it won’t affect your chances of approval.1
- Residence proof
The state laws regarding title loans differ greatly in each state. Thus, you need to provide residence documents to show that you are a valid resident of Dearborn Heights, Michigan. It will help determine your eligibility and loan terms as per your area.
- Proof of Car Insurance
Car insurance is sometimes required by lenders to ensure you meet the lender’s credit criteria. It assures lenders that your car has valid insurance in case of any accidents or car breakdowns.
If you are interested in applying for car collateral loans based on the car title, give us a call at (888) 309 0994 to schedule a consultation today!
How Much Cash Can I Get with a Car Title loan?
With a car title loan, you can generally get 25% to 50% of your car’s worth in cash from other lenders. However, at 5 Star Car Title Loans, we allow car title loans amounting to up to 75% of your vehicle’s value.1
The actual loan amount is calculated based on the value of your car. Thus, an online inspection is conducted by our team to determine your car’s accurate market value.
What Factors Help Determine the Value of the Car?
During the evaluation, we assess the condition of your vehicle, features, mileage, and many other factors to determine an estimated value of your vehicle based on current market conditions.
The minimum loan amounts may vary depending on the following factors such as:
Vehicle Condition
Your car’s functionality and physical condition can impact the loan amount you can borrow. Thus, if your vehicle is in fairly good condition, you can get a higher loan.
Car Modifications and Additional Features
If your car has any extra features such as a high-quality sound system, has had a new engine installed, or any other modifications were done to your car, it may help you get a higher evaluation.
Car Make and Model
If you have a car make and model that is highly popular and in demand, you may get a significant loan amount despite the vehicle’s age.
Damages
If the car is damaged, inoperative, or needs major repairs, it can negatively impact your car’s value.
Vehicle Year and Odometer Reading
Over the years your car mileage may increase or decrease. If you have a newer car model with less mileage, you may get your desired loan amount. Thus, the odometer reading is a crucial factor in estimating the actual loan amount you can borrow.1
How to Know if My Car Value is Enough for a Title Loan?
If you are considering getting a title loan but are unsure about how much loan you can get with it, you can schedule a consultation with our loan officers at 5 Star Car Title Loans. We do not have any charges for a consultation.
Thus, you can give us a call at (888) 309 0994 to discuss your car title loan requirements and get to know whether you are eligible for a title loan. Our team will provide a free estimate before you officially start the loan approval process.
What Expenses Can Title Loans Help Cover?
If your car isn’t that old, you can get a sufficient loan amount to cover a range of emergency bills such as:
- Rent payments
- Emergency medical bills
- Paying utility bills
- For household purposes such as paying for groceries
- Helping out your family members in need of urgent cash
- Repairing a house
- Car repair and maintenance
- Paying off credit card debt or other loans
- Refinancing your car title loan
And, many other unexpected expenses. Thus, you can use the loan proceeds from a car title loan in Dearborn, MI, for any personal or household purposes without any restrictions.
How are Title Loans and Payday Loans Different?
There are many differences between title loans and payday loans, such as:
1) Loan Type
Payday loans are unsecured loans granted without any collateral. However, car title loans are secured loans. The car title is submitted by borrowers as collateral. As a result, if you fail to pay the loan back, you may lose your car’s ownership.4
2) Interest Rates
Payday loans are high-interest loan services offered by third-party lenders. Although the interest rates on car title loans are usually higher than a personal loan from the bank, it is still less than payday loans.
3) Repayment
Unlike service student loans or payday loans, auto equity loans quickly provide loan proceeds within 24 hours2 and have a longer repayment duration which makes it easier to repay these.4
You can easily pay a title loan by paying a monthly fixed installment. And, payday loans need to be paid in a single lump-sum installment, which can be challenging for those who have become unemployed or don’t have any source of income.
4) Loan Amount
For Title loans, the loan amount is calculated based on your vehicle’s value. Thus, you can borrow a significant sum of money depending on your car’s condition. However, payday loans are generally very small in amount, generally a couple of hundred with exorbitant interest.
Thus, when you need a larger sum of money such as over a grand, you may benefit from opting for a title loan. However, when you need minimum loan amounts, and you can pay it back with your next paycheck, you may consider payday loans.
If you are unsure about which is a better option, feel free to call (888) 309 0994 for expert consultation from our experienced loan officers!
Apply Online for Quick Title Loans from 5 Star Car Title Loans in Dearborn Heights, MI
When you need money for your quick short-term needs, you can avoid going through a lengthy approval process by opting for a quick title loan from 5 Star Car Title Loans. We provide quick funding without any hassle of extensive credit checks or long loan processing.2
Whether your credit score is good or bad, you can get instant approval as long as you fulfill the minimum lender’s credit criteria.1 With our fully online loan processing you can get approval and funds on the same day within 24 hours.2
So, when you need cash quickly and you’ve run out of options, contact us at (888) 309 0994 and apply online for a title loan at competitive interest rates!
Pros of Choosing 5 Star Car Title Loans
Dearborn Heights residents can enjoy many perks of choosing title loans from 5 Star Car Title Loans, such as the following:
No Long Waiting Times2
Unlike traditional loans, you don’t have to wait for a long time to get loan approval. Our loan approval process is very quick so you can expect the approval within the same day.2
No Deep Credit Checks1
At 5 Star Car Title Loans, we usually don’t run any extensive credit checks unless you want to borrow a significant loan amount.1 So, when you need a small loan for your urgent needs without credit checks, we are your go-to destination for quick short-term financial solutions.
Money Availability in 24 hours2
We ensure that the money is available without delay when you need it urgently. Thus, you can expect to receive the money with a low transaction time within 24 hours of approval.2
We can provide funds through a direct deposit, mailed check, money order, MoneyGram, or whichever other method you prefer.
Bad Credit Accepted1
If you have bad credit or no credit, it’s not an issue for title loan approval from 5 Star Car Title Loans. We accept all kinds of credit scores, as long as you can provide sufficient income proof from employment or alternative income sources.1
If you seek credit counseling from our title loan professionals, give us a call at (888) 309 0994 for a consultation today!
Get Quick and Easy Loans for Your Emergency Needs in Dearborn Heights, Michigan!
When your bills are accumulating and your income is unstable, taking a car title loan from 5 Star Car Title Loans can help you get out of the financial crisis. We offer on-demand quick title loans2 with affordable installments and a flexible repayment schedule.4
Give us a call at (888) 309 0994 and discuss your title loan needs with our experienced loan agents today!