In Need of Instant Cash?
A car title loan — also known as an auto title loan or auto equity loan in Detroit, Michigan can be the solution.
At 5 Star Car Title Loans, we make it easier for our clients to obtain instant title loans in Detroit, MI. Apply over a phone or online, submit your info for a quick approval and get cash in as little as 24 hours.2
What is an Auto Equity Loan and How Does It Work?
Auto title loans are secured loans that allow borrowers to borrow off their vehicle’s current equity in exchange for using the title as collateral. Vehicle title loans allow borrowers to borrow up to 50 percent equity in the vehicle.1
If you are in a difficult financial condition or need urgent cash to pay off unexpected medical or any other bills — car title loans can be a perfect loan. In order to obtain a title loan, you need to submit an inquiry and in the application, you need to show your car, proof of ownership, insurance, and your license.
Once you get approved you may need to submit your vehicle title in exchange for the money. However, a lien will be placed on the title of your vehicle and the lender may become the lienholder. When you use your title for collateral loan, you still keep your vehicle to drive!
When you repay the loan amount along with the interest rate, the lien will be removed and the title of the car will be cleared.
Apply for Title Loans in Detroit Today in Three Easy Steps
The process of obtaining title loans in Detroit, MI is easy and streamlined so that you can get your money quickly with no hassles or complications. There is no hidden cost, no smoke, and mirror involved in title loans.
Here are the three steps to get a quick title loan in Detroit, Michigan1:
Step 1- Apply Online or Over a Phone
To apply for a vehicle title loan, you need to fill out an easy and short request form online on our website. This can be done over the phone as well with the help of our loan representative. This pre-processing is necessary to be sure if you qualify for a loan or not.1
Step 2- Submit a Few Documents
Like with any other loan application, you may need to submit a few documents as proof that you can qualify for the title loan. To submit the documents, you can either fax them or email them.
Step 3- Sign the Agreement and Get Your Cash
Once 5 Star Car Title Loans has accepted your loan request and documents in Detroit, Michigan, you may receive a contract for your title loan. Once you sign the contract, you can get the quick title loan funding.2
Apply for Car Title Loans 100% Online with No Inspection
If you are busy and need cash urgently then you can apply for a car title loan online with no inspection. An online title loan is created to be fast, efficient, and easy. Even if you have a poor credit history, you can still get instant cash to deal with your emergencies.
Get started by filling out the loan inquiry online form to apply for the title loan in Detroit. Submit a few documents to show your ability to repay the loan. 5 Star Car Title Loans will quickly analyze your situation and may offer you a loan.
Once you sign the offer, you will receive the cash in as little as 24 hours.2 With 5 Star Car Title Loans, you don’t need to take out the time for an in-person inspection of your vehicle. Instead, you can send in the photos of your vehicle from all the angles from your smartphone and send them to us.
This way, 5 Star Car Title Loans will have a clear idea of what your car looks like without requiring a personal inspection. Applying and getting approval for a title loan in Michigan is as simple and quick as that.
Approval Requirements for Car Title Loan in Detroit, Michigan
There are two major factors that we look at while approving applicants for vehicle title loans in Detroit Michigan.1 The first factor is the equity in the vehicle which is determined by the make, year, model, and overall condition of the car.
The second thing that is looked at is your ability to repay the loan. One of the best parts about the vehicle title loans in Michigan is that you can still qualify for a loan if you are not currently employed or have a traditional 9 to 6 job.
Documents Required for Title Loans in Detroit, Michigan
You may need to submit certain documentation in order to be approved for car title loans in Detroit, Michigan. These documents are reviewed before finalizing your loan offer.
Basic documents that are required for car title loans in Michigan include:
Car Title
A car title is used as collateral in order to get an instant car title loan, so you need to show the document of ownership. If the vehicle title is not in your name, you cannot apply for the loan.
Photos of the car
In the case of the online vehicle title loan inquiry, you can skip the in-person inspection by providing photos of your vehicle. Just make sure you send the photos from all angles along with the vehicle identification number and odometer reading of your car.
Proof of the Income
You can only get approved for a title loan when you show the ability to repay. In order to show you receive consistent income, you can submit one of the following documents.
● Bank statement
● Paystubs
● Tax Returns
● Contact information of Employer
Self-Employed
● Bank Statement
● Business financial documents
● Income Tax Returns
Retired
● Pension
● SSA
● Retirement account statement
Proof of Address
To get a vehicle title loan in Detroit, you need to submit proof of your permanent residence. You can submit any of the following documents.
● Utility Bill
● Proof of insurance of your property
● Property Tax Receipt
● Lease or Rental Agreement
● Mortgage Statement
I Have a Bad Credit Score, Can I Still Apply?12
A car equity loan is a popular choice for those who have bad credit as the borrower’s credit history isn’t the deciding factor for approval.1 No matter what your credit history or financial background is you can apply for a vehicle title loan. The determining factors for an auto equity loan are:
● Borrower’s ability to pay back the loan
● The equity of the collateral
After How Long Will I Receive the Cash?
After approval, you may receive money in less than 24 hours during a business week.2 We offer super-fast payment methods. Borrowers will have various options to receive funds including check in the mail, direct deposits to the bank account, or electronic deposits. Borrowers can even get their funds through MoneyGram.
How Much Cash Can I Get with Title Loans in Detroit?
You may borrow up to 50 percent of the value of your vehicle. The loan amount you can borrow in Detroit, Michigan depends upon two factors: the value of your vehicle and your ability to repay the Loan.1
For How Long Can I Get a Vehicle Title Loan?
Our typical loan term range from 12 to 36 months in Detroit, MI.1 Some vehicle title loans may also go up to 48 months. You may get a loan offer with a term that fits your lifestyle. You won’t be charged for paying off your loan extra or early.
Can I Still Apply for an Auto Title Loan If I’m Unemployed?
Yes, it is possible to apply for a loan if you are unemployed. However, you need to show some kind of proof that you will be able to pay back the loan. You can also get a co-signer to improve your chances of getting approved for a title loan.
After Receiving Title Loan, What Can I Use Money for?
Cash loans can be used for various kinds of financial emergencies. No matter what kind of financial crisis you are dealing with, an instant cash loan can help. There are not any rules to what you can use the money for. However, most borrowers use the money to cover various emergencies such as-
● Medical bills
● Vehicle maintenance
● Home repairs and improvements
● Dental procedure
● Pay off credit debt
● Wedding or funeral expenses
● Paying off rent
● And more
Risks Involved with Auto Equity Loan in Michigan
The potential risks involved with auto title loans are the same as they are with any other loan. Some of the common risks involved are-
You Could Lose the Possession of the Car
If you fail to repay the loan, the car title loan could put you in a horrible situation. If you fail to make the payment of your loan, your car will be possessed permanently.
Bad Effect on the Credit Score
Additionally, if you fail to make payment for the title loans in Michigan, it will negatively affect your credit score. Therefore, keep up with the loan payments to avoid a bad effect on your credit score.
Short Repayment Terms
One of the biggest disadvantages of car title loans is that they have fewer repayment terms as compared to traditional loans.
5 Star Car Title Loan Benefits in Detroit, MI You Get Today
Going through a financial crisis in your life and out of options? Turn to 5 Star car title loans in Detroit, MI. By choosing an auto title loan serviced by our company in Detroit Michigan, a borrower may enjoy a lot of benefits. Some of them are:
Keep Driving Your Car
Some kinds of vehicle title loans in Michigan require borrowers to give up the possession of their vehicle during their loan tenure. However, this is not the case with 5 Star Car Title Loans. We simply put up a lien on your vehicle allowing you to drive it every day while you pay for the loan.
Competitive Interest Rates
We keep in check with the interest rate rules and regulations in Michigan in order to set you up with interest rates that are competitive so that you can rest assured that you are getting the best deal.1
Bad Credit is Accepted
It is quite difficult to obtain traditional bank loans or personal loans when you have a not-so-good credit score. Thankfully, with 5 Star Car Title Loans, those with poor credit scores or past bankruptcy can get emergency money when they need it. As vehicle titles are used as collateral for auto equity loans in Detroit, MI, credit history doesn’t matter that much.
Quick Approval and Fast Funding
A vehicle title loan process in Detroit with us is not only easy, but it is fast as well. In as little as 24 hours, you could walk away with cash in your pockets.2 Say goodbye to the hassles and time-consuming process of traditional loans and experience a stress-free and quick loan approval process with 5 Star Car Title Loans.
Complete Transparency
There is no hidden fee, no giant pre-payment penalties, only complete transparency when you apply for a vehicle equity loan in Michigan.
Apply for a Quick Vehicle Title Loan with Us
If you are living in Detroit Michigan and in need of emergency cash quickly apply for a vehicle title loan with us. Just fill out an online inquiry form and get approved for a loan instantly. Applying for an online title loan is as easy as possible. In as little as 24 hours, you will receive money after the approval.2
So, what are you waiting for? Apply for a quick title loan today!
