Title Loans in Lakewood, Ohio
5 Star Car Title Loans in Lakewood, Ohio
We all love to make some fancy changes around our homes. It can be bathroom renovation, new patio installation, or even changing the decor style of the living room, etc.
However, more often than not realizing what you dreamt of is more expensive than what you planned and made a budget for.
In those times, people look for a fast lending option from which they can get some extra cash on short notice.
While many banks can drown you in lengthy applications and days of waiting, you can get some quick cash by applying for auto title loans.
At 5 Star Car Title Loans, we offer simple and quick funding options to help people fund themselves in as little as 24 hours.2
Let’s know how that works:
What Is a Car Title Loan?
Title loans are a form of personal loan option where people can use their vehicle title to secure the loan and get some emergency cash.
In these loans, the borrower temporarily surrenders their car ownership to the lender, the lender places a lien on the car title and borrowers get the required funds.1
Online title loans are famous in many states as in these loans, the loanee doesn’t have to submit their car to get the loan. They can apply, take and repay the amount while keeping their precious car with them.1
Title loans in Lakewood are famous by several other names such as pink slip loans, vehicle title loans, auto equity loans, etc.
How To Apply For Online Title Loans in Lakewood, Ohio?
With 5 Star Car Title Loans, applying for Lakewood title loans is really easy and people can also do it from the comfort of their homes.
Here are some simple steps following which you can apply online and Lakewood residents can get themselves a pink slip loan within one business day.2
Steps To Getting A Car Title Loan In Lakewood, OH:
Fill Out an Application Form
Before applying, you should know whether you and your car qualify for the loan or not. You can do that by going to our dedicated website and fill a simple online form mentioning things about your vehicle such as make, model, income, and other basic details.
If you face any doubt or need help, you can directly call us at our dedicated number and take the help of our agent to get a title loan.
Upload the Required Documents
Once your eligibility is confirmed and you get the conditional approval, you can move on to the next step and upload the requested documents to finalize your loan request.
With our smooth and easy procedure for an online title loan, you won’t have to visit anywhere and can do that from the comfort of your home.
Sign The Contract
After verification, you will get the final approval and you’ll receive a loan contract mentioning the details of the loan conditions and guidelines.
Make sure you carefully read them before signing and sending them back, in case you get any doubts you can call us on (888) 309 0994.
Receive Money In Your Bank Account
Once we receive the contract, we’ll process your lending request and you can expect to get the loan proceeds within 24 hours or 1 business day.2
Apart from getting a direct deposit in the bank, customers can also opt for other payment options such as:
- Collect Cash At Participating Stores
- Receiving A Mailed Check
- Getting a MoneyGram Transfer
What Is Needed To Be Approved For Car Title Loans In Lakewood, Ohio?
As the title loan laws of every state vary, there are certain things you need to keep in mind before you go out and apply for an auto title loan.1
Conditions To Apply For Lakewood Car Title Loans:
- Candidates need to be 18 years old or above at the time of applying.
- They need to have the clean and lien-free title of the vehicle they are using registered in their name.
- Applicants must be living in Lakewood, Ohio, and should have proof of the same.
- They need to showcase their ability to pay back the loan.
If you satisfy all of these conditions, you can go ahead and get yourself a car title loan.
Basic Documents To Present While Applying For Car Title Loans, Lakewood
At the time of applying, most title loan providers are usually required to submit documents to verify your information and other details.1 Here is the list of ones they typically ask for:
Qualifying Vehicle Title
For title pawns, applicants must have a valid lien-free title of the car they are using to borrow money.
Proof of Income
As lenders need to be assured that you can repay the loan. They need to be shown with valid proof of reliable income. You can use your payslips, tax statements, bank statements and compensation letters, etc. to apply.
Proof of Ohio Residency
To qualify for an Ohio car title loan, you need to be a resident of the state and should have some documents such as utility bills, lease agreements, and property tax slips to prove that.
Recent Pics Of Your Car
For your vehicle inspection, you can click clear and recent pics of your vehicle from multiple angles (including VIN and Odometer reading) and send it to the 5 Star team.
Government Issued Photo ID
For identification purposes, your lender can also ask to show a valid U.S. Government identification or State identification such as a driver’s license or passport.
Several lending institutions can require you to provide some of your references too. These references can be either professional or personal and can also be from out of town.
How Much Cash I Can Get With Car Title Loans in Lakewood?
Auto title loans are secured loans with a streamlined loan process where your credit history is not that much of defining factor while determining your eligibility and loan amount.1
Here are the main 3 factors that most the title loan lenders use while calculating the amount of cash you can get:
Your Ability to Repay
Apart from having a lien-free car title, companies also need to be assured that they will get money in the future to pay back the loan.
Having a reliable income source will indicate that you can pay back the loan in time and will increase your chances of getting more money with the loan.
Your Vehicle’s Equity
Generally in a car title loan, the amount you want is adjusted with the equity you surrender. If you want to get access to more cash, you should be using a car with more positive equity in it.
Your Car’s Market Value
Many important loan terms such as minimum loan amount, interest rates, and repayment period are affected by the car you are using and its market value.
Here are certain factors we consider while calculating the market value of your vehicle1:
- Vehicle’s Brand, Make Model, and Style
- Year When The Car Was Made
- Current Condition
- Any Modifications
- Odometer Reading
At 5 Star Car Title Loans, our team spirit is to get people to get the most money possible for their application and allow them to access up to 75% of their car’s market value.1
How to Repay The Car Title Loan In Lakewood, Ohio?
Compared to other loans, auto title loans have a very straightforward and flexible loan process where the customers can easily take and repay without any burdens or unnecessary hassles.4
The 5 Star team offers a convenient repayment schedule and support multiple modes of payment to help people pay off their loan. Here are 2 ways by which borrowers can repay the pending amount:
- Lump-Sum Payments: Customers can choose to pay the full amount (principal and interest) at the end of the loan period in one single balloon payment.
- Monthly Installments: Applicants can also create a repayment schedule to repay the loan amount in smaller installments at regular intervals.4
Can I get a Vehicle Title Loan Against My Car If It’s Still On Finance?
Yes, you can!1
To be eligible for a car title loan in Lakewood, a borrower needs to show a strong ability to repay the loan and have a decent amount of equity value in their vehicle.1
So even if you don’t have full ownership of your car, there’s a chance that you have a decent amount of equity in that. You can call your loan officer to find out how much equity you have and using that can apply and get a car title loan for you.
Frequently Asked Questions
Does paying off an auto title loan early hurt my financial credit?
Car title loans are simple and easy personal loan options where people with bad or poor credit reports can also apply and get qualified.
As these loans are for short terms and use collateral, most lenders don’t report the proceeding of the loan to the credit bureau.1 Therefore, these collateral loans will not have a major impact on your credit score.1
What happens if I can’t pay back my car title loan?
At 5 Star Car Title Loans, we focus on providing friendly customer service and try to understand every tight situation people go through.
Even though many companies can repossess your car in case of payment failure, our team focuses on working on it and treating repossessing as the final option. So, you can contact us and our executives will help you find the right solution and work things out.4
Are there any prepayment penalties or other fees?
Nope! We charge no prepayment penalties or hidden fees of any kind. The 5 Star team provides transparent customer services where we help our customers to get easy loans and assist them in timely installments to avoid any other penalties too.4
Can I cancel my title loan?
Yes, applicants can choose to rescind or cancel their loan applications.