5 Star Car Title Loans in Lansing, MI
If you are going through financially difficult times, getting a traditional bank loan can be challenging, especially if your credit history is poor. Thus, when you need emergency cash for your everyday needs or business expenses, sometimes you have to rely on third-party lenders.
For example, you can get fast cash loans by using your car title as collateral for obtaining an auto title loan in Lansing, Michigan, from 5 Star Car Title Loans. We are a leading company offering fast title loan services at competitive interest rates.
We can provide loans of up to 75% of the value of your vehicle as cash when you need funds immediately.1 So, if you aren’t eligible for obtaining a personal loan from a bank due to a poor credit score, you can consider applying for a car title loan in Lansing, MI, if you own a car.
What is a Title Loan?
A title loan is a fast cash loan that can be obtained by giving your car title or any commercial vehicle’s title (which is under your name) to lenders for a short term. It is also known by many different names such as pink slip loans, auto title loans, auto equity loans, etc.
It is a viable option for people who have exhausted their borrowing options and have a bad credit history. In that case, you can borrow quick money via title loans in Lansing, MI, as your last resort.1
It is crucial to remember that the lien is only placed on your car’s title, thus, there’s no need to submit your vehicle. As long as you pay the monthly payments timely, you don’t have to worry about the vehicle being seized by the lenders.4
Get Collateral Title Loans in Lansing, MI, in 3 Easy Steps!
Applying for a Title Loan at 5 Star Car Title Loans is much easier than applying for a traditional loan from financial institutions. Our loan process is fully online, so you can get started with just a few simple steps such as the following:
Submit Your Application
You can start your loan application process by filling out our online application form. It will require some general information about you and your vehicle.
Online Documents Assessment
You will also need to provide a few basic documents for the online eligibility assessment. If you fulfill the required criteria, you can get pre-approved on the same day without delay!2
Get Final Approval
At 5 Star Car Title Loans, we have a quick assessment and approval process. So, you can expect to receive the final approval and loan proceeds within 1-2 business days at most.2
What Do You Need To Be Approved?
You need to submit the following documents to get quick loan approval for your car title loan in Lansing, MI:
Clear Vehicle Title
A clear vehicle title under your name as the sole owner is an important prerequisite for getting loan approval. It means if there are any third-party liens on the car title you may not be eligible for a title loan. Thus, your car title needs to be lien-free.
Driver’s License
To get into a car title loan agreement you need to prove that you are of legal age and can legally own and operate a car. Thus, you will need to submit your driver’s license. You can also provide a passport or other government-issued photo ID as additional evidence.
Income Proof
The most crucial aspect of qualifying for a car title loan is your ability to repay the loan.4 Thus, to assess your paying ability, lenders will require some sort of proof of income. For example, you can submit the following documents as evidence:
- Pay stubs
- Bank statements
- Financial Records of your Business (if any)
- Pension funds
- An inheritance or Trust fund
- Other alternative income proof
Credit History
For documentation purposes, the lenders may also require your credit history. However, having a good or bad credit score does not affect your chances of approval.1 Thus, even if you may not have the perfect credit score you would still be eligible to get a title loan.
Residence Proof
When applying for a title loan in Lansing, MI, providing acceptable property documents of residence, rental agreement, mortgage, utility bills, or other residence proof is usually required. It is needed as different rules may apply in each state for obtaining title loans.
Thus, it helps determine the loan terms, including interest rates, installment, repayment period, etc.
Proof of Car Insurance
As the lien is placed only on the car title without vehicle possession, lenders usually want to ensure that if any accident may occur after the loan approval, the insurance will be able to cover it. Thus, you may be required to provide proof of car insurance.
Pictures of the Car
As the actual loan amount is calculated based on your car’s current market value, an assessment will be required to determine how much your vehicle is worth. For this, you can simply provide pictures of your car for an online car inspection by our team.
Once all the required documents have been submitted and verified you can expect quick loan approval without any extensive credit checks or long loan processing time. In addition, we ensure that you get the loan proceeds within 24 hours from approval2 so you don’t have to wait too long.
Give us a call at (888) 309 0994 to apply online for auto title loans in Lansing, MI, today!
Does a Car Title Loan Affect Your Credit Score?
Taking a title loan generally has no impact on your credit score. Although credit history may be needed for loan processing, it isn’t the determining factor for loan approval. In fact, a lender directly won’t even run a comprehensive credit check in most cases.
It means whether you pay the title loan timely or not, it will not improve or worsen your credit score. However, you may lose your vehicle if you don’t repay on time.4 Thus, if you want to avoid your car from being seized, it is best to have an effective repayment schedule.
How Does the Repayment Process Work?
As title loans are the short-term lending solutions for when you need quick money for household purposes or financial emergency, the repayment period is pretty short. It can be anywhere between 30 days to a few months, usually less than a year.
However, it does not mean you have to pay off the whole debt at once. Instead, you can pay in fixed scheduled monthly payments. At 5 Star Car Title Loans, we assist clients with affordable and flexible repayment options so you can easily pay off the loan.
You can repay using any of the following methods that you find convenient:
- Pay online via app or website
- Pay on phone with your debit/credit card
- Send a bank money order to pay
- Mail the check
- Send money via your nearest MoneyGram location
- Deposit the check directly at your nearest bank branch
- Set up automated payments from the bank monthly
- Pay in cash
If you want a customized payment plan with low installments as per your unique needs, call us at (888) 309 0994 for immediate assistance!
How much cash can I get with a Title Loan?
With a Title Loan, you can get almost 25-75% of your vehicle’s worth in cash at 5 Star Car Title Loans.1 The loan amount is calculated based on various factors such as:
- Vehicle’s Condition
If your vehicle is functional and in good condition, it may be able to fetch your desired loan amount. However, if your vehicle is barely working or inoperational, you may not be able to qualify for a title loan or get a low loan amount as your vehicle will be worth very less.
- Current Market Value
The market value of your vehicle will be assessed based on its year, make, model, features, mileage, current market conditions, and various other factors. The loan amount will be calculated depending on its value and how much money you want to borrow.
- Your Gross Monthly Income
Your paying ability is one of the major factors that help determine how much lenders are willing to lend you. Thus, if you can provide reliable income proof, you may be able to get a great deal.1
- State Laws About Title Loans
Each U.S. State has different laws regarding title loans. Thus, the loan amount calculation also depends on the latest state laws regarding title lending in Lansing, MI.
Depending on these factors, our loan agents will provide an estimate of the loan amount you can get. So, if you want to know your eligibility, give us a call at (888) 309 0994 today!
Apply Online for Car Title Loans in Lansing, Michigan at 5 Star Car Title Loans!
Do you own a car with a lien-free title in your name? Do you need emergency funding without any credit checks? Apply for a title loan at 5 Star Car Title Loans for fast cash loans.2 We offer excellent short-term financing solutions for applicants with bad/no credit.1
With our streamlined title loan process, you can get instant approval and funds in your bank account on the same day within 24 hours.2 Simply apply online and our team will assess your eligibility, discuss your borrowing needs, and loan terms, and create a repayment schedule as per your preference.
So, give us a call at (888) 309 0994 to get approved for a title loan at competitive interest rates!
Benefits of Applying for a Title Loan with 5 Star Car Title Loans
By choosing 5 Star Car Title Loans, you can get the following benefits:
Quick Online Process
We know you can’t undergo a long loan approval process when facing an emergency. Thus, we don’t take many days for loan processing. You can apply for our title loans by completing our online form and know your loan eligibility in minutes!1
Get Money in 24 hours2
When you need same-day funds for a short time, you can get approval1 and money transferred to your bank account within 24 hours during 1-2 business days2 by timely submitting required documents.
Pay with low Installments
Unlike payday loans or service student loans, you don’t have to worry about high installments or paying at once. Instead, at 5 Star Car Title Loans, we provide low-installment options designed to fit your budget and help you avoid defaulting during the repayment term.4
No Prepayment Penalties
Want to pay off your debt early? Not a problem! We encourage applicants to pay early whenever they can without any prepayment penalties.4 So, when cash is available, you can pay off the title loan and regain your 100% lien-free title before the due date.
Bad Credit Score Accepted
We don’t ask candidates to have a perfect credit score to get title loans. Thus, you can qualify for instant approval for title loans even if you have a bad credit history.1 Consult with our team for more details!
Need Immediate Cash? Get Quick Online Car Title Loans in Lansing, MI!
If you don’t want to go through the frustratingly slow bank loan process for your immediate financial needs, you can opt for our online car title loans in Lansing, MI, at 5 Star Car Title Loans. We don’t have a lengthy loan approval process or stringent credit score requirements.
Give us a call at (888) 309 0994 to schedule a consultation today!
