5 Star Car Title Loans In Lawrence, IN
With a burden on the pending bill, unexpected fees, and crushing dues, getting by the month can be testing. The ideal way to make this transition easier is to borrow money from friends and family.
However, this cannot always be the option! Hence, people turn towards a long-term financial solution such as a bank loan. Since bank loans consume a lot of time and demand hefty paperwork to be completed, it is not an ideal solution when you need quick cash.
At such times, car title loans become a better option. These are short-term financing options that are fast, secure, and affordable. So, 5 Star Car Title Loans presents easy title loans for the people of Lawrence, Indiana.1
What Is An Auto Title Loan?
An auto title loan or vehicle title loan is a secured and short-term loan that is given against collateral i.e. the borrower’s car title. A car title loan has a simple working model that is easy to understand.1
So, How Do Car Title Loans Work?
First of all, the borrower must be a vehicle owner with the vehicle’s title in his name. He then puts his car title as collateral on which the lender puts a lien and in return, lends money to the borrower.1
The lien stays as long as the complete loan amount has been repaid. Once the complete amount has been repaid by the borrower, the lender directly removes the lien and the borrower gets a clean title back.1
Other Names For Car Title Loans:
- Auto Title Loans
- Vehicle Title Loans
- Pink Slip Loans
- Vehicle Equity Loans
- Title Pawns
Where Can I Use My Car Title Loans?
With title loans in Lawrence, you can easily cover a series of unexpected expenses and a long list of bills. Title loan proceeds are intended primarily for personal and household reasons such as:1
- Paying your rent
- Paying your mortgage
- Home repairs
- Funeral expenses
- Legal expenses
- Car maintenance and repairs
- Medical expenses
- Debt relief
- Veterinary expenses
What Are The Requirements For Auto title loans in Lawrence, Indiana?
There are no long lists stating basic requirements for getting Lawrence title loans, instead, there are short and simple points that one needs to comply with. Hence, to get a title loan in Indiana, you must:1
- Have a clean and lien-free title of the vehicle you are using.
- Have an Indiana state or government-issued ID with your photo on it.
- Have a steady and reliable source of income.
- Be 18 years old or above.
Basic Documents Required To Get a Car Title Loan In Indiana
A title loan is a convenient option for most Lawrence residents for a variety of reasons. While having a looser credit qualification is surely a factor, people also get impressed by the limited number of documents that the loan demands.1
To get a title loan in Indiana, one must have the following required documents:1
- A valid government-issued ID: A valid driver’s license or passport or any other government-issued ID with your photo on it.
- Recent Photos of Car: Some recent photos of your vehicle from different angles to show the condition of your car to the lenders.
- Income Proof: Bank statements, pay stubs, tax returns, SSI, or other forms of documents to show your income.
- Proof of Residence: The residence proof can include utility bills or credit card bills with your current address on them. You can also share your mortgage or rental agreements to show the address.
- Qualifying Vehicle Title: Title loans use vehicle title as collateral and hence, you must have a clear and lien-free title in your name.
Get Online Auto Title Loans In Lawrence, Indiana In Just Three Easy Steps!
5 Star Car Title Loans are easy to apply for and even easier to access! Unlike other loans, online title loans in Lawrence do not require a long list of formalities to get completed. There are just three easy steps that can help you get access to extra funds!
Get car title loans online by following these steps:
Step 1: Apply Online
Start the process by visiting our official website and filling out an online loan application. Fill in your name, address, income, phone number, and car details and apply. Or you can simply call us and a loan officer will fill the form for you.1
Based on the information you shared, you will receive conditional approval.1
Step 2: Submit Documents
Since your information needs to be verified, we will request you share some required documents with us. Once they have been checked, you will get the final approval.1
The sooner you turn in the documents, the faster your loan application will proceed.1
Step 3: Collect Your Cash!
After receiving the loan approval, a loan agent will share an estimate of the minimum loan amount, actual loan amount, interest rates, Annual Percentage Rate (APR), monthly payments, etc.1
We encourage consumers to carefully read all the loan terms and conditions before signing the contract. You can always ask a question in case of doubt, we will help you.1
Once you have gone through the details and signed the loan, you will be able to get money in one business day!2
How To Receive Lawrence Title Loans?
There are numerous ways to receive your title loan money! You can choose the best method that most suits you from the list of options extended by 5 Star Car Title Loans:1
Collect Your Money Via:
- Direct deposit to your bank account
- Cash
- Mailed check
Get Title Loan And Keep Driving Your Car
There is a set of advantages that accompany car title loans. One of those benefits is the provision to keep driving your car even when you are making monthly payments.
5 Star Car Title Loans lets you keep your car to yourself even when the whole loan is yet to be repaid. As long as you keep this arrangement of making the payments on time, you can continue driving your car.
I Have a Bad Credit Score, Can I Still Qualify For a Title Loan in Lawrence, Indiana?
Car title loans in Lawrence are one of the bad credit loans, implying that they may be accessible even by people with poor credit history.1
Although a credit check may get performed, it will not be included in the eligibility criteria for your title loan. Since the lender’s credit criteria will include examining three deciding factors including your ability to repay the loan, your car’s equity value, and its market value, a low credit score will not be a problem!1
Therefore, it is safe to say that you can access car title loans online even with low credit scores.1
How Much Cash Can I Get With a Title Loan?
The minimum loan amounts vary from individual to individual and lender to lender too.
Since title loans in Lawrence are secured against collateral, the collateral itself plays a vital role in determining the car’s value.Including that, there are three important factors on which your loan amount will be based. These include:1
Your Ability to Repay
The final loan amount will be based on how much you can afford.1Your income and the debts you owe in your name will be examined.
Along with these two, your monthly expenses are also taken into consideration to ensure that you will be able to make monthly payments and easily repay your loan.1
Your Car’s Equity Value
The equity value of the car is the difference between its resale value and the amount owed on it. The car’s equity value will play a major role in deciding the money.1
Your Car’s Market Value
Another factor considered is your car’s market value which is decided by the car’s condition, mileage, model, brand, and any repairs.1
As these three factors are clubbed,the amount of the loan is decided.However when you apply with 5 Star Car Title Loans, you can get access to a loan of up to 75% of the car’s value.1
Pay Early Without Any Prepayment Penalties
Another exclusive advantage that comes with 5 Star Car Title Loans services is that when it comes to paying your loan earlier than the decided-upon period ,there are no prepayment penalties.
We are very clear on our transparency policy; whatever the terms and conditions may be, they all are available on our website and can be read by everyone.4
The 5 Star Car Title Loans team has no policy of charging any borrower with hidden fees or prepayment penalties. Hence, do not worry and make the early payment if you wish to.4
Repay Lawrence Title Loans Easily!
You can easily repay title loans in Lawrence. 5 Star Car Title Loans presents a list of different methods via which you can repay your monthly payments. These options include:
- Mailing the payment to the payment centre
- Visiting a payment location to pay in person
- Paying through your online account (debit/credit card or automatic payments)
- Paying over the phone
How Can I Get My Title Back?
The process of getting your title back starts after you have completely repaid your car title loan. Once you have made the full payment, you can follow these steps:
- Check Your Details
Shortly after making the final loan payment, get in touch with the loan agent, and check and confirm all the details. Make sure to tell them that you are ready to get the title retrieval process started.
- The Lender Will Remove The Lien From The Title
The lender will remove himself from the title and can inform you about this change via mail or an official letter stating that the lien has been removed.
- Go to a Local DMV
Once the lien has been removed, you will need to visit the local DMV. To complete the title transfer process, you will need to submit a title transfer form with some documents such as:
- Payment for the transfer of the title (15$ in cash for Indiana)
- Valid insurance papers
- A photo ID issued by the government
- Documentation that states the loan has been repaid
After completing these steps, you will get a clear title back in your name.
Do You Need Extra Money To Pay Unexpected Bills?
Are you searching for simple ways to get hands-on extra cash? If yes, you can get a car title loan in Lawrence, Indiana with 5 Star Car Title Loans. These loans can help you in getting money in just one day!2
So, what are you waiting for? Apply today and get funds tomorrow!2
