How to get a Title Loan in Detroit, MI?
A title loan is a type of financing where you must provide your vehicle title as collateral for the loan. Thus, you must be the sole owner of the title. At the time of signing the contract, you will temporarily transfer the car title to the lender and you can get it back after the full repayment of the debt with interest.
Typically, people take out a title loan in order to cope with emergency needs and unforeseen expenses, such as home renovations, medical treatment, or necessary purchases. Thus, having received approval, you can spend money on whatever you need. However, remember that in order to be approved for a Title loan in Detroit, MI you must be the sole owner of the title.
How do I apply for a Title loan in Detroit, MI?
In order to apply, you need to visit the site of the selected lender. Explore the different options for title loans in Detroit, MI in order to choose the most suitable one for you. On the lender's website, you can submit an online application. There is no need to worry, as filling out the application does not take you more than 5-10 minutes. There you will need to provide some information such as your name, contact details, address, and more.
After your application is approved, you will need to come to the lender's store for experts to evaluate your car. It often takes no more than half an hour, so you can quickly sign a contract and get the funding you need.
What are Detroit Title loan requirements?
Of course, the requirements you need to meet may vary depending on the lender and Detroit, Michigan where you live. Also, before applying, we recommend you look through the laws of your state. Fortunately, many of the eligibility criteria are relevant to most lenders. Explore the main ones:
- At least 18+ years old
- A regular monthly source of income
- Proof of income
- An active bank account
- A government-issued ID
- A social security number
- US citizen or official resident and have a Michigan residency
Remember that you also need to provide some vehicle documents, which include:
- Original vehicle title
- Current car registration
- Vehicle insurance proof
- Proof of residency (matching the name of the title)
- Government issued identification (matching the name on the title)
Important! The car must be in your name and you must be the sole owner of the vehicle.
It is also worth making sure that the title lender you choose protects your personal information such as your social security number and checking account number before applying and receiving funding.
Can I get a Detroit, MI title loan with bad credit?
Most borrowers ask the question "will I be approved with a bad credit history?" and worry that if they had problems in the past, now they will not be able to get a loan. However, you are eligible for a title loan in Detroit, MI even with bad credit!
First, many lenders understand that people face financial difficulties and may need funding. Thus, they are ready to provide you with a loan. Moreover, the title loan is secured, so lenders get additional guarantees that the debt will be paid on time.
Moreover, with a secured loan you can get lower interest rates than with an unsecured one. Thus, even if you had problems repaying loans before, now you can still apply for a Title loan in Detroit, MI and be approved.
Title loan in Detroit, MI FAQ
Can you get a guaranteed Title loan in Detroit, MI?
No lender provides guaranteed loans. In order for your title loan application (or any other loan) to be approved, you must meet certain criteria, which may vary depending on the state and the lender you choose.
Also, you must have a regular monthly source of income in order to receive a Title loan in Detroit, MI. However, if you meet the requirements, the chances that your application will be approved and you will receive a payment are very high.
Can Detroit, MI Title loan affect my credit score?
A title loan can have both positive and negative impact your loan. If you make timely monthly payments, then you can improve your credit history. However, if you cannot pay off the debt on time, it can negatively affect your credit. So, before you apply for a Title loan in Detroit, MI, make sure you can pay off the debt.
What if I cannot pay off my Title loan in Detroit, MI on time?
Failure to pay off your title loan on time can negatively impact your credit history. That is why it is important to make timely payments or set up auto payments.
However, if you are not able to pay off your debt over a long period of time, the lender will be able to sell your vehicle in order to consolidate the debt with interest.
Can I drive my car while paying Title loan in Detroit, MI?
Yes! You will be glad to know that while paying off the debt, you can continue to use your vehicle. The lender understands that you need a car to get to work or take your kids to school. However, the lender will hold the title until you have fully repaid the loan. When the debt is paid off, the title will be returned to you in accordance with the terms of the contract.