Title Loans in Ann Arbor: What You Need to Know
Got declined payday loans or urgent finances?
You do not need to go through the hassle of going from lender to lender and endless paperwork.
If you are a resident of Ann Arbor, Michigan, and own a car, truck, motorcycle, any automobile, or are paying off one, you can easily apply for a TITLE LOAN!
Through your car title, you can be funded in days or even hours after application. This is the immediate assistance that you have been looking for.
What Is a Title Loan in Ann Arbor, MI
Title loans, a.k.a auto title loans, are short-term loans. The vehicle, through its title, is used as collateral.
The lender then becomes the lienholder on the title until the loan is completely paid off.
Unlike in traditional loans, you are automatically qualified to become a borrower as long as you are a vehicle owner with a title under your name.
Your car title or pink slip is your key to getting the money you need.
Purpose of Title Loans:
A title loan may be an easy and hassle-free solution for you to fund any of the following urgencies:
- Medical emergency
- Late school fee
- Mortgage payment
- Previous personal loan
- Other unforeseen financial challenges
Funds are intended primarily for personal, family, and household purposes.
Lenders usually do not offer or service student loans.
2 Important Things to Qualify
Only two things are important in title loans in Ann Arbor, MI, namely:
- A car title under your name.
- You should be a resident of Ann Arbor, MI.
It is that simple and easy to qualify for title loans!
3 Easy Steps to Get Your Money
You do not have to fall in line, compile impossible paperwork, and wait through a long process to get your emergency funds when it comes to title loans.
1. Apply Online
With vehicle title loans, the borrower is presented with various options for application. The borrower may choose to apply in any way from the following options:
- Online
- By phone
- Physically in the lender’s branch
Application questions are generally similar throughout the different application channels. Questions would be about the borrower’s background and vehicle information.
Answers to these questions would signal the start of the application process and the initial qualification of the borrower.
Conditional approval is given while waiting for the additional documents to be passed.
This can be done in just a matter of minutes!
2. Submit: Required Documents for Title Loan Applications
Basic requirements for title loans can be divided into two categories: personal documents and vehicle documents.
Personal documents are those that provide ADDITIONAL INFORMATION about the applicant, such as:
ID Proof
This consists of records to verify the borrower’s identification, such as driver’s license, military ID, or any other state-issued ID.
Financial Documents
These documents should demonstrate ability and credibility of the applicant to make regular loan payments and eventually have the auto title loan completely paid off.
Examples can include:
- Bank account statements
- Past pay stubs
- Tax records
- Providing acceptable property records
- Proofs of other assets
Ann Arbor, MI Residency Documents
Car title loans are not being offered in all states.
This is why lenders require documents to prove residency in the principal city, which in this case is Ann Arbor, MI.
Documents may consist of utility bills, residential clearance, contract of lease, etc.
References
This consists of a list of people who can vouch for the reliability and character of the borrower.
Details required may include names, contact numbers, and references’ relationships to the borrower.
However, not all lenders require this.
Vehicle documents determine if the vehicle qualifies as loan collateral for title loans. Documents required are the following:
- Clear title or pink slip of the car
- Vehicle registration
- Pictures of the car, including damages
- Updated car insurance documents
These documents must be in the name of the borrower.
3. Get Your Money: How Much Cash Are You Getting?
During the pending review of the loan application, loan experts assess the vehicle’s value to determine the actual loan amount to be approved.
This will also be the amount of cash the borrower will get out of the car title loan.
To start, the lender has to ensure that the vehicle has enough equity value.
You can find details in the car title, registration, and other submitted documents. During this evaluation, the direct lender looks at specific information, such as:
- Make and model of vehicle
- Existing vehicle damages
- Vehicle mileage
- Vehicle age
Once the borrower goes through the final approval of the loan, the lender then offers loan amounts with no prepayment penalties.
Minimum Loan Amount
Minimum loan amounts usually start at 25% of the vehicle value. The loan amount can reach up to 50% of the vehicle value.
The loaner will draft the loan contract as soon as the loan amount is determined and agreed upon by both the lender and the borrower.
Both parties will sign this contract to seal the loan deal.
All title loans are made or arranged pursuant to a California Finance Lenders Law License Number.
Bad Credit? No Problem!
A car title loan is intended primarily to be easy and hassle-free!
A person with no or bad credit score can still obtain fast cash from a title loan in Ann Arbor, MI.
Do not let your financial history or not having a good credit score stop you from getting the money you need!
For some bank loans, the minimum loan amount is given to a client with bad credit, but interest is priced high.
This does not help the client at all!
The lender does not look closely into an applicant’s credit score for an auto title loan approval, unlike in a bank loan.
The minimum loan in Ann Arbor, MI, for auto title loans can be as much as $2500, but this amount MAY VARY per state.
Why You Should Get Car Title Loans in Ann Arbor, MI
Title loans are designed to fit your needs from the loan application process, through its duration, up to its settlement.
Here is a list of benefits:
1. Convenience
You do not have to fall in line and visit a lender directly to inquire or avail of car title loans.
The loan process can start today and now!
You can apply online from wherever you are right now with just one click from your smartphone.
Save yourself time and effort from the get-go!
2. Fast Money
Traditional bank loans take weeks and even months to process.
Luckily, car title loans in Ann Arbor take as short as HOURS to be validated, processed, and approved by the loan officer.
You get the money you need once you receive approval for your title loan. The whole process will not have to take even one week!
3. Enjoy the Ride
Yes, your car, essentially through the car title, is the collateral for this kind of loan, but this should not stop you from driving your car throughout the loan term.
As long as you keep making monthly payments, you should be fine!
You will not have to spend any day away from or without your car for the duration of the loan.
4. Flexibility
Loan payments can be auto-deducted directly from your bank account or through other ways, online or remotely.
This should save you from the hassle of making trips to the banks!
You get cash but do not need to pay in actual cash back. Loan proceeds can be released as cash, but monthly loan amount payments need not be through hard cash.
Various payment types are accepted, such as:
- Bank deductions
- Credit card charging
- Check issuances
Life is never an easy walk in the park, and car title loans adjust to the borrower’s circumstances as needed.
Aside from this, title loans do not charge a prepayment penalty if you decide to pay off your debt ahead of the end of its term.
All these advantages make title loans serviced by whichever lender you choose a GREAT deal!
The Price to Pay
You may be wondering, what’s the catch?
True enough, with any loan, title loans have some risks that you must be aware of.
1. Interest Rates
Competition among lenders is kept HIGH so that the loan interest rate for borrowers is kept low.
Ann Arbor lenders ensure that borrowers will not have an issue repaying their title loans.
The annual percentage rate for car title loans is set and followed throughout the industry to ensure fair competition among Ann Arbor loan lenders to benefit the loan borrowers.
2. Risk of Losing Your Car
Car title loans in Ann Arbor are just like any other title loan; if you fail you repay your debt, you could lose your car!
Say goodbye to your main source of transportation!
Remember to set aside a separate budget solely for repaying your loan!
Apply Today and Get Your Money Tomorrow
Applying for a title loan in Ann Arbor, MI, is FAST and EASY as long as you are a resident and, of course, with a car title under your name.
You can start the entire loan process online and get the money in HOURS!
If you are interested, most auto title loans in Ann Arbor come with a free quote to help you consider the workable interest rates, loan terms, and payment schedule.
Aside from being free of charge, these quotes come with no-commitment consultations that may help you answer your questions and decide better on the loans you are looking into.