Car Title Loans in Flint, Michigan
Life is uncertain, and sometimes financial crises and bills for utility expenses will appear all at ONCE! In these unexpected cases, you need to find a way to stay afloat.
If you’re living in Flint, Michigan, and have a car, you can look into car title loans.
Flint residents can register quickly for this process to get instant cash!
But what is a car title loan? We’ll explain how they work plus how to avail of them here. Read on to find out more!
Why Should I Get a Car Title Loan?
First of all, auto title loans will often have lower interest rates than other kinds of loans, especially payday loans.
Second, the loan amount you can get will not depend on your credit score but rather on the value of your car.
Unlike getting loans from a bank, you might be able to get a title loan without undergoing a credit check, though this is unusual nowadays.
Another bonus with title loans in Flint is that there are no hidden fees involved!
To make borrowing easy, Flint lenders who offer title loans will discuss everything you need to know about the loan with you before you enter into any contract.
This includes the interest rate on your title loan, as well as a few other important details. We’ll discuss this more later on.
Do Title Loans Go by Any Other Names?
If you’re looking to get affordable title loans, Flint offers them all around! But they might not be called “Title Loans.”
Keep an eye out for any United states location that is offering the following kinds of loans:
- Pink slip loans
- Auto title loan
- Title pawn
You should be aware that these all mean the same thing, so don’t get confused!
How to Apply for Car Title Loans in Flint, Michigan
You won’t have a hard time getting title loans! Flint lenders make the process quick and streamlined.
Don’t worry about getting lost in a mountain of paperwork because it’s easier to deal with title loan lenders than credit unions or banks.
The first step in applying for title loans is to prepare a few documents on your end.
What Documents Do You Need for Flint Title Loans?
Just prepare the following documents beforehand, and you can enjoy your money on the same day as you apply!
- A valid, government-issued ID
- Proof of capability to repay (Like a pay stub from work)
- Photos of your car from all sides, as well as a photo of your Vehicle Identification Number, or VIN
- The Vehicle title itself, which must be solely owned and in your name
- Proof of residence in Flint, Michigan. This could be a utility bill, for example
In case you’re too busy to make the trip to your nearest loan agency location, you can also apply online!
Additional Documents for Car Title Loans
Flint lenders may ask for some of these additional documents before accepting your loan. It’s best to prepare them ahead of time, just in case they’re required.
- Proof of Valid Car insurance
- A few personal details of 2 or more references, like their names, addresses and contact details
- Your Bank account information
How Long Will the Application Process Take?
If you’re really in a rush, you’ll be glad to know that the application process for title loans will generally take about an hour to finish. This means you can be in and out faster!
Of course, you need to prepare the necessary documents first.
But after you’ve gone through a small amount of paperwork, you can get your loan approved in about an hour from start to finish!
It’s such an easy process that it will be a breeze to get through. Title loan borrowers will often enjoy same-day approval for their loans.
Remember that a title loan is a short-term loan, so be ready to repay your title loan within the repayment period.
How Long Is the Pay Period?
Since you’ll be taking out a short-term loan, expect a standard repayment period of 31 days.
However, some lenders will offer you a loan that will last for 2 weeks. Look around for the best loan repayment terms for you!
In some cases, your title loan will have a repayment period of 2 months instead.
What Does the Lender Give Me?
Now that you know which documents you need to provide when applying for title loans, you’re not done yet!
The lender must also provide you with a clear contract and sit down and discuss your loan terms with you.
Your loan contract must have a few vital pieces of information, like:
- The loan amount you’ve borrowed from the lender
- Your car value
- The interest rate on your loan
- The end of your repayment period
- Any processing fees and other rates you’ll be charged
Remember to go over your loan contract carefully before signing it!
How Much Money Can I Get From American Title Loans?
Flint locals will probably ask before anything else, “What’s the minimum loan amount I can get from a title loan, anyway?”
If you want to skip this section, you can earn anything from $100 to $50,000 for your car title! Read on if you want to know more!
This will depend on your car value on the current market and NOT your credit history!
When it comes to title loans, Flint lenders may also contact a professional to appraise and inspect your car to determine its worth.
How Does the Appraisal work?
The appraiser will inspect these aspects of your car:
- Vehicle Year
After determining these details, your lender’s appraiser will check your car’s current market value.
The minimum loan amount you’ll be able to get will be 25-50% of your car’s market value.
A newer, higher-end vehicle will net you more cash than an older car with more miles, so keep that in mind!
Can You Get an Online Title Loan in Flint, Michigan?
If you’re a resident of Flint, auto title loans can be applied for online!
You can easily find a lender with an online application system where you can type in your details from the comfort of your home.
The online factor makes it even easier and more convenient for anyone trying to get a car title loan. You can apply online to speed up the process and get your instant cash even faster.
After applying online for a title loan, expect the customer service agents to get back to you soon.
Be aware that the last step in an online title loan might still involve going to a nearby loan agency location, but the process will go much faster for you!
What About My Credit history?
Before looking into title loans in Flint, you might be worried about your low credit score and credit history. There’s NO need to worry!
Unlike other kinds of loans, auto title loans in Flint won’t hold your credit history against you.
You might have heard that you won’t need to go through a credit check to get a title loan. Forget what you think you know because that ISN’T always true!
Title loan providers can still perform a credit check on prospective borrowers. This is just the title loan lender’s way of checking to make sure you can repay your loan on time.
In case you have bad credit, this won’t hurt your chances of getting approval on your title loan because the lender’s main criterion is your ability to repay.
And even if you do have bad credit, successfully repaying a pink slip loan will boost your credit score!
How Do I Get My Money?
Once your loan has been approved, there are a few different ways that your money can get to you.
- Pick it up in-person
- Ask your lender to place a direct deposit in your bank account
- Ask your lender to mail you a check.
You should know that using this last method means you won’t be able to get your money on the same day as your loan application.
What Kind of Vehicle Can I use?
Let’s say you have a motorcycle, and you’re wondering if you can use it to get a car title loan. Good news, because you can!
You don’t necessarily need to use your car to get a title loan. This means the kind of vehicle doesn’t matter, either.
You can take out a title loan using an RV, motorcycle, truck, or SUV. The most important thing is that the vehicle’s title is in your name.
Remember to also keep the age of your car in mind. You won’t be able to take out a title loan if your car is 10 or more years old.
How Do I Repay the Loan?
After getting your money, you should also start thinking about how you’re going to repay your pink slip loan.
You can use a few different methods to repay your title loan:
This is your standard option. You’ll be given the cash from your loan, and then you just have to head back regularly to make payments on your loan. Previous utility expenses piling up?
If so, your local money lender can make repaying even easier for you!
If you’re too busy to make monthly payments in person, you can get your bank account set up for an automatic deduction.
Your lender will automatically collect money from your debit card or account every month. This will let you stay on top of your monthly payments without the hassle!
You can also ask your lender if you can use the Cash app to repay your loan.
What if I Can’t Repay My Title Loan on Time?
If you find yourself unable to repay your loan amount within the repayment period, you’re not out of luck! There are still a few things you can do.
Refinancing and Extending
If your income just isn’t cutting it, you can ask your lender if you can extend the repayment period. Your lender will offer these at a lower lending rate if you’re fortunate!
Refinancing will mean you’ll enter a new contract with your lender, which needs to be agreed upon by both of you.
We don’t recommend extending as much as possible because your total fees paid for the loan will add up in time!
Do take note that availing of this option might leave some bad credit on your credit history.
Some lenders may also ask you to pay a processing fee for every loan payment you make. These are on top of the interest for your loan.
What if My Lender Doesn’t Offer Those Options?
In the worst-case scenario, you will default on your loan. This means your lender can claim your car title in order to pay off your loan.
Apart from claiming your car title, the lender can repossess your vehicle to sell it off. Your credit score will also take a hit, meaning the loan will result in bad credit.
Before entering into any kind of loan, ensure that you will be able to repay it in time!
What Happens to My Vehicle in a Vehicle Title Loan?
First-time borrowers who take out Flint title loans will wonder, “What will happen to my car?” The answer is nothing!
When you get an auto title loan in Flint, you’re using your vehicle title as collateral to secure your loan. What this means is that you can keep your car or vehicle!
Lenders who provide Flint title loans typically won’t leave you without a means of transportation, so you can continue to use your vehicle as you repay your title loan.
While you won’t have to give up possession of your car, take note that some lenders will ask you to install a GPS device in your car so that they can track your location.
Other lenders will take it further and ask you to install a starter interrupt device alongside the GPS device.
A starter interrupt device will allow your lender to remotely disable your car just in case you stop paying and they need to repossess it.
Where Can I Get Title Loans in Flint?
Before you get out there and file a title loan, you’ll need to know where to go first! Fortunately, there are several Flint title loans locations that you can head to.
Whichever loan agency location you go to, you’ll be glad to know that the employees pay attention and will be sure to attend to you promptly.
Not every state in the USA offers title loans, so be sure to check your state’s laws to make sure!
Here are some of the most frequently asked questions about the topic!
Can I Get a Title Loan Without Being Employed?
Yes, you can! Proof of employment isn’t the only thing you can use to demonstrate your ability to repay the loan.
Some borrowers in Flint may be unable to hold a job because of their circumstances, but they still have utility expenses to pay. Flint loan lenders won’t hold this against them.
As long as you have a source of income that the loan lender can verify, you can get a loan. Here are some examples for proof of income:
- SSDI (Social Security Disability Insurance) payments
- Veteran’s Pension
- Unemployment Benefits
If you are self-employed, you can also use a monthly statement or your bank statements as proof of your capacity to repay the loan.
How Is a Car Title Loan Different From a Pawn Loan?
When it comes to American title loans, Flint residents may not know how they differ from say, auto pawn loans. The difference between them can be found in the name: “Title” loans.
In this first kind of loan, you will use your car title as collateral in order to secure the loan. The moneylender will use your car’s value to determine the maximum loan amount you can pick up.
But after you get your cash, you’re still free to use your car while you repay your debt. This is not the case for auto pawn loans.
With auto pawn loans, the car itself will be your collateral. This means you have to leave the car behind with the lender while you repay the loan.
Because you’ll be left without any transportation, auto pawn loans are recommended only if you have more than one car.
If we were to compare the two types of loans, title loans will come out on top, because you don’t have to leave your asset behind as collateral.
Is It Difficult to Repay Flint Car Title Loans?
After looking into the process, you might be concerned about your near future. Don’t think “A loan’s cost hurts my bottom line,” because the law has a few protections for you!
Flint car title loans come with protection for you, the borrower. Any lender can and should explain the terms of your loan to you, in DETAIL.
Before you sign anything, you should be fully aware of the terms and interest rates that you need to pay for your loan.
You should also ask the lender if there are any different repayment schemes available to you, so you can repay your loan with less stress.
What Other Options Do I Have Apart From Title Loans?
Flint residents who do not own a car can still take out loans but of a different kind. There are several kinds of loans available to you.
We’ll be briefly discussing a few different kinds of loans in Flint here:
Cash Advance Loans
The term “Cash advance loans” actually refers to several kinds of loans. The main attraction of these cash loans is the opportunity they offer for fast approval and faster cash.
One issue with these loans is that they normally come with very high interest rates and extra fees. They’re often issued by credit card companies.
This is a kind of cash advance loan that uses your next paycheck as the source of money. You’ll usually have to provide a pay stub during the application process.
The pay stub will determine the loan amount you’ll be able to get with this loan.
Your main risk with this loan is that you’ll get more money right now, but you’ll get less money the next time you get paid. This loan also has very high borrowing rates.
What Are My Other Options Apart From Title Loans?
Remember that auto title loans are not a permanent solution for handling urgent bills and utility expenses.
This is especially true when you consider that bills will always pop up, but you may not always have a car on hand that you can put up for a title loan.
If you’re still in need of cash but you don’t want to get a loan, you’re still in luck. There are a few other options available to you.
- You can borrow money from your family and friends.
- If you’re employed, you can ask your employer to give your paycheck in advance.
Discussions about money are difficult to have, but you won’t have to deal with paperwork when borrowing from your friends and loved ones.
What Can I Do With the Money?
Once you’ve got the cash, you’re free to spend your borrowed money however you like! Just remember that you have an obligation to repay it on time.
Utility expenses can pop up again in the future, and you might not always be able to get another title loan.
Fixing financial issues is a long-term goal, and paying your car title loan on time can be your first step to building a good credit score in the future!
Flint Affordable Title Loans: Conclusion
If you need to pay urgent bill and you’re a resident of Flint, title loans can get you the money you need.
The best title loans are out there and are ready to help you get online instant cash.
Remember to choose a lender who’ll give you the best interest rate for your title loan!
After reading this article you should know how to get a title loan in Flint, Michigan!