How to Apply and Get Approved for Title Loans in Livonia
Do you need money TODAY but can’t get a cash advance? Is bad credit stopping you from getting a traditional bank loan?
A title pawn might be able to help you out. All you need is a fully paid car!
Curious to know more? Let’s start!
What Are Title Loans, Livonia Michigan Used For?
Customers of title loans usually do it for:
- Household purposes
- Hospital bills
- Tuition fees
- Overdue bills
- Unexpected business expense
- And any other urgent need for cash funds
Why Should You Take Out a Title Pawn for Livonia Residents?
Let’s look at the pros!
Get Your Money Fast
From the few basic documents required to the simple application process in Livonia, MI, borrowers enjoy reliable, instant cash the SAME DAY they need.
The entire loan process can take as fast as 30 minutes, and even if there are delays, customers are assured of getting approved on the same day!
Main Requirement Is Your Vehicle
Unlike traditional bank loans (like a personal loan), title loans only require that you put up your vehicle as collateral.
That’s not all!
During the duration of your loan, your lenders will only take your vehicle title, not your actual car, so you still get to drive it the entire time!
Bad Credit History Is Fine
Short-term loans like payday loans and title loans are intended primarily for those who can not get a cash advance or have a bad credit score.
Lenders understand that not everyone who needs to borrow cash has a good credit history, and loans like these bridge the gap so that you can get the money you need when you need it.
Instead, loan lenders will look at your potential at your ability to repay the loan when the due date comes.
So as long as you can prove that you do have the capacity to return the loan money when the loan duration ends, you CAN get approved!
Who Can Qualify for Car Title Loans Livonia?
You are qualified to apply online for auto title loans in Livonia, MI, if:
- A U.S. Citizen
- A resident of Livonia MI
- At least 18 years old on the day you apply
- The sole owner of a fully paid, clean, and lien-free car
Did you tick all those boxes? Let’s proceed to the application process!
What Is the Process in Taking Out Livonia Car Title Loans?
Here’s a detailed step-by-step guide to the entire loan process!
Step 1: Apply Online on Their Website
Go to the website of your auto title loans lender. The first thing you will see is the online application form.
Fill it out and click submit. In a few minutes, you will receive a call from a customer service representative, and they will tell you if you qualify and if you have been pre-approved!
Your car title loans lender might also ask a few questions during the call, then they will instruct you on how to proceed with the next step of your car title loans application.
If you have questions for your car title loans lender, you could also ask them during the call.
Step 2: Visit Your Title Loan Lender in Livonia MI
Next, gather your loan documents and bring them to your lender directly.
When you arrive at your title loans lender’s office, they will ask you more questions and assess your documents.
They will also assess your car and then give you their final approval.
Once approved, your pink slip loans lender will inform you of the following:
- The range of how much cash you can borrow
- Your interest rates
- Their car title loan lender’s fees
- Other additional charges
- Penalties, if ever
- Your loan terms
- Your repayment schedule
After you agree to their car title loan terms, your lenders will prepare your contract and install a GPS on your car.
Step 3: Get Your Money
Now it’s time to sign your contract!
Here are a few things to remember before you sign:
- Do not skip over the FINE PRINT
- Keep an eye out for HIDDEN FEES and PREPAYMENT PENALTIES
- ASK ALL YOUR QUESTIONS if you still have any
- REREAD your contract thoroughly, just to make sure you didn’t miss anything important
After you sign your car title loans contract, your lender will hand over your money!
You can receive your loan proceeds through any of the following methods:
- Instant cash
- Direct deposit to your bank account
- Wire transfer
- Online transfer
- Or any other usual money transfer methods
And that’s it! You get approved and receive your money on the SAME DAY!
What Documents Do I Need to Get Car Title Loans, Livonia?
We’ve compiled a list of the usual requirements for title loans services in Livonia, Michigan.
Let’s start with your papers:
Proof of income
This could be:
- A recent pay slip
- Proof of your business income
- Proof of social services or retirement benefits
- Proof of inheritance
- A property title
- Or basically, any other document that proves you can pay back your title loans when the due date comes
Proof of residence
To qualify for Livonia title loans, you must prove that you are truly a resident of Livonia, Michigan.
You could submit any of these:
- Utility bills
- Phone bills
- Contract of Lease
- Mortgage agreement
Your car title loans lender will require this to prove your identity. All you need is any government ID that has a photo of you.
1-4 Character references
To further prove your identity (and your ability to pay back your Livonia title loans), your lender will ask for 1 to 4 character references from people who are NOT RELATED to you.
Your Livonia title loans lender will also ask for their contact information, like their emails, home addresses, and contact numbers, so make sure to have those ready.
Your Vehicle Documents
Now let’s look at the required documents for your vehicle.
Of course, you can’t take out a car title loan in Livonia without giving your lender your vehicle title!
Your car title must be FULLY PAID, CLEAN, and LIEN-FREE. When you apply online for Livonia title loans, it cannot be collateral for any other loan.
Your Livonia title loans lender will also require your car to be insured. If it isn’t insured, your lenders will be happy to assist you!
Like insurance, many lenders will ask for your car’s registration to be updated. If it’s not, they can help you get it registered in no time.
You will also need to submit 4 pictures of your car. Take pictures of the FRONT, BACK, and the 2 SIDES.
A Copy of Your Car Keys
Some lenders of title loans in Livonia, Michigan, will also ask for a duplicate of your car keys. This is just for easy repossession, if ever.
Your duplicate copy will be returned to you together with your vehicle title the moment you pay off your car title loans in Livonia, Michigan.
FAQs on Car Title Loans Livonia
We might have the answers if you still have some more questions.
How Do I Repay My Auto Title Loan in Livonia?
Since a car title loan is a short-term loan, the duration will be 15, 30, or 60 days.
After this loan duration, you are expected to repay the principal loan amount, the interest and fees, and other additional charges in one lump sum.
You can make your title loan payments through the same payment methods you were given when you were given your loan money.
What Happens if I Can’t Pay on Time?
If you can not pay on the set due date, your title loan lenders will extend your loan for another 2 to 4 weeks for a rollover fee.
What will happen is that your total loan amount (principal loan, plus interest and fees) will be rolled over for another loan period, with a new interest rate and the rollover fee.
This is where it gets risky. If you do multiple rollovers, your title loan amount can balloon quickly, trapping you in a cycle of debt.
If you have rolled over once and think you might need to do it again, get in touch with your title loan lender first.
They might be open to a renegotiation to help you make things easier for you so that you can pay them back.
And if I Can’t Pay Forever?
If the worst happens and you don’t see yourself paying off your title loan in Livonia, Michigan, your title loan lenders will have to take your car and sell it.
If your total loan amount is bigger than the amount your car is sold for, then you get off the hook for the remaining loan amounts.
If your debt is smaller than your car’s value, your title loans Livonia lenders will get to keep the remaining cash.
Will My Loan Lender Perform a Credit Check?
Not all title loan lenders will do a credit check, but even if they do (and if you have a low credit score), it won’t get in the way of your title loan application.
What matters most to your loan lender is not your credit history but that you can repay your loan on time.
So as long as you can prove that through your income proof, your bad credit score won’t matter as much.
Despite that, borrowers who do not have a bad credit score enjoy some benefits.
A good credit borrower gets offered lower interest rates and fees and generally has more negotiation power than those with bad credit history.
Do I Need a Bank Account to Get a Loan?
You will only need one if you choose to receive your money there, and the only requirement is that the account should be under your name.
It doesn’t have to have funds in it either!
How Much Cash Can I Borrow?
Title loans let you borrow against your collateral, so you can usually borrow up to 50% of your estimated car value.
This is assessed based on your car’s make, model, year, and mileage.
Title loans are QUICK, CONVENIENT, and EASY to apply and get approved.
You get your money the same day, a bad credit score is fine, and you still get to drive your car for the entire loan duration!
But it can hurt your wallet, trap you in an endless cycle of debt if you’re not careful, and there is always a possibility of losing your car.
So make sure you exhaust all your options, know the risks, and have a repayment plan in hand before you apply for one.