Title Loans in Rochester Hills: Should You Apply for It?
Are you in a financial emergency that needs to be solved today? Do you have a fully paid car under your name?
Title loans serviced in Rochester Hills, Michigan, might be the answer to your cash emergency!
You can get your money in your pocket fast—the SAME DAY you apply! Curious? Let’s get into it!
What Exactly Are Title Loans Rochester Hills, MI?
A car title loan is also known as:
- Title pawn
- Auto title loan
- Pink slip loan
It is a short-term, high-interest loan that is also CONVENIENT to get and EASY to apply for.
Because of the nature of this loan, lenders of title loans Rochester hills also give you your money FAST, making it perfect for on-the-day money emergencies in Michigan.
Common Uses for Rochester Hills Title Loans
Auto title loans are intended primarily for:
- Household purposes
- Hospital bills
- Unforeseen business expenses
- Utility expenses
- School tuition fees
- Student loans
- Funeral expenses
- Personal emergencies
- Home repairs
- Rent expenses
- And other cash emergencies
Who Can Qualify for a Title Pawn in Rochester Hills, MI?
If you’re looking for something that can provide secure funding backed by financial stability for your cash emergency, you might be able to qualify for a title pawn.
You can get approved if you are:
- A U.S. Citizen
- A resident of Rochester Hills Michigan
- At least 18 years old
- The SOLE owner of a fully paid car
Who Are Auto Title Loans in Rochester Hills, Michigan For?
Title loans in Rochester hills are the right choice for you if:
- You SOLELY own a vehicle that is clean and LIEN-FREE.
- You need cash today that a personal loan can NOT solve.
- You have bad credit scores.
- You are currently unemployed and have no steady income, but you can prove your financial stability in other ways.
- You are incapable of providing acceptable property as collateral to get approved for traditional loans.
- You can NOT get a cash advance.
- You have a solid repayment plan in preparation for the 30 or 60-day due date.
Documents You Need to Get an Auto Title Loan in Rochester Hills Michigan
These requirements vary from lender to lender, but these are the commonly requested:
Preferably one with a photo. This ID is used to prove your identity and citizenship.
Your name as it appears here must also be the SAME NAME that appears in your vehicle title.
Proof of Residency
This could be your mortgage agreement, lease contract, utility bill, or any other document that proves you are a resident of Rochester Hills, Michigan.
Proof of Income
Bring a recent pay slip for this requirement if you’re employed. If not, don’t sweat! Lenders accept this document in many forms.
This could come in the form of your:
- Proof of social security benefits
- Proof of retirement benefits
- Severance pay
- Bank statement
- Trust fund
- Proof of inheritance or property
- Or basically, any document that will demonstrate ability to repay the car title loan
Most lenders also require that you submit 1 to 4 character references from people NOT related to you.
This is to further assure them of your identity and your ability to repay your auto title loans.
You will also need to provide their addresses and contact information to your lender.
Of course, you will need to surrender your original vehicle title to your cash loan lender for the loan processing. It must be CLEAN and FREE.
This means that your car must be FULLY PAID, and your car’s title must be SOLELY under your name. Your car also can not be under any other loan as collateral.
In addition to your title, you will also need to submit your updated vehicle registration in Rochester Hills and car insurance documents.
If you are missing any of these, your car title loan lender will be happy to assist you in getting it!
Pictures of Your Vehicle
You will also need to submit 4 photos of your car: the front, 2 sides, and the back.
If you’re pressed for time, your title loan lender in Rochester Hills can also take the pictures for you when you take them in for assessment.
A Copy of Your Car’s Keys
Your auto title loans lender will also need a duplicate set of your keys for easy repossession.
The Approval Process of Title Loans in Rochester Hills
Here’s a complete how-to guide:
#1: Choose the Best Lender
There are many lenders in the general vicinity of Rochester hills title loans and Michigan nearby states, so you’ll never run out of good options.
But it’s also important to take time to do your homework and research a bit before settling on a particular title loan lender.
In your search for the best title loans lender, look for these:
- Good reviews from previous borrowers
- Low-interest rates
- Low lender fees
- No hidden fees
- Overall good title loan terms
#2: Get Pre Approved Online
When you’re done choosing the title loans lender, proceed to their website to apply online.
You will be asked to fill out a form asking about a few basic information about yourself and your car.
Then wait for a call from a customer service representative within service hours. You will be informed of the following:
- Whether you qualify for taking out car title loans or not
- If your vehicle qualifies for car title loans or not
- How much cash (estimated) they can lend you
Then they will give you a conditional approval pending review of the basic documents and instruct you on the directions to their office.
They might also have map displays of their service areas on their website.
#3: Submit the Required Documents
Next, you need to gather the relevant title loans papers to submit them to your lender. You will be asked to go to their office in any featured locations.
We’ve listed the most common requirements above, but you can also confirm with your lender if any additional papers are needed.
Your vehicle will be inspected as well.
#4: Final Approval
After assessing your documents, your car title loans lender will tell you whether you are approved or not.
If approved, you will be informed of the following information:
- The range of how much cash you can borrow
- Their interest rates
- Their lender’s fees, service fees, and other additional fees
- Your title loans contract terms
- The repayment scheme and schedule for borrowers
#5: Get Your Auto Title Loan Money
Here comes the fun part! You can claim your loan proceeds money the same day through:
- Online transfer
- Wire transfer
- Direct deposit to your bank account
- Or any other common money transfer services
What Is the Funding Time for Title Loans Serviced in Rochester Hills, MI?
The same day!
If your application looks good, you can even get your money in as fast as 30 minutes!
If your car title loans lender needs more time, don’t worry. It never takes more than 1 business day!
What Happens if I Can’t Return the Money Before the Title Loans Due Date?
If you can’t pay by the end of the loan, your title loans lender will let you roll over for a fee.
In this case, your total loan amount (principal, interest, and other fees) will be “rolled over” for another loan period (usually 2 to 4 weeks).
This rollover will now carry a new interest, plus the rollover fee.
And if I Still Can’t Pay After a Few Rollovers?
You should also call a customer support agent and explain your problem to them.
There may be other options available to assist you in repaying your debts, like coming up with a unique program.
If the worst happens and you still won’t be able to repay your title loans, your lenders will move to repossess your car and sell it.
If your total loan amount is bigger than what your car can be sold for, you get off the hook for the remaining amount.
If it is smaller than your car’s equity, your lender gets to keep the remaining amount.
Do Title Loans Serviced in Rochester Hills, MI, Perform a Credit Check?
It depends on your title loan provider.
Some lenders will require a credit check, but don’t worry. Having a bad credit score is fine!
You can still get approved for car title loans with bad credit. Still, borrowers with good credit tend to get offered lower interest, a bigger loan amount, better loan terms, and more negotiating power.
Frequently Asked Questions (FAQs)
Got more questions about getting a title loan in Rochester Hills? Here are the answers!
How Do Title Loan Lenders in Rochester Hills, Michigan Determine My Car’s Equity?
These factors are taken into account:
- Vehicle year
- Overall current condition
- Other vehicle extras installed might also be considered
What Is the Minimum Loan Amount I Can Get From Title Loans in Rochester Hills, Michigan?
The minimum and maximum loan amount depend on your car’s estimated value. Your loan proceeds can range anywhere from 25 to 50 percent of your car’s equity.
Do Lenders of Title Loans Rochester Hills, MI, Also Service Student Loans?
Student loans are more of a long-term loan, while car title loans are considered short-term since they need to be paid back in a few months.
Title loans serviced in Rochester Hills, MI, offer only title loans and not student loans (or any other type of loan).
A car title loan is the FASTEST, EASIEST, and MOST CONVENIENT way to get your money the same day your emergency happens.
All you need is a fully paid car and some basic documents.
But title loans also come with disadvantages. The interests are high, the lender’s fees can be expensive, and the loan duration is short.
It’s best for urgent cash needs but is also high risk. So unless you have a solid repayment plan in place, make sure to exhaust all your other options before applying for one.