How to Apply for Car Title Loans In St. Clair Shores Michigan
Do utility expenses overburn you? Do you need a way to pay urgent bill? Car title loans may be one of the quickest and easiest solutions for you compared to traditional loans.
Read on to find out how to obtain title loans in St. Clair Shores, MI!
What Are Car Title Loans?
In a general sense, car title loans or auto title loans are a type of loan in which you provide something of value to you (referred to as collateral, which in this case is your vehicle title).
In exchange, you’ll receive a certain amount of instant cash!
The best part is you do not need to surrender your vehicle when getting an auto title loan. You can still freely use the car to drive to the store, do your day job, or even for leisure!
Steps to Avail St. Clair Shores MI Title Loan Services
St. Clair Shores, MI city title loans stay ahead of financial institutions with the process’s ease. You can apply online and receive instant approval within the day!
Step 1: Picking your Loan Agency Location
Before doing any paperwork, the first step is choosing which title loans locations you want to work with.
This is a crucial step as it can either make the process very easy, sometimes allowing you to get online instant cash upon approval, or can make the whole process more tedious.
Here are a few key things to pay attention to when picking a loan agency location:
- Read the loan agency location info on the United States Credit Union: Make sure the title loan lenders are registered to operate legally in St Clair Shores, MI.
- Check how much cash you can get for your vehicle: Your loan amount will depend on your car, but some title loan locations will give you a higher valuation than others.
- See if they check your cash rating: While not an integral part of the approval process, this may make your loan amount higher or smaller.
- Review the pay period: The loan agency location may have a shorter period than others.
- Check their interest rates: Be wary that each loan agency location in St. Clair Shores, MI, has its own interest rates.
- See if they accept online applications: The online factor makes the application a breeze.
90% of the borrowed money you will be getting will be based on your car’s current value, regardless of the loan agency you choose. So make sure your vehicle is in great shape.
After picking the most suitable loan agency location in St. Clair Shores, MI, talk to the loan serv agents. They will help with the loan proceeds and the key information you need to know.
Step 2: Submit your Online Application
Now that you have done your research, it’s time to fill in the online application!
After canvassing among the different title loans in St. Clair Shores, MI, find the online application form on the title loan lenders’ website and download the application form.
Usually, the application form just wants basic information, such as name, age, contact details, birthdate, Vehicle Identification Number, etc.
After submitting the form, you must wait for the loan agency location to get back to you; this usually lasts about an hour.
Step 3: Submission of Important Documents for Loan Approval
Once the loan agent gets back to you, they’ll ask you to submit the necessary paperwork to continue your application.
Make sure to keep the following documents ready to submit:
- Title to your vehicle: A lender would also like to know the year, make, model, miles, and a few extra details
- Photos of your car from various angles
- Government-issued ID: Something like a driver’s license
- Social security number
- Proof of residency in St. Clair Shores, MI: A utility bill with your name and address will do
- Proof of income: Agencies would want to know your ability to pay them back, so something like a freelance receipt would work if you are unemployed
- At least two character references with their details
These are generally what St. Clair Shores title loans agencies would ask for from you for auto title loans.
Some auto title loan providers in St. Clair Shores, MI, may ask for other requirements. These are NOT ALWAYS the case in St. Clair, but make sure to be ready when they ask:
- How much cash do you have in your account
- Vehicle Insurance, if applicable
- Loan agents sometimes request a credit check to verify your ability to pay
- Your current existing title loans on other vehicles, if you have any. Make sure this is your only title loan on this vehicle. Multiple title loans for the same car are strictly prohibited.
- A spare car key
IMPORTANT NOTE: To get your America title loans approved, make sure to submit genuine documents. Fake documents could cancel the whole process and can land you in trouble with the police!
Step 4 – Going Over the Auto Title Loan Terms and Conditions
DO NOT SKIP THIS STEP!!!
Car title loans are some of the most affordable title loans in St. Clair Shores, MI, but at the heart of it all, loan agencies are always looking to profit.
Many people applying for St. Clair Shores title loans require urgent cash. So they skip all of their contract’s essential and critical details and sign it.
This is a big no-no as this is when the loan agency location gives horrible deals to their clients to see if they’ll bite!
Follow these instructions to get the best title loans around St. Clair Shores, MI.
- DO NOT GLOSS OVER THE FINE DETAILS! Spend some time reading the fine print on the loan agreement. Make sure to clarify with your title loan agent any vague details.
- Compare the prices between the going rate to your car’s value. Make sure the amount of money you are getting is close to the percentage value of your vehicle.
- Note down the crucial details, such as interest rates, payment period, additional fees, and other additional actions you have to take (such as the inclusion of a GPS tracker on your vehicle or installation of a remote vehicle immobilizer).
This is also the best time to negotiate for better terms with the title loan agency.
Remember that when negotiating, always stay firm but flexible, confident but humble, ambitious but frugal.
CAUTION: Missing even a single payment will hurt your standing with loan agencies. It could also lead to defaulting your title loan. Set alarms and reminders to keep yourself from forgetting.
Final Step – Receiving your Funds
Once you have finished negotiating and signing the terms, it is time for the most exciting part: GETTING THE MONEY!
There are plenty of options in St. Clair Shores, MI, when claiming the title loan amount.
Standard methods people go for are direct deposits, a wire transfer, a check, or just plain cash. Know which option is the best for you and get that money!
That’s all! Congratulations, you just got a title loan!
Essential Things to Remember Post-claim
Now that you have title loans, be sure not to forget these important reminders:
Be Prepared Before Going to the Loan Agency Location
If your loan agency requests an interview, you can’t just dramatize a sob story about utility expenses and expect instant loan approval.
Try your best to appear CONFIDENT, HUMBLE, and FRUGAL to get the best title loans in St. Clair Shores, MI.
Make sure also to have basic knowledge about title loans. Keep in mind that not every lender is your friend.
Know the difference between getting title loans and getting scammed.
Build Your Trust Rating Thru Timely Payments
Just because you got the money doesn’t mean you can ignore payments. Repeated missed payments will negatively affect your cash rating between lenders.
See the relationship between you and the lender as a relationship built on trust. Lenders are less likely to entrust their cash to someone they cannot trust to be able to pay on time.
Keep a Steady Income Flow
Getting the money from the loan may be exciting. However, it would be best if you made sure to have a way to pay back that money with interest.
Always keep a steady flow of income available for you to be able to pay back the lenders. If full-time jobs are not available, part-time or freelance jobs could help generate money.
The Vehicle Is Still Yours to Use
You do not have to surrender your vehicle after getting title loans. So feel free to use it as you drive around St. Clair Shores, Michigan.
You can also use it to generate income to pay off your loan.
Take a part-time job as a delivery courier, or apply as a driver for a taxi and ride-hailing app and give your neighbors a ride.
After all, who says you can’t use your collateral to pay off your loan?
Frequently Asked Questions
Have you got a few more questions about your brand new title loan? Here are our Frequently Asked Questions about St. Clair Shores title loans.
Why Should I Get a Car Title Loan?
Car title loans are one of the most simple cash title loans at St. Clair Shores, MI, and one of the most affordable title loans available.
- It’s instant cash for fixing financial issues, such as medical bills and utility expenses.
- Auto title loans can also service student loans and are better than other short-term cash loans.
- Auto title loans can be a great alternative when starting a small business, as small business loans typically have hidden fees and require a high credit score.
- It’s such an easy process! You can avail a loan in about an hour, even with a low credit score.
- Did we mention that these loans have an online process, friendly customer service (NOTE: these are only offered by responsible firms with a high financial rating?)
Are Car Title Loans Better Than Payday Loans in St. Clair Shores, MI?
Auto title and payday loans provide enough money to cover your loan previous utility expenses.
However, you must provide a recent payslip of employees’ pay when applying for one, as payday loans are based on your current salary.
The shorter payment period and higher interest fees these loans have can rain on your parade.
St. Clair Shores MI title loans are much better deals as they are more flexible in terms of loan details and payment due dates to work with your financial situation and lifestyle.
How Much Cash Can I Get for My Car?
The amount of cash you can get from your vehicle will depend on a few details. Do note that different auto title loan agencies may look at additional attributes.
- Manufacturer and model of the car
- Year the vehicle was made, to calculate for depreciation
- Current mileage on the odometer
- License plate details
- Extra tires or equipment for car maintenance, such as winter tires
- Any scratches or dents currently on the vehicle. Better to declare it now than have the lenders find out about it on their own
- Any ongoing payments for the vehicle (You can use the car as collateral even if you haven’t finished paying it off)
With this info, you can calculate the current value of the car. Then you can multiply it by the lender’s rate, which will be the loan amount you can get.
The lender’s rate is usually between 20% to 50% of the vehicle’s current value.
FUN FACT: Some lenders may also perform a credit check, but a bad credit score may not get an instant denial. You may get a higher loan amount and a lower interest rate with a higher credit score.
Can I Apply Even If I Don’t Have a Bank Account?
Not necessarily! While some lenders do require a bank account, most will review your case before giving you a decision.
Do note that just be prepared to open a bank account before getting a loan. You may even get a better deal with one in hand.
I Have a Bad Credit Score. Can I Still Apply?
Having bad credit does not mean the end of the world. Traditional financial institutions like banks would instantly reject your loan application, but not car title loan lenders.
Most loan lenders will be more than happy to help you, more likely so if you have a high-valued vehicle.
Can I Still Be Denied for Title Loans?
Title loans are not easy money machines. Even with much more lenient restrictions, they still adhere to company guidelines that may deny your loan, as with all types of loans.
Of course, if you followed our guide above on how to apply for title loans, the chances of you getting rejected will be very slim.
What Happens if I Crash My Car While Having Title Loans?
Depending on your loan contract, you can take a few actions. It all boils down to your insurance type, the severity of the crash, and company guidelines at the loan agency.
Assuming you have insurance, and depending on the severity of the damage, the insurance company would do one of 2 things:
- They will pay to have the vehicle repaired if the crash is mild.
- They will pay you a certain amount of money based on the market value of your car if the vehicle is beyond repair.
How about the title loan? If the car were damaged but is repairable, the loan lender, similar to the insurance company, would want the vehicle repaired as soon as possible.
But what if the insurance company has declared the car irreparable?
Whether you have liability coverage or comprehensive coverage on your insurance makes a considerable difference.
- If you only have liability coverage and are found to be at fault, you will not receive any compensation
- If you only have liability coverage and the other driver is found to be at fault, you will receive compensation from that driver’s insurance company
- If you have comprehensive coverage, you’re set no matter who’s at fault, as you will receive compensation from the insurance company
- And if the other driver doesn’t have insurance, or you don’t have insurance, then you get nothing
REMEMBER: Your insurance company is only obligated to cover the vehicle’s value. However, they only pay whoever holds the title to the car, so if it’s under the loan agency, they’ll pay them first.
If the insurance value doesn’t cover the entire loan, your lender would most likely ask you to place in another collateral while the loan is still active.
They’ll most likely ask you to put a second vehicle as your collateral if you have one.
If you don’t have a second vehicle, the lender may be willing to change the type of loan to a different one, like a personal loan, which would come with different terms and conditions.
Worst-case scenario, you may end up defaulting on the loan. In that case, it will negatively affect your credit, you still have to pay it, and you now have no vehicle.
Can I Delay Payments If I Cannot Pay the Installment?
There will be a clause in the agreement between you and the lender about late payments. Some lenders will be lenient, others not so much.
No matter the case, we highly discourage you from delaying your payments.
We know the loan’s cost hurts, but you may be subject to penalty fees, compounding interest, and a worse credit rating by delaying your payments.
Some lenders may immediately consider your loan defaulted and repossess your vehicle! Don’t wait until after the customer service agents called to pay your loan.
Again, we do not recommend delaying payments!
Apply for a Car Title Loan in St. Clair Shores, Michigan, Today!
And now you now know how to get St. Clair Shores car title loans! Just remember to read the fine print provided in the agreement before signing anything.
Remember that title loans are not a permanent solution. You cannot always borrow money when you need to.
Finding a steady income should always be the goal, not an afterthought. Loans are only there as a safety net; to keep you on your feet while you find a more permanent solution.