Title Loans in Troy: How to Apply and Tips to Get a Grant

When it comes to money problems, sometimes you don’t see them coming.

And that’s okay. It happens to the best of us.

Whether you need some quick cash for a mortgage payment, tuition fees, or you need capital for your business, title loans in Troy are the solution you need!

Continue reading to understand more about title loans and how to apply for one!


Is Applying for a Title Loan Worth It?

“What sets title loans apart from other types of loans, anyway?”

We will answer that in this section. Ready to know the advantages of car title loans?


#1 Title Loans are Short-Term

If you are the type of person who does not like paying off something for a long period of time, a title loan is definitely for you.

A short-term loan helps you cover short-term expenses, such as bills and damage repair.

Due to its nature, title loans in Troy span less than usual banking loans. The latter can span for years or even decades at a time.


#2 You Won’t Have to Wait for Long Lines

Title loans in Troy prioritize your convenience, which is why there is an ONLINE application system to make things much more efficient for you.

Instead of going in-store and bringing loads of documents, you can start your application from the comfort of your bedroom!


#3 Everyone Gets an Equal Chance

There are a lot of loans from traditional credit institutions that will eliminate you simply because of your credit score.

We have good news for you, though!

That’s not going to happen with title loans. Here, a low credit score will not disqualify you from a title loan.

Of course, some lenders may still conduct a credit check to assess your spending and paying habits, but ultimately, that is not the make-or-break of your application.

As long as you can prove to the lenders of title pawns that you CAN repay the loan, there is a high chance of getting a title loan.


#4 You Get To Keep Your Car

One of the most common misconceptions about title loans is that you will surrender the car to the creditors during the loan repayment period.

That is not true.

The collateral for a title loan is the vehicle title. You will exchange the car title with cash to meet your short-term financial needs.

This means that while you are paying off the loan, you can keep driving your car around Troy. You don’t have to worry about fulfilling day-to-day tasks!


#5 Straightforward and Simple Process

The best thing we love about car title loans is their seamless process.

Officers of Troy title loans prioritize EFFICIENCY above all, making the process simpler and easier.

With the online application system, people from all walks of life can apply for one, especially those who cannot go outside.


How Do I Apply for a Title Loan?

Applying for a title loan is much easier than you think. In this section, we will guide you step-by-step and give you some pieces of advice to secure a grant.

Ready to receive some fast cash? Read this section to find out!


Step 1 – Apply Online

As we have mentioned earlier, the application process is purely ONLINE. This ensures that the title lenders receive your form on the same business day you applied.

But before applying, remember that you have to prepare your documents beforehand. This will make your application easier, as all your personal information is within reach.

Once all your documents are ready, the next step would be to find the loan form for your chosen title loan company.

Click the link and start filling out the form.

You can finish applying online in about five to ten minutes. Just ensure you have typed the correct information, as our officers will verify it in the next steps.


Step 2 – Submit the Required Documents

The second step of our approval process is verifying and estimating your personal loan amount.

Title lenders will usually ask for the following information from you:

  • Car documents
  • Applicant documents
  • Financial information

We will give you the best tips as we discuss these requirements individually.


car documents

In title loans, the car documents are the most important ones that you will need to present.

Of course, your vehicle title is the star of the show and the main document of a title loan. Your vehicle title must be lien-free, meaning no other loans must be tied to it.

  • You will also need to take pictures of your car to show its condition. Provide pictures of all four sides of the car, including the exterior and interior.

Insurance papers are also important for a title loan.

Remember, your car will be in your possession while you are paying off the loan, so lenders want to be assured that whatever happens, the insurance company will take care of the costs.

Lastly, you will need your Vehicle Identification Number (VIN).

You can find this on the lower-left corner of the dashboard or in front of the steering wheel. If your car’s VIN is not in those two things, you can also find it in front of the engine block.



A car title loan will ask for information and details about the vehicle’s owner, of course.

Some documents that you will need are:

  • Birth certificate. This will also show your date of birth, which is important because only people 18 years of age and above are eligible for a title loan.
  • Valid Government Issued ID. This can be in the form of your passport, state-issued driver’s license, social security number or ID, and the like.
  • Proof of residence. Only residents of Troy are eligible for Troy title loans. You will need to prove that by showing an ID with your address in Troy, recently paid utility bills or a lease contract.



Aside from your credit score, another gauge lenders use is the proof of income. This shows your situation and whether you can pay off the loan.

You can show this in various ways, such as:

  • Payslips, if you are employed or working for an organization
  • Business statements, if you are managing your own business or are an entrepreneur
  • Bank statements, if you are receiving some support from a relative or some social security benefits from the government.

The idea here is to convince the lenders that you can pay back your monthly installment loan.

Once the lenders see that you have enough monthly income, you are MORE LIKELY to be granted title loans.


Step 3 – Discuss and Sign the Loan Agreement

Unlike a credit union, car title loans have a unique part of the loan process.

After you read the conditions of your auto title loan, you may ask your lender if you have some questions about the payment process, or anything related to the loan, such as:

  • If they accept cash advance or have prepayment penalties
  • Market competitive rates
  • If they are asking for your bank account details
  • Payment terms
  • How you’ll get the money

If you also have some questions about the loan amount, you can also ask your lenders of title pawns if they have a minimum loan amount or how much cash you will be getting.

Take advantage of this opportunity, so you can also raise any issues with your lenders, especially when it comes to the payment terms.

There is no better chance than in this step to vocalize your concerns.

You might be able to agree on something which will make the payment easier for you!


Step 4 – Get Your Money!

After everything has been approved, now is the time to finally get your cash!

Depending on your agreement with your title loans lender, you will get your cash through your bank account or as cold cash.

Now, all you have to do is to ensure you repay the money you got from pink slip loans.

This is to ensure you don’t get extra fees for paying late. Make sure to PRIORITIZE THE CASH you need for repaying the loan!


Frequently Asked Questions (FAQs)

If you still have some questions about title loans, this is the part wherein we answer them.

We hope that this part will clarify some questions or doubts you have about title loans.


Do I Have to Be a Resident of Troy, Michigan?


Part of the reason you need a valid government-issued ID in the list of requirements is that only residents of the Troy area are eligible.

The applicant’s documents need to be valid, government-issued, and original. This is to make sure that your information is true and secured.


I Have Bad Credit. Can I Still Apply?

If you are one of those people who used to exceed their credit limit and had difficulty paying it afterward, we understand why you think you will not be eligible.

While a lender can still conduct a credit check, this credit check is not the main deciding factor on who gets their application approved or not.

You have a high chance of getting approved and receiving the money you need when you are able to show your lender your proof of income and your refinancing plans.

As long as you are the legitimate owner of the vehicle title, the vehicle is in good condition, and your account receives enough income, then your loan is more or less secured.


How Much Money Will I Get From Title Loans?

The main factor in determining how much cash you will get is the vehicle valuation (VV). While the collateral is the vehicle title, the vehicle itself is the basis of the loan value.

This is the formula to compute the collateral value:

  • Vehicle Equity Value = VV – percentage rate x dues and outstanding fees for the vehicle

To determine the value of the collateral, these are the following factors that you need to consider:

  • Make
  • Model
  • Year the vehicle was manufactured
  • Total mileage of the vehicle
  • Accessories

A car with more accessories will have a higher collateral value, such as having alloy improvements, a sunroof, or leather seats.

Remember that a car with higher mileage will have lower collateral value, and a lender might not accept a car manufactured before 2000.

To be sure, you can always ask your lender for a loan estimate for your vehicle.


Are Payday Loans the Same as Title Loans?

While both have their similarities as personal loans, their customers are different.

In a payday loan, the credit arises when the customer asks for some money in exchange for a post-dated check.

The date put is the day wherein that customer receives their income. Hence, the name payday loan.

Title loan focuses on the VALUE of the vehicle, and customers are more diverse.

For the former, the customers are usually employees of a credible organization, while a customer of title loans can be from various employment backgrounds.

The advantage of title loans is that the lender is much more approachable and transparent, which is why you can discuss this with your lender before signing the agreement.

For instance, you will know if there are any miscellaneous fees. Not to mention that title loans have much more competitive rates.


How Do I Stay In Good Terms With My Lender?

Title loans are not just about getting quick money; it’s also a chance to improve your credit standing.

Update about your payment progress and ask your lender for additional information if you have something to clarify.

Keep an account of how much you have already paid, and check if the lender has the same figures. This will be your proof if ever a conflict arises.

Doing all these will show your lender you are responsible with your finances, which will open doors for future transactions and a good relationship.


Looking for a Secured, Same-Day Solution? Apply for Title Loans Now

If you have been seeking a secured way to get some decent money from a trustworthy lender, title loans in Troy are what you are looking for.

You can solve all your cash problems with Troy title loans. The answer is here!

Contact any of the credible title loan places and start right now!