There’s now a solution for those in Michigan who need quick cash. By taking out a car title loan you can borrow a large amount of cash, sometimes up to $15k, and pay it back over 12-18 months. You don’t need good credit and most applicants can qualify for title loans in Michigan as long as they have a vehicle that’s paid off and in their name.
The requirements for online title loans will vary based on the amount you’re looking to borrow. Typically an auto title lender will require you to be at least 18 years old, have a valid driver’s license, and own the car outright. You’ll also need to provide a copy of the title and registration. Your car title is always the most critical requirement and there’s little to no chance you can be approved for an auto title loan in Michigan without a clear title. Be sure to have physical possession of the pink slip and confirm there are no lienholders or other companies that claim ownership of your vehicle.
Once approved for an auto title loan, you can expect to have the money in your account within one business day. This is one of the fastest ways to borrow money and it’s why title loans are becoming increasingly popular. Sometimes, you can get the cash quicker by working with a local company in Ann Arbor or Lansing that provides cash that same day. Many of these local lenders will let you apply online or in person and pick up the funds the day after you get approved. No more waiting for money to hit your bank account or clear from a direct deposit. Find a top company near you that offers same day cash and you can get everything done quickly!
Many title loan companies in Michigan will approve you for a loan, even if you have bad credit. The reason is that your car title is used as collateral and the lender has a lower risk if you cannot repay the loan. This also makes it a good option if you need money quickly and don’t want to go through the hassle of trying to get a personal loan from a bank where you would likely have trouble getting approved because of a poor credit score.
Title loan companies know you’re likely applying for a vehicle equity loan because of your bad credit score. Don’t let the fact that you missed a payment or two in the past hold you back from applying for title loans online in Detroit!
Almost any car, truck, or van can qualify for a title loan in Michigan if the title is in your name and there are no liens against the vehicle. This includes new or used cars, as well as those that were previously financed and are now paid off. Are you leasing a car? That could qualify as well. Simply contact your lender and see if you can buy out the lease and gain possession of the title to move forward with a title loan. The amount you can borrow will depend on several factors, such as the age and make of your car, its market value, and how much equity you have in it. Because of these factors, the loan amount will vary significantly between $2,000 and $20,000.
If you’re unsure whether your car will qualify for title loans in Michigan, be sure to reach out to a local lender ahead of time. They’ll be able to let you know if you have a good chance of being approved and what to bring with you when you go in for the appointment. Do you live in Michigan’s Upper Peninsula? That could be a good thing as there’s no shortage of direct lenders offering cash loans for your car title online. The same goes for title loans in Ann Arbor or Lansing, MI. Just because you don’t live in Wayne County doesn’t mean you can’t access cash with equity from a vehicle. Start by applying with an online lender and see how much money your vehicle qualifies for.
Collateral lending companies are cropping up all over the state, with many of them offering fast funding with minimal paperwork online. Rates, terms, and fees can vary significantly from company to company, so it’s important to compare a few of Michigan’s largest title loan lenders before deciding.
An easy way to start your search is by looking for auto title loans in Michigan near me. This will give you a list of local companies you can contact directly. You can also apply online with some lenders licensed to provide cash loans in MI, which is a good option if you don’t live near a lending office.
You can keep driving your car with an online title loan in Michigan. This is because it probably wouldn’t work out well for anyone if, instead of putting up your car title as collateral, you had to give up your vehicle! How would you get to work and be able to pay bills? Most loan providers understand this scenario and hold the car’s pink slip as security while you make the monthly payments. Once you have completely paid off the loan, you can return the vehicle title and move forward.
Contact Car Title Loans 123 to learn more about Michigan’s different title lending options. We can help you get started with an online application or walk you through any questions about where and how to apply!