Title loans are gaining more and more popularity and provide customers with the opportunity to get money quickly by transferring the rights to the car to the lender. Thanks to such a loan, you can get from 100 to 50,000 dollars both for a month and for a longer period. A huge advantage of such a loan is the ability to use the car during the entire term of the loan.
Michigan Title Loans Near Me
- Grand Rapids
- Sterling Heights
- Ann Arbor
- Farmington Hills
- Rochester Hills
- West Bloomfield
- Royal Oak
- St. Clair Shores
- Dearborn Heights
- Battle Creek
- East Lansing
- Grand Blanc
- Port Huron
- Lincoln Park
- Bay City
- White Lake
- Madison Heights
- Oak Park
- Van Buren
- Allen Park
- Grand Haven
- Forest Hills
- Garden City
- Mount Pleasant
How big can a car title loan in Michigan be?
The maximum amount will depend on the loan company. For example – WOWLOANS determines that the smallest amount that can be taken is $100 and the largest amount is $50,000. However, how much you can borrow will depend on the value of your car. The company may determine, for example, that it does not grant a loan higher than 65% of the value of the vehicle.
What happens if you fail to pay off the loan?
As soon as the deadline for the last repayment of the borrowed money has passed, the loan company will become the full owner of the vehicle. All detailed information on this will be included in the contract. Remember that an unpaid car loan will have dire consequences.
Car title loan at WOWLOANS – contract
A title loan agreement involves the provision of several documents. Such a contract requires the loan to be repaid within a specified period of time after the loan is granted. There are also provisions in it that the borrower relinquishes the rights to the car if he does not pay the debt on time. For this, additional car ownership documents will be needed, in which the loan company will become the owner of the vehicle in 51%. Another additional document is a written power of attorney that you will have to sign as a borrower. In this way, the company will be entered as co-owner in the registration certificate.
Such an agreement can be drawn up with the company stationary, but it is possible to apply for a loan online. You can send documents by post. Another option is an application for quick completely online car title loans that must be completed remotely. In the application, you will need basic data:
- first name and last name;
- American citizenship;
- ID number;
- home address and contact details;
- telephone number and e-mail address.
You can also include information about your current workplace. The loan is a collateral for the car, so you will also need information about the vehicle.
Details that must be included in the car loan agreement
These details are:
- the car brand;
- year of production;
- registration number.
After submitting these applications, you have to wait for the WOWLOANS’ decision. It may issue a positive decision or refuse to grant a loan. For people who do not want the company to be entered as a co-owner of the vehicle, a loan against the car without an entry in the registration certificate will be good.
Michigan Car Title Loan agreement – how long is it valid?
A car loan agreement is signed for a specified period of time – it can be from 1 to 12 months. After paying off the debt, you have to go to the communication department once again and re-register the vehicle again, of course only for yourself. You will receive a certificate from WOWLOANS that the security in the form of a car is no longer functioning. Thanks to this, the company will no longer share the right to the vehicle with you.
Car title loan in Michigan with the possibility of use
Recently, a few changes have been made to the possibility of using the vehicle. A loan against the car you are still driving is possible. Over the past few years, lending companies have demanded that the car that secures the loan be parked in the company’s parking lot. However, it was an ill-considered procedure, as it significantly delayed the loan repayment by customers, and sometimes completely prevented it.
What has changed in this regard?
Some people without a car were not transported to work, which was a significant inconvenience. This has changed, so now people with a car loan can use vehicles. However, you must remember that the use of the car is still limited. When WOWLOANS becomes a co-owner of a car, the customer cannot modify the vehicle or sell it.
Michigan Title Loan Alternatives
The residents of Michigan are not limited to Online Title Loans as the only source of instant cash. Everybody can choose the financing type to suit their needs and fit their budget. The best loan options differ by amounts, rates and terms. Check the loans below to apply for the most suitable one:
- Online Installment Loans in Michigan – $1,000 – $5,000 loans for 1 – 12 months of repayment term conducted in scheduled installments.
- Unsecured Personal Loans in Michigan – $5,000 – $35,000 loans for up to 7 years term at the lowest APR starting at 4.99%. No collateral is required. The funds are available even to bad credit borrowers.
- Online Payday Loans in Michigan – $100 – $1,000 loans for a short term of 14 – 30 days.
Compare the options with WowLoans online and start a simple application form to get the cash as soon as possible.