Frequently Asked Questions
How do title loans work?
Getting a title loan is easy! We have streamlined the process to ensure your title loan experience is fast and enjoyable. The whole process is only 3 steps and we can have money in your hands as fast as today! A car title loan is easy to qualify for because you are using the money you have already put in your vehicle to secure a loan today. You are not selling the car to us, just using the vehicle's value as your passport into a loan.
How much can I borrow?
Our smallest title loans start at $2600.
How much does my car have to be worth?
Generally speaking a vehicle should have a current wholesale value of $4000 to qualify. Because each car appraises for different amounts in today's market, we do not charge anything to find out how much your car is worth.
Do I have to be a California resident?
Yes, you will have to show you are a current resident of California.
Do I get to drive my car during the auto title loan?
Absolutely. One of the greatest things of a car title loan with us is the fact that you always drive your car. Do your application online and let us work with you through the application process. Once approved, drive right up to our nearest location, sign off on the paperwork and get your money and drive off.
Does my car need to be paid off?
Actually no. Many people who have a few payments left on any loan (car title loan with another company, bank loan, dealership financing, etc.) still qualify. What we will do is pay off the loan and you get the extra cash. It's a great way to improve or save your credit score and get caught up.
Do I need to be currently employed?
No. We do need to know that you have the means to make payments. This means you need some sort of income which you can prove. Talk to us about the amounts but don't worry, as we do allow co-signers if needed.
Can I be on disability or retirement?
Yes. You can also be on contract or self-employed. This is a great option for people who have income that varies monthly.
Is there a pre-payment penalty?
No. You can pay off the title loan at anytime. We suggest paying it back as soon as you can, however we will write the loan for an extended period of time to give you the time you need, if you need it.
How long does it take to get a title loan?
We are extremely fast. The application will take you about 5 minutes. Pre-approval in about 2 minutes. Paperwork processing and underwriting in under an hour and cash in hand that day or the next. Let us know what you prefer.
Do I need to have a bank account?
Only if you are self-employed. Otherwise no.
Do you charge anything to see if I qualify for the loan?
Not a cent! The whole process of getting a title loan starts with finding out how much you can get. Then you need to get your personal questions answered so that you have a customized loan just for you. This costs you nothing! Why not get started now?
Does my car title need to be in my name?
Yes. The person whose name appears on the title is the one who gets the title loan. Any issues? Let us do the DMV work for you! You can have all this done at the same time you are sending us your info!
How do I get the money?
We can conveniently deliver a check to you.
Do I have to go to the DMV?
No, we will take care of all the DMV work for you. All you have to do is bring us the title, and we will do all the work. We keep the title while your loan is open, and mail it back to you upon payoff.
How long do I have to pay my loan back?
Our loans typically range from 12 up to 36 months. We want your payment to be comfortable for your situation, and work with you to make that happen. Paying your payments on time will help assure that your payoff goes down every month. Of course, we will never penalize you for paying off early, or for paying extra.
Why is an Auto Title Loan better than a payday loan?
Unlike a 2 week payday loan, this is a long term loan, which you pay only a portion of each month. If you pay your payment on time every month, your loan will end on a date shown on your contract, and you will owe nothing. A payday loan starts over each time you take out a new one, causing you to pay forever without ever making any head way.
Do you lend on classic cars?
We will consider classic cars for a car title loan. Since we are not a bank, we control our rules and requirements. We have professionals on staff who can tell you immediately what your classic car will qualify for.
What sort of documents do I need to provide?
Typically you will need to provide basic documents such as junk mail, proof of income, a phone bill, and personal references. Based on the loan amount, or situation, we may ask for additional documentation, which we will let you know at the time you apply.
Do you put a tracking device on all your customer’s cars?
Unlike other companies, we do NOT put tracking devices on all our customer’s cars. We want to help you payoff your account with us, and are not looking for ways to repossess it.
Will I get a bill every month?
Just like any other auto loan, you will get a bill from us every month. It will show your balance, payment amount due, and the various ways that you can pay. We currently take multiple payment methods to make it quick and easy for you to pay your bill. For your convenience, we also give you the option of setting up a monthly auto pay.
How will this help my credit?
Unlike most other auto title loan companies, 1-800LoanMart reports to the major credit reporting agencies. This means that your account will show on credit bureau, and every month that you pay, it will reflect positively. Credit scores are heavily weighted on current accounts, so even if you have bad credit in your past, this loan will help to raise your credit score, and help you obtain new credit in the future.