By mtokhmanian | August 26, 2014
Car title loans allow individuals who have equity in their car to apply for a loan with a lender such as LoanMart, by borrowing money against that equity. Customers must demonstrate ability to repay the loan and Customers who make timely payments continue to use their vehicles for the duration of the loan.
Car owners looking at the possibility of a car title loan should consider the following factors:
- Applicants must have possession of the car’s title, which must usually be free from any other holdings or liens.
- Title loan companies generally allow clients to borrow against the resale value of the car. The newer the car, or the better the condition – the higher the value of any potential loan.
- While the money received from a car title loan may be used in any way the borrower chooses, these loans are ideal for emergencies. The process is shorter than that of a traditional loan and the money is usually available within a day of approval.
- Individuals applying for a title loan don’t have to worry if they have poor credit. Loans are usually based on value of the vehicle and customers must demonstrate the ability to repay the loan. The first step is to fill out basic information about the vehicle, which you can do here at LoanMart.
As one of the largest car title loan lenders on the West Coast, the LoanMart team encourages anyone applying for an auto loan to contact us for more information.