Can You Get a Title Loan Online in Alabama?You can1! Applying for a title loan online is even easier than applying for a loan in person. When you apply for an online title loan, you get the same benefits as you would applying in person. There’s no lengthy approval process and agents care more about your ability to pay the loan back and the equity of your car than your credit.
What Kinds Of Vehicles Are Accepted for Title Loans in Alabama?When applying for a car title loan, it is not uncommon to have questions. Fortunately for Alabama residents, there are many different qualifying vehicle options to work with when applying for an auto title loan. Depending on the current value and condition, the following types of motor vehicles may be accepted1:
- Sports Cars
- Classic Cars
- Luxury Cars
How to Know if a Car Will Qualify for a Car Title Loan in Alabama?It is still possible to qualify for a car title loan if a vehicle has not yet been fully paid off in Alabama1. But approval is less likely, and the amount an approved borrower would receive is less than what someone with a paid-off vehicle may be able to obtain1. If there is a zero balance on a car and there is no lien currently put on the title, then approval for a greater sum of money is more likely to happen1.
What Are the Laws Surrounding Online Title Loans in Alabama?In 1993, the Alabama Pawnshop Act defined title loan lenders as pawnbrokers, meaning they have to abide by the laws set out in the act. It puts into writing the responsibilities and duties of borrowers and lenders when it comes to title loans. For example, borrowers must swear that the car they are using for their title loan isn’t stolen. And lenders must detail the monthly payments and associated fees of the title loan.
How Much Can I Get with My Online Title Loan in Alabama?There are several factors that determine how much money you may be able to get with an online title loan1:
- Value of your vehicle
- Loan Terms
What is Considered Proof of Income for an Online Title Loan in Alabama?A paycheck stub is far from the only way you can prove that you have income for an online title loan. There are actually a wide range of ways you can prove that you have income and are able to pay back an online title loan. For example:
- Bank statements
- Tax returns
- Workers’ compensation letter
- Social Security statements
- Disability statements
How Do I Get a Copy of My Vehicle’s Title in Alabama?Your local Motor Vehicle Division (“MVD”) may be able to provide you with a duplicate title. Some are even capable of providing expedited titles.
Are There Any Costs Other than the Interest for an Online Title Loan in Alabama?Applying for a loan is free. That said, there may be other fees associated with a title loan. Your lender should disclose those to you during the application process.
What Happens if I Fail to Pay My Online Title Loan in Alabama?If you can’t pay your loan back in the allotted time, you are putting yourself at risk of having your car repossessed. If this happens, it is imperative that you speak with your title loan agent about recovering your car.
How to Get a Title Loan in AlabamaAs you can see, a title loan serviced by LoanMart is a great choice if you need quick funds for an unanticipated expense. If you own a vehicle in your name, you could potentially qualify for an auto title loan in Alabama1. To get started on the inquiry process, just dial (855) 277-4847 or complete the online title loan form. If approval is granted, there are a variety of convenient methods to receive your title loan money. Such methods include:
- Electronic deposit
- A check send overnight in the mail
- In some cases, borrowers may go to a MoneyGram