If you need money urgently, a car title loan can be a quick and easy solution. By using your vehicle’s title as collateral, you could have the cash you need the same day – but after the money’s gone you’re left with the payments.
Fortunately for qualified residents of Killeen Texas, there are title loans serviced by LoanMart, a new title loan1! So what is a title loan serviced by LoanMart and how may it benefit you?
What Are the Benefits of a Car Title Loan?
Title loans serviced by LoanMart work by using your vehicle’s title as collateral, allowing you to borrow money against the equity in your car. The loan decision is based upon your vehicle’s value and your ability to repay the loan, so regardless of your financial situation or credit, you’re more likely to get approved for a title loan than a regular personal loan1.
Title loans in Lansing and many other locations also typically can offer borrowers a less expensive alternative to payday or cash advance loans. Those services offer less money, often require borrowers to pay back the loan within just a few short weeks and can charge and inconvenient interest rates.
How Do Title Loans Work?
Title loans serviced by LoanMart work in much the same way as a regular personal loan. After you receive your funds, you make the agreed-upon monthly payments until your loan (including interest) is paid back in full. The big difference between personal loans and title loans is that the borrower is required to surrender the car title. Once the loan is repaid in full, the lien is removed from the title and a clean copy of the title is then sent to the borrower.
With car title loans in California and other states, you may be able to get your money the same day and have years to repay the money1.
The first good news is that there are no prepayment penalties, so if you decide to pay off the loan early, you won’t have to pay any additional fees5.
How Does a Title Loan Serviced by LoanMart Differ?
The big difference comes as you make your payments. With regular personal loans or title loans, the interest rate and payments are high throughout the lifetime of the loan.
With title loans serviced by LoanMart, you can potentially get low rates.
There are, of course, many online loans that offer title loan services to Texas residents, but there’s only one title loan serviced by LoanMart. The inquiry process is quick and simple with title loans serviced by LoanMart and you could get a loan decision in just a few minutes1.
See your options for title loans in Texas or call to get started!