What Happens When I use My Car as Collateral for a Car Title Loan?
Using your car as collateral for a title loan is the quickest way of turning your car into cash. A title loan is a secured loan meaning that it is protected by an asset such as a car.1 At LoanMart, we provide car title loans that are fast, easy, secure and convenient. Our loans can be processed in about 24 hours to give you a quick solution for your financial problems.3 Do you have a car to use as collateral? Awesome! You are on the way to getting the cash you need, and fast.
Here’s What Happens When Using A Car as Collateral:
- The car title loan is secured based on the value of your car and the amount that you can get depends on the equity in your vehicle.
- Equity is calculated based on factors such as the mileage of the car, market value and condition. Aspects such as the model, make and year of manufacturing also play an important role in arriving at the amount that one is entitled to. In fact, we accept all motor vehicles if they have value.
- We only add our lien to your car title if you choose to take a title loan. You can keep driving it while making the monthly payments. After the loan is repaid in full, we remove our lien from your title.
You could be eligible for a loan amount that’s based on the value of your car, without a long application process. A car title loan is an asset that you can use to get a loan with LoanMart with ease.
Getting a car title loan from LoanMart is the first step in overcoming your monetary expenses and situation. Using your car as collateral is easy with these three tips:
- Pick which car you are willing to leverage for the loan to give you the highest amount of money that can relieve your fiscal burdens.
- At LoanMart, we work with a wide variety of car types and makes. You could be eligible to get a car title loan based on one of your vehicles. Even if you have outstanding amounts left on your car payment, that won’t stop us from processing your loan request. It’s good to have an idea of the value of your vehicle before applying for a car title loan.
- Take advantage of the value of your car to get a fast loan that can be processed online.
How much Collateral Is in your Vehicle?
A good car evaluator will look at any wear and tear on your vehicle before comparing it to others on the market with similar conditions. You should be able to tell both the trade-in value and the market value of the car because the two prices will give you insight in determining the equity of the vehicle in question. Times can get tough and if you need cash fast it may seem hard to make ends meet. This has made many turn to their cars in ways they may not have explored before. Your car is an investment that can bail you out in times of need.
How title loans on car work at LoanMart
It is very easy to get the funds you need from LoanMart. We have streamlined our services to ensure our customers have seamless, fast and enjoyable experiences. Once you submit your application, wait for approval and receive your funds. With thousands of satisfied customers and a high approval rate, you have a good chance of getting financial assistance with a car title loan. The good thing is that we don’t consider your credit rating when processing the loan as a primary factor.
What is a Car Title Loan?
A car title loan is the easiest and most convenient loan you can get. At LoanMart, we only ask for your car title, ID, and proof of income to get the process started.1 You don’t have to come to our office to have your loan application approved because we can do most everything online.
It is possible to get all the money you want if you hand in your documents early. The other great benefit is that you can use not just sedans, but pickups, SUV’s, classic cars and even motorcycles in California.
After reviewing your documents, we can add our name to your vehicle’s title. These terms let you keep your vehicle while repaying the loan. There is no need to worry about losing your car. That’s not the case with pawnshops that will keep holding your car until funds are fully recovered.
Here is the loan application procedure at LoanMart:
Step 1: Make contact.
Once you have determined that you need a car title loan, you need to get started with your application right away. Our customer care line is always open in case you have questions or need help with the process. You can also submit your info on our site and fill the application details out on a computer or mobile device.
LoanMart has numerous locations in Alabama, Arizona, California, Illinois, Missouri, New Mexico, Utah, South Carolina and Wisconsin. You can drop your documents off at any of our participating offices or apply online. We can also help to process paperwork with the DMV if you are experiencing any trouble getting the necessary documents.
Step 2: Submit your documents
We only require a few documents from you before processing a loan request. These include Identification documents (ID), proof of residence, a car title and proof of income documents such as a bank statement. All documents can be submitted online via a computer or mobile device.
Step 3: Get your loan.
After you have submitted all the necessary documents, we will contact you regarding possible options. We will also let you know right away if you are qualified to get a loan as well as the amount you are entitled to. We will deliver the money to you in as little as one business day if you choose to accept. There are no obligations or charges to find out your loan eligibility. Contact us today to find out how much you can get using your car as collateral.