For residents of Holland, Michigan who are looking for a car title loan, one place to start is with title loans serviced by LoanMart. These loans offer innovative benefits, transparency, and a fast process1.
A car title loan is a type of loan that uses the equity of a borrower’s car as collateral in exchange for funding. If a resident of Holland, Michigan, is thinking about inquiring for one, they may have a few questions about their car title. This is to be expected, as the title of the car will play a large role with eligibility.
A car title is heavily involved with the title loan process because it plays a significant role with ownership. When there is a loan on the car (if it’s being financed, leased, or has a title loan on it), there will be a lien on the car title.
A lien will signify that there is an existing loan on the car, which must be paid off—this will also mean that the car cannot be used for a car title loan (although there are exceptions).
Here is more information on title loans serviced by LoanMart, along with some important details on the lien that is placed on the car title.
Why is a Lien Necessary to Acquire a Car Title Loan in Holland, Michigan?
Car title loans are a type of funding that is considered pretty risky for a lender, simply because they are typically flexible with eligibility requirements. With traditional loans, approval is based heavily on credit history, while car title loan lenders typically focus on other factors.
Instead of just credit history, car title loan lenders focus on other aspects, such as a borrower’s income, the value of the car, and one’s ability to repay the loan.
When it comes to adding a lien to a car title, there are going to be a few reasons lenders require this:
- In Order to Secure the Loan— In order to secure the loan for an applicant, car title loan lenders must involve that applicant’s car and maintain the legal rights to it—until the loan is completely repaid.
- In Case the Loan Defaults—If the car title loan defaults, then the lender must be able to legally repossess the car. This can only be done if the lender has a lien on the car title.
- Prevents Sale of the Car—Another reason that a lien is needed is because it prevents the transfer of ownership. By having a lien on a car title, the lender is protected from unlawful selling of the car.
When Can the Lien on a Car Title be Removed in Holland, Michigan?
With car title loans, the lien on the car title can only be removed following complete loan repayment. This includes repayment of the principal amount (the amount borrowed), the interest, and any other fees which may have accumulated throughout the life of the loan.
Once the full loan amount is paid, the title loan lender will begin the process of removing their name from the car title.
Why Start with a Title Loan Serviced by LoanMart When Looking for Funding in Holland, Michigan?
If you are in the process of looking for a car title loan in Holland, Michigan, start with title loans serviced by LoanMart.
Not only do these loans come with the standard perks of the industry, but they could offer:
- Competitive Interest Rates—Title loans serviced by LoanMart start off with highly competitive interest rates. This is especially true when compared to other similar title loans.
- Flexibility—Title loans serviced by LoanMart can be completed entirely online, offer flexible repayment terms, and make money retrieval effortless too.
- Low Payments—With title loans serviced by LoanMart, a borrower could get low payments each month.
In addition to these benefits, a title loan agent may be able to work with a car that has an existing lien on the title1.
To get started with a title loan serviced by LoanMart in Holland, Michigan, one can head over to the webpage or give a loan agent a call.
A few basic pieces of information will be required when applying online or over the phone. An applicant will also need a few documents to complete the title loan process if they’re approved.
When looking to work with a title loan in Holland, Michigan, an inquiring resident can’t go wrong with a title loan. One great place to start looking for a title loan in Holland, Michigan is with title loans serviced by LoanMart!