When looking for a title loan in Delaware, a person may have a few questions related to the car. This is because, with title loans, the borrower’s car will play a huge role in the eligibility process.
One question that may come up may be about the kinds of cars that are accepted for a title loan in Delaware. Here is more information on the kinds of cars that are generally accepted in Delaware, along with details on title loans serviced by LoanMart—an innovative title loan.
What Details Do Lenders Consider When Approving a Car for a Title Loan?
As many people already know, a car secures funding with a title loan—the major reason that it plays such a large role with eligibility.
When approving a car for a title loan, there are a few details that most title loan lenders will consider:
The Type of Car
The “type” refers to the body type and style of the car. Most lenders in Delaware will typically accept cars such as sedans, trucks, minivans, hatchbacks, convertibles, electric cars, RVs, and even motorcycles. Generally, most lenders will not accept ATVs or pocket bikes.
The Current Market Value
The market value of a car is going to be an extremely important part of title loan eligibility in Delaware. Lenders will look at the make, model, year, and mileage to determine its current market value. Generally, the amount of funding from a title loan will not exceed the market value of the car that is involved.
The Condition of the Car
Another important factor for a title loan will be the condition of the car. For most title loans, a car must be in safe working condition. Lenders will look at the inside and outside conditions—both of which will impact the value of the car.
Why Does the Car Title Matter for Title Loan Approval in Delaware?
A car title provides information on the legal rights to that respective car. When a car is being financed, has an existing title loan on it, or is being leased, the title will have a lien on it—essentially showing who owns the car.
Some lenders in Delaware may not be able to work with an applicant that has an existing lien on their car. However, there are some title loan lenders who may be willing to include the cost of removing the lien with a new title loan—essentially a transfer or refinancing of debt.
A lien can generally be removed, added, or checked through a local DMV.
What Factors Besides the Car Will Impact Eligibility for a Title Loan in Delaware?
Along with the car, there are a few other factors that will determine eligibility for a title loan in Delaware:
An Applicant’s Income
Income will be looked at in both annual and monthly terms. Lenders will look at this to determine an estimate of the loan amount that a borrower can afford to pay back, along with an estimate of loan length.
An Applicant’s Ability to Repay the Loan
This variable will combine a few factors such as income, expenses, and the amount of existing debt that a person has. This will give a lender an overall timeframe of repayment.
Why Work with Title Loans Serviced by LoanMart for Funding in Delaware?
A title loan serviced by LoanMart is a title loan available for residents of Delaware to inquire about. The loan agents who work with title loans serviced by LoanMart generally accept a wide variety of cars and title statuses—and they don’t even require an in-person car inspection to make a decision1!
Along with the benefits of a standard title loan, such as speed and flexibility with credit, title loans serviced by LoanMart come with a ton of additional perks1.
An approved borrower can look forward to competitive interest rates, flexible repayment, and more. Borrowers could take years to repay the loan or pay early with no penalties!
The title loan process is just a few simple steps:
A resident of Delaware can apply online in just a few short minutes1. The title loan website has a short inquiry form that requires only basic information about an applicant, their finances, and details about their car.
- Talk to a Loan Agent
Once the initial inquiry is filled out, a loan agent will get in contact with an applicant shortly. From here, they will ask for some documents and information on the car. Once those are collected, they will let the applicant know of their approval status.
- Get Approved Funding
Once approved and a loan contract is signed, a borrower can receive their funds! Funds can be sent straight to a bank account, made available by check, or even picked up as cash at any MoneyGram location in Delaware!
When looking for title loan funding in Delaware, look no further than a title loan serviced by LoanMart.
There are all kinds of cars that title loan lenders in Delaware will typically accept. When figuring out whether a car is appropriate to be an asset for a title loan, lenders will look at the type of car someone has, the value, and the condition. From that point, lenders will then focus on the car’s title and the finances of the applicant.
The great news for residents of Delaware is that an easy place to start looking for flexible funding is with title loans serviced by LoanMart1!