How Retirement Affects a Car Title Loan

 
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How Retirement Affects a Car Title Loan

Loan Options for Retirees

If a person is retired or about to retire, getting a loan on a car title might be an option worth considering, if they need additional money in a short amount of time. Traditional lenders like big banks may not even consider that person for a loan because of their income status as a retiree. An older person may also be reluctant to borrow against the home where they live for obvious reasons. Seeing if they qualify for a car title loan could allow them to receive a check quickly – and retain the use of their car.

Retirees may need an auto title loan for a variety of reasons: to cover a medical emergency, to help a family member in need, or other unexpected financial problems. We understand a borrower’s needs and will try to work with them to get them funding as quickly as possible if they qualify. Whether they are retired or not is not a determining factor in qualifying on a loan for car title.

Here’s what we do look at to determine whether or not we’re able to get a loan for a prospective borrower:

  • The value of the car (we can’t give a loan for more than what we determine the applicable car is worth)
  • The borrower’s income and their ability to repay the amount they’re borrowing. It’s okay if they’re on a fixed income in retirement, but the monthly income will need to allow for them to repay the loan.
  • The status of the car title

We also run a quick credit check. We don’t have a credit score requirement, and the credit score is only a small factor in determining whether or not a person will qualify for a car title loan.

Remember that we also require some form of car insurance on the automobile that is being used to take out a loan for car title. We want the borrower to be protected while they’re using the car during the term period of the loan, even though we hold the title.

Retirement doesn’t have to be a limiting factor if a person needs money quickly and still need to be able to use their car. It’s also easy and completely free to check online to see if they might qualify. Applicants need to provide us with some basic information about themselves and their car, but don’t worry: we care about our customers and we protect all of the information we use to see if someone qualifies for a car title loan.

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DISCLOSURES

LoanMart may act as the broker for the loan and may not be the direct lender. Loan proceeds are intended primarily for personal, family and household purposes. LoanMart does not offer or service student loans. California loans are made or arranged pursuant to a California Financing Law License. See State Disclosures for additional disclosures.

1Credit approval is subject to LoanMart’s credit criteria standards. Actual loan amount, term, and Annual Percentage Rate of the loan that a consumer qualifies for may vary by applicant. Minimum loan amounts vary by state. Consumers need to demonstrate ability to repay the loan.

2Based on consumers who received a loan from February 2002 to October 2018.

3Application processes could take five (5) minutes to complete. Upon completion, a conditional approval may be given pending review of documentation. Funding time is based on the time from final approval following receipt and review of all required documents and signing, prior to 5PM PST on a business day.

4To exercise the right to rescind, the consumer(s) must notify LoanMart in writing by midnight on the sixth calendar day from obtaining the loan. Within one business day from notice of rescission, the consumer(s) must return any monies received and fees paid on behalf of the consumer(s) by certified funds.

5LoanMart recommends and encourages customers to pay early and often and more in order to avoid additional finance charges.

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