Have you even found yourself in a situation that prevents you from working? Sometimes people have unexpected accidents, need to take care of family members, or even experience sudden depression. A car title loan from a reputable lender may be just what you need to get through a short-term emergency.
How much money can I get for a car title loan from LoanMart?
The amount of money you may be able to get for a car title loan from LoanMart depends on a few different things:
- Equity in the Car
- Monthly Income
- Terms of the Loan
Even if you don’t have a perfect credit score, it may still be possible to get a car title loan with LoanMart1. The two most important factors are the equity in your car and your monthly income. LoanMart doesn’t even really care too much about your credit score! The equity in your car will determine the amount of money the lender can give you. Your monthly income will determine how much money you can afford to pay per month.
What do I need before I can get a car title loan?
There are only a few different documents that you’ll need before you can apply for a car title loan:
- Qualifying title for the car (in your name)
- Proof of income
- Photos of the front, sides, and back of the car, the odometer reading, and the vehicle identification number
- Government-issued photo I.D. (driver’s license, etc.)
- Proof of Residence (certain types of mail)
What is proof of income for a car title loan?
A lot of people think that the only thing car title loan companies accept as proof of income is a paystub. However, there are a number of other ways you can demonstrate proof of income for a car title loan. For example, you can use:
- A bank statement of tax documents if you are self-employed
- Social Security
What happens if I can’t pay my car title loan back?
If you are having trouble paying your car title loan back, you should contact your lender immediately. If you miss too many payments, your loan can go into default. What happens after that depends on the state.
Some states require that lenders send you a right to cure notice. This will inform you that you have a certain amount of time to pay the balance of your loan or the lender will repossess your car. Other states do not require a right to cure and lenders can repossess borrower cars without notice.
Once the car is repossessed, lenders normally auction it off to try and recover the money they lost on the loan. After the auction, some states allow lenders to continue to pursue the borrower if the funds from the auction don’t cover the balance of the loan. Other states require lenders to return any surplus funds to the borrower.
Because the cost of failing to pay back a car title loan is so high, it’s important to have a plan for how you’ll repay it. You don’t have to go it alone however. A reputable lender won’t try to get you to borrow more money than you need. And they will work with you if possible to try and come up with a solution that works for your situation. One such reputable lender is LoanMart.
What benefits does LoanMart offer that other car title loan companies don’t?
LoanMart offers a number of advantages over other car title loan lenders:
Low Repossession Rate – LoanMart knows that borrowers need their cars. Because of this, they only use repossession as a last resort. Their helpful customer service agents work with struggling borrowers to try and find a strategy to help them get back on track.
Simple Loan Terms – One of the things LoanMart values is transparency. Because of this, they strive to make their loan terms simple and easy for their borrowers to understand. Because of this, they never include things like balloon payments or prepayment penalties in their loans. You’ll never have a huge payment to cover at the end of your loan, the payments are divided up into equal monthly installments. Similarly, you’ll never be punished for trying to pay your car title loan back early. If borrowers want to get ahead on their payments to save money on interest, LoanMart encourages them to do so.
How do I get a car title loan with LoanMart?
If you find yourself unable to work but need to pay your bills, a LoanMart car title loan may be just what you need to get you through the month. If you have a car with a qualifying car title in your own name, it’s possible that you could be eligible for a car title loan of up to $30,0001. And in an effort to get you your money in as short a time as possible, LoanMart has streamlined their application process so that you can potentially receive your car title loan money in as little as one business day from the time you submit your documentation3.
Once you’ve decided to submit an application for a car title loan with LoanMart, you’ll need to decide which of three convenient contact methods you’ll use:
- Sign up online from the comfort of your own home
- Find a participating store close to you
- Call LoanMart at 1-877-787-4923
Once you’ve decided the easiest way for you to get in touch with LoanMart, there are a few easy steps to complete to finish your car title loan application:
- Finish the inquiry form;
- Get your important documents over to your LoanMart representative. You can even e-mail them; and
- Review your loan offer1.
LoanMart understands that there are a number of reasons a person may not be able to work. They could’ve had an accident, depression, or suddenly need to take care of a relative. Whatever the reason, LoanMart is here and may be able to provide the car title loan they need to weather their rough financial moment1.