Known as a laid-back coastal city blending surf culture with an expansive shoreline, New Smyrna Beach has a cost of living above the national average. That can make it difficult for some residents to manage unexpected financial emergencies, particularly if they lack the credit for a traditional bank loan. In such situations, a car title loan could help. If you have a vehicle in your name and the income to make payments, you could qualify for a title loan serviced by LoanMart in New Smyrna Beach, FL.1 Read on to learn about the benefits of such loans and how you can apply and qualify.
What is a Title Loan and How Does it Work in New Smyrna Beach?
A title loan is a credit option that uses the title to your vehicle as collateral. When a lender funds your loan, they place a lien on the title to the automobile. You keep your vehicle and continue using it as long as you make on-time payments. The lender removes the lien when you repay the loan. If you default on the loan, the lender can attempt to recover and sell the auto to recover their funds.
How are Title Loans Different from Other Loan Types in New Smyrna Beach?
Similar to auto title loans, bank loans are sums of money consumers borrow from financial institutions and repay over time with interest. The main difference is that qualifying for car title loans can be easier to do, as banks have stricter credit requirements. In fact, it’s possible to get a LoanMart-serviced loan even if you’ve had a previous bankruptcy or a credit card charge-off.1
Bank loans typically carry lower interest rates than car title loans. However, interest rates on LoanMart-serviced title loans are competitive with those of similar lending options such as payday loans. Another key difference between the two loan types is speed. Compared to bank loans, auto equity loans in Florida are usually approved and funded more quickly.1
A key difference when comparing title loans to car title pawns is that you retain usage of your vehicle. You’ll likely have to give up your car until you’ve paid your loan off with a car title pawn.
How Much Can I Borrow with a Title Loan in New Smyrna Beach, and How Can I Use the Funds?
You may qualify to borrow as much as half your car’s equity, up to a maximum of $15,000 with LoanMart-serviced loans in Florida. The exact amount you borrow – within your approved loan range – is up to you. How you use your auto equity loan serviced by LoanMart is also up to you, as long as it’s for a non-business expense. Borrowers commonly use car collateral loans for urgent bills, unexpected travel, veterinary costs, repairs and the like.
How Can I Qualify for a Title Loan in New Smyrna Beach?
To qualify for a LoanMart-serviced title loan in New Smyrna Beach, you must be a Florida resident and at least 18 years old. You also need a consistent income, which can come from employment or alternative sources such as disability benefits, Social Security, retirement funds or alimony. The vehicle’s title must be in your name and the car must have enough value in it to support the loan. The value of your car is based on factors such as its make, model, mileage, age and overall condition.
What is the Process for Getting a Title Loan in New Smyrna Beach and How Soon Can I Be Approved?
You can apply online for a vehicle-secured loan serviced by LoanMart in as few as five minutes.3 Upon approval, you’ll only need to provide a few documents. These include a government-issued ID, proof of your New Smyrna Beach address (such as a utility bill or lease agreement) and recent pay stubs or other proof of income. In some cases, you may also need to provide a DMV form granting permission to place the lien. Clear, up-to-date photos of your vehicle’s exterior, interior, VIN and odometer reading are also needed.
Here’s the easy, streamlined process:
- Complete the brief application, or call 855-422-7412 to apply by phone1
- Submit the required documentation
- Review and sign your loan agreement
- Deliver the title to the automobile
- Accept your funds
Approval can take less than an hour, and your funds can be available in just one business day. Same-day cash is sometimes available.1 3
How Can I Access My Funds in New Smyrna Beach?
Funds from a LoanMart-serviced title loan can be accessed in several ways, some of which do not require a bank account. Disbursement methods include:
- Wire transfers
- ACH bank deposits
- Checks
- Cash pickups at authorized transfer locations
You also have access to flexible and convenient payment options, including:
- Cash payments at participating money transfer locations
- Automatic payments using a debit card or bank account
- Telephone payments
- MoneyGrams
Frequently Asked Questions About Title Loans in New Smyrna Beach
Common questions and concerns you may have about car title loans serviced by LoanMart include the following:
- How do title loans affect credit scores? If you apply for a title loan serviced by LoanMart, your credit report will be reviewed. That can cause a temporary dip in your score. If you make your payments on time, every time, that could improve your score.
- Is my personal information safe with LoanMart? Absolutely. We’ve taken steps to protect borrowers’ data. We won’t store your information on our web server computers, and we shred any paperwork that includes a customer’s name.
- Can I get a loan if my vehicle isn’t paid off? Yes, you may be able to get a LoanMart-serviced title loan even if you’re still making payments – as long as your car has sufficient value.1
- Does the vehicle’s title need to be in my name? Yes. The car must be registered in your name. If you own the vehicle you want to use as collateral but don’t have the title, you can get a copy at the Florida DMV.
- How soon can I apply for a new title loan after paying off a previous one? Once you’ve repaid your loan in total, the lender will remove the lien from your title. As soon as you receive your title, you’re eligible to apply for a new loan.
In Summary
If you need cash fast and are certain you can handle your payments, you may want to consider a car title loan serviced by LoanMart. We take pride in our transparency and customer service. We are also happy to address any questions or concerns you may have. Whether you live in New Smyrna Beach or another Florida city such as Cape Coral,Palm Coast or Orlando, a LoanMart-serviced title loan may be the solution you need.1 Apply today!
Addresses shown display closest MoneyGram locations. Map displays all MoneyGram locations in general vicinity.
Locations Near New Smyrna Beach, Florida
LoanMart is proud to help people all over the United States, including New Smyrna Beach, Florida and beyond! Look through the different LoanMart service areas and see which one is closest to your neighborhood:
Featured Locations Near New Smyrna Beach, Florida
Nearby States by Florida That Offer A Title Loan Serviced by LoanMart
LoanMart is proud to help people all over the United States, including New Smyrna Beach, Florida and beyond! Look through the different LoanMart service areas and see which one is closest to your neighborhood:
