Can I get a title loan from my bank? LoanMart answers that question here.
When searching for ways to get cash fast, you’ve probably stumbled upon car title loans and have wondered, since it’s a loan, “can I get a title loan from my bank?” You can get a loan for a car, you can’t get a car title loan.
The difference between a loan for your car and a car title loan is easy to explain. When you are trying to buy a used or new car, you can take out a loan through your bank or dealership financing to pay for the loan. A car title loan is a different type of loan. In this case, you use the title of a car you already have as collateral for money to use on whatever you may need.
Vehicle Loan from a Bank
When you are trying to purchase a car, you have a couple options. You can save up enough money to purchase it with cash, but nowadays that’s a little harder to do for a decent car that doesn’t need much work. You can also finance your car with the dealerships financing or a loan from your own bank.
Whichever is more convenient and cheaper for you is the best option to choose when trying to get a loan for a car. It could help your credit and your pocket.
Most of the time, this is how people will purchase cars. When you’re buying a new car or a used car from a dealership, they will typically help you with financing the loan by finding you the best rate. Unless you tell them you want it through your bank, they’ll probably find one for you online.
Bank/Credit Union Finance
If you are trying to purchase a car from an individual, you may need to take out a loan if you haven’t saved enough money. There are many benefits to using your own bank or credit union to get a car loan to buy a car. Because it’s your bank or credit union, they may be able to negotiate a lower interest rate just because you remained loyal to them. That means lower payments for you in the end.
A good idea is to get pre-approved with your bank, so you know how much you’ll be able to afford when looking for a car. Then, you won’t have to worry about being turned down for financing at a dealership or approved for less than you were hoping when you try to buy it.
Car Title Loan from LoanMart
As mentioned before, a car title loan is a secured loan that gives you fund based on the title of your car being used as collateral. This means your loan isn’t based off of your credit score or other finances, but rather the market value of your vehicle and the ability to pay back the loan each month.
Unfortunately, banks do not offer car title loans to cover unexpected expenses. Instead, they offer loans like personal loans. With banks, those usually require a lot of time and stipulations to acquire them. It could take weeks before your approval, and that’s a problem if you need your money now. Not to mention you usually need a nearly perfect credit score to get approved, and for some people in financial difficulties, they may not have that perfect score.
With a car title loan at LoanMart, not only will you be qualified, but you could get your money the same day with the completion of your application and document submissions1. We just require a few qualifying documents:
- Title of the vehicle
- Proof of insurance
- Proof of income
- Registration card
- Valid identification
- 4 references
Applying for a Title Loan with LoanMart
Applying with LoanMart is a speedy process, not to mention simple. We’ve streamlined our application to make it easier for our customers to fill out the application when it’s convenient for them. That means, we give you three ways that you can apply:
- Fill out our online application from your computer, tablet, or phone.
- Call us on the phone to complete the application with a representative.
- Pop into one of our participating stores and fill out the application inside the location nearest to you.
The application is simple and easy, just some basic questions about you and the vehicle you will be using the title of. Once your application is complete, a representative will contact you to help you with the rest of the process.
During that time, they will ask for the documentation we listed above. After it’s all been received, they will go over your free quote, your loan terms, and the length of your loan. If you are pleased with the terms, you will move forward by signing for the loan and receive your money.
Just like choosing a bank to do business with, you probably want to know a little more about that lender before going with them. LoanMart wants to make sure you know who we are before making your choice, and allow us to show you why LoanMart is a great option for you.
One of our main goals is to help our customers. We want to make sure we get you the money you need with minimal complications in a short amount of time. We have representatives waiting to talk with you to help you through this financial difficulty.
LoanMart offers you benefits you can’t find at other lenders. We offer some of the most competitive interest rates in the area. We don’t want to burden our customers, so we work with you to find that rate that suits your life. We also have a completely online system that you can use to keep track of your loan and make your payments. We can even send your money through your bank, in cash, or in the mail – whichever is easiest for you! So, contact us today with any questions you have regarding your future car title loan with us.
If you have a car loan and are looking to refinance, give us a call and we could help get more money in your pocket!