Stocking refrigerators and cupboards today is more expensive than ever. According to an ABC News report, prices are rising at their fastest monthly pace since 2022, with no apparent relief in sight. In times like these, a title loan serviced by LoanMart can come in handy. You don’t need good credit to get one, and the application process is both simple and fast.1 With that in mind, here’s what you should know about getting a title loan for groceries; how to use that loan wisely and some clever ways to make the most of your grocery budget.
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What is a Title Loan Anyway?
A title loan is a secured loan that allows you to use your vehicle, registered in your name, as collateral to access cash quickly. To qualify, your car must have sufficient value to cover the loan amount, and you’ll need to provide proof of income to show you can make timely payments.
Depending on state regulations, lender policies and your income and vehicle, you may be eligible to borrow up to $15,000. Lenders typically determine how much your car is worth based on its year, make, model, mileage and overall condition. With title loans serviced by LoanMart, the exact amount you borrow is up to you, as long as it is within the range for which you have been approved.1
A lien is placed on your car’s title once the loan is funded, and is subsequently removed when you pay the loan off in full. You can keep your vehicle and continue driving it in the meantime as long as your payments are current. Vehicle-secured loans can be used for any household purpose, including buying groceries if you’d like.
How to Obtain a Title Loan
While the exact requirements vary from lender to lender and state to state, you typically must be at least 18 years old and live in the state in which you are applying.1 You’ll also need to provide a driver’s license or other government-issued photo ID, along with proof of your address, such as a utility bill or a signed rental or lease agreement. Proof of your income, such as pay stubs, will be needed in addition to a copy of your vehicle’s title. If you don’t have that document, you can get a copy of it at the Department of Motor Vehicles, or its equivalent in your state. Clear, current photos of your car’s interior, exterior, VIN and odometer reading are required too.
With that documentation in hand, applying for a car title loan serviced by LoanMart can be conducted online or by phone at 855-422-7412. After you submit the required documents and they have been verified, you’ll review and sign your loan agreement. In some states, you will also need to supply a DMV form granting the lender the right to place the lien, before the cash is disbursed. As mentioned above, the lien will be removed once you pay off the loan.
Why Choose a Title Loan for Grocery Expenses?
A car title loan can provide access to funds quickly for urgent needs when money’s tight. Contrast that with traditional loans, which usually take much longer to process. Completing an application for a LoanMart-serviced loan can take just five minutes, and applicants can often be approved in less than an hour.1 Once approved, you can usually have your cash by the next business day, sometimes even same-day.3
While a loan officer will review your credit report, title loans serviced by LoanMart don’t focus on your credit score. Instead, your vehicle’s value and your ability to repay your loan matter a lot more.1 With LoanMart-serviced loans, you can also expect competitive interest rates, excellent customer service and transparent terms, with no hidden fees or penalties for early loan payoff.1
Responsible Use of Title Loans
Car title loans provide access to quick cash for urgent needs using your vehicle as collateral. However, it is important to use your loan responsibly in order to get the best result. These strategies can help you get the most out of your title loan.
- Assess the necessity first. Evaluate whether, instead of getting a vehicle-secured loan, you can borrow from family or negotiate your bills.
- Borrow only what you immediately need.
- Review the loan’s terms thoroughly. Read the agreement carefully before signing it. Confirm the loan amount, interest rate, fees, term length and repossession clauses.
- Plan your repayment schedule based on your income, to ensure you can pay off your loan early and reduce interest accrual.
- If you believe you’ll miss an upcoming payment, contact your lender immediately to negotiate a solution, such as an extension.
Making the Most of Your Grocery Budget
Using a Grocery Budget Calculator is a good way to maximize your grocery budget. Reviewing your past receipts, you can track your grocery spending to see where your money’s going and where you can cut back. The following shopping habits can also help you slash your grocery budget.
- Develop weekly meal plans based on sales flyers, pantry staples and in-season produce.
- Create a shopping list based on your meal plans to help you stay focused.
- Avoid taking children shopping with you, stores target their impulses.
- Shop on a full stomach to help keep your impulses in check.
- Keep to the store’s perimeter where fresh foods and produce are found.
- Look beyond products shelved at eye level for lower-priced alternatives.
- Compare unit prices to find the best deals.
- Purchase store brands, which are often cheaper.
- Prioritize seasonal produce and bulk purchases.
- Avoid purchasing pre-cut and pre-cooked items, as they tend to be more costly.
- Repurpose leftovers into lunches, or freeze them for future meals.
If you’re facing an emergency expense and you have to choose between buying groceries and dealing with the problem, a car title loan serviced by LoanMart can provide quick access to cash, even if your credit isn’t great. Apply for your LoanMart-serviced title loan today!
