When looking for loan options that offer quick and convenient cash with a high chance of approval, thousands of consumers each year end up deciding that an auto title loan is a good option for them. In comparison to a personal loan, title loans can often offer a more ideal financial solution based on the desired loan amount, the higher chance of approval, and other factors such as convenience and anticipated speed of getting access to funds.
How Do I Find the Right Title Loan Online?
Once the decision is made to apply for a title loan, the next decision a prospective borrower needs to make is what type of company to use in order to find the best vehicle title loan option. Title loan borrowers can generally choose between retail-based lenders and online title loan providers. Each of these options certainly has its benefits and drawbacks.
Some borrowers prefer retail-based providers for reasons of convenience and trust. One of the main convenience factors with using a retail title loan option is that the entire loan transaction can be completed with one visit to the title loan store. Provided that the prospective borrower brings all the required documents to their nearby loan store, the entire process from loan application to approval and loan funding can be completed with one store visit, oftentimes, in an hour or less. The primary positive trust factor related to obtaining a title loan at a store is that the vehicle title is personally handed to an associate at the title loan store, rather than having to mail the title as is customarily required by online title lenders.
Other borrowers prefer providers of online title loans over store providers for various reasons. With reliable internet available across the United States, a 2019 research study by Fiserv found that digital loan applications increased to almost two-thirds of all loan applications, while mobile device usage grew. In 2021, according to the updated study, mobile banking was now preferred over in-person interactions at bank branches. For vehicle title loans specifically, choosing to get a loan from an online loan provider offers the convenience of applying from the comforts of the borrower’s home 24/7, and the possibility of getting a loan decision in real-time. There’s also no need to deal with a store clerk for an in-person vehicle inspection and other - potentially undesired - face-to-face interactions. If you can apply for the cash you need online, why waste time and gas? Applying for a loan online can be convenient and fast.
What is TitleMax?
Founded in 1998, TitleMax is one of the largest retail-based providers of title loans in the United States. As of April 2022, the company operated around 900 locations in 14 states. The TitleMax brand, along with the TitleBucks and Instaloan brands, is part of the TMX Finance family of companies. Based on its size and scale, potential borrowers can reason that the company is successful and competently run. Thanks to its large retail presence, there is also a good chance for potential borrowers living in one of the 14 states where TitleMax does business to find a TitleMax loan store nearby. On the other hand, the company has also received some adverse news coverage in regards to filing for bankruptcy protection back in 2010. Additionally, TitleMax has received criticism for some of its sales practices.
How Does TitleMax Work?
Now that you know more about the company, how does TitleMax work? The loans offered by TitleMax work similar to most title loans – according to it’s Youtube channel, the TitleMax loan process includes the following steps:
- Fill out the online form on their website
- Get approved and get connected to a TitleMax location near you
- Go to a location to complete the application and vehicle appraisal procedure
- Receive the approved funds and continue driving your car while making on-time payments
- Continue to manage the loan account through the TitleMax’s mobile app, online portal, store locations, or with a call center associate
As with most title loan providers, a bank account is not required in order to qualify for a loan. However, a lien-free vehicle title, motorcycle title, or RV title is required to qualify for one of the vehicle-secured lending products.
What Does TitleMax do Besides Car Title Loans?
TitleMax does not only offer car title loans. But what does TitleMax do besides car title loans? Being a large sub-prime lender, TitleMax has developed multiple financial services products. Besides offering car title loans, the company also offers the following title-loan adjacent products, according to its website. These products include:
- Vehicle title pawns
- Motorcycle title loans and motorcycle title pawns
- RV title loans
In addition to these products, TitleMax has also started offering personal loans (sometimes also known as signature loans).
What are the TitleMax Requirements?
Like most title lenders, TitleMax’s qualification requirements are significantly less onerous than the qualification requirements of more traditional lenders such as banks and credit unions. In order to qualify for one of its vehicle-secured products, the company requires that borrowers own a vehicle lien-free, have access to some form of income – which need not necessarily be through employment –, and are able to provide proof of identity via a driver’s license or other form of government-issued identification.
Does TitleMax still Lend in California?
TitleMax does not lend in California. While the company previously had an active retail presence in the state, the California Department of Financial Protection & Innovation (formerly known as the Department of Business Oversight) announced in December 2019 that TitleMax would close all of its 64 branch locations in the Golden State and cease lending operations, effective January 1, 2020.
TitleMax Customer Service
According to the TitleMax website, you can contact representatives almost any day of the week, but the TitleMax hours can vary based on location. TitleMax is closed on Sundays and is open for a few hours on Saturdays. You may want to search for “TitleMax near me” online if you are looking to speak to an agent in person. Whether you are looking for the TitleMax resolution department, or to apply for TitleMax title loans, you can find answers there.
Is TitleMax a Good Idea?
…it depends! Only you can decide if a loan from TitleMax is a beneficial option for your financial needs. If you’ve decided to use the equity in your vehicle to get a loan from a retail provider and happen to live near a TitleMax branch location, seeing what you may qualify for at TitleMax could be worth it.
However, if you prefer the convenience of an online title loan, loan options such as title loans serviced by LoanMart may be a better fit for your needs.
LoanMart: How Does it Compare to TitleMax?
- Geographic coverage
LoanMart is a California-based lender, marketer, and servicer of title loans. Being an online-based company with lending licenses in several states, as well as a marketer and servicer for other lenders in numerous other states, the total number of states in which a loan serviced by LoanMart is available exceeds TitleMax’s coverage area.
- Lending process
LoanMart’s business is focused on marketing and servicing online title loans, whereas TitleMax is primarily a branch-based loan provider. LoanMart is aware of the pressing nature of financial emergencies and knows they do not wait. That’s why you can conveniently apply online, whenever an emergency arises.
- Loan terms
A comparison of available loan terms for a loan serviced by LoanMart vs. a loan from TitleMax is only possible on an individual level, meaning the prospective borrower needs to apply to see their terms. When comparing available loan terms, borrowers will typically take into account all of the following:
- Is the cost of credit, expressed as the Annual Percentage Rate (APR), better or worse?
- Is the approved loan amount in line with the desired loan amount?
- Is the size of the loan payment in line with the desired payment size, and does it fit the borrower’s budget?
- Are there unique loan features that might be of value to the borrower, such as the possibility to rescind the loan?
- Are payment channels available that do not require payment of a convenience fee in order to make a payment?
- What is the company’s reputation?
When you’re ready to find out if a loan serviced by LoanMart could be the right option for you, complete our easy and straightforward online application and find out!
Can I refinance my existing loan with TitleMax?
If you are an existing TitleMax customer, you may be wondering if you can refinance your TitleMax loan. A title loan refinance can be an option that’s worthwhile to consider for existing vehicle title loan borrowers who are looking to get out of an existing TitleMax loan. When you complete the title loan refinance process with another lender, your new lender helps you pay off your existing vehicle title loan, and replaces it with a new loan.
Key criteria when searching for a loan to pay off an existing TitleMax title loan:
If you have taken the first step and submitted a title loan refinance application with another title lender, here are some of the key criteria to consider when determining whether or not to move forward with the title loan refinance upon receiving a loan approval:
- Is the Annual Percentage Rate (APR) on your title loan refinance approval better than your current TitleMax interest rate? In the end, the primary point of most loan refinances is to save money, and lowering your APR is a good way to accomplish that
- Is the payoff amount for your existing loan with TitleMax between the minimum loan amount and the maximum loan amount of your refinance approval? Since most title lenders have a firm minimum and maximum loan amount, a title loan refinance is only possible if your existing loan balance is within that range
- What is the monthly payment amount for your loan approval, and how does it compare to your existing TitleMax payment amount? Many borrowers who decide to refinance a title loan do so in order to lower their monthly loan payment, better align their loan payment with their monthly budget and thus make sure they are able to comfortably repay their loan
If you’re ready to find out more about the possibility of refinancing your existing TitleMax loan with a loan serviced by LoanMart, get started online with a no-hassle title loan refinance application.