Affordable Title Loans

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If you’re considering a car title loan but you are currently struggling to pay bills, you might have some concerns. When you are facing financial stress, the last thing you need is another monthly payment that you can’t afford!

This problem is why LoanMart strives to help borrowers find affordable title loans. Each payment plan for a title loan is tailored to suit the borrower’s lifestyle and budget! Even your loan amount is based upon your income and debt ratio. When you are approved for a title loan serviced by LoanMart, you can expect affordability.1

Table of Contents

  1. How Can Car Title Loans Be Affordable?
  2. Can I Apply for Cheap Title Loans if I Have Bad Credit?
  3. How Much Can I Borrow Through a Car Title Loan?
  4. What is the Repayment Process for a Title Loan Like?
  5. Why Should I Work with LoanMart for Affordable Title Loans?
  6. What Do I Need to Apply for a Car Title Loan with LoanMart?
  7. How Can I Get Started on Applying for an Affordable Car Title Loan Serviced by LoanMart?

How Can Car Title Loans Be Affordable?

Before considering a car title loan, a borrower should understand how they work! Title loans will allow you to use the title of your vehicle as collateral for funding. With a title loan, you are accessing your car’s equity. Equity in your vehicle is simply the difference between what you owe and how much your car is worth.

Typically, a title loan lender will allow you to borrow up to 50% of your car’s equity! This can vary depending on the state you live in, however. Some states have a maximum funding amount for title loans through their state laws. For example, states like Missouri have a maximum amount of $5,000 that a borrower can obtain through a title loan. These state laws are designed to help borrowers obtain affordable loan payments that won’t burden their finances.

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Can I Apply for Cheap Title Loans if I Have Bad Credit?

Chances are, you’ve been turned down by traditional lenders before if you have bad credit. Many bank loans and personal loans will require you to have stellar credit to get approved for a loan!

With title loans, however, the approval process is much more flexible. Here at LoanMart, we understand that people from all financial backgrounds and credit backgrounds need help from time to time. Here’s why you don’t need perfect credit to apply for a title loan:

  • Title Loans Offer More Security: With an unsecured loan, the lender takes on all of the risks that you will not pay your loan back. Since title loans are secured, the title loan lender has less of a risk if you default on your loan. With this security in mind, the approval process can be a lot more flexible! It is easy to find affordable title loans when you are choosing a secured loan.
  • Collateral is Used: Since title loans are secured through collateral, your credit history is not the most important part of the loan. Instead, a lender will focus on your income and vehicle’s value. While your credit is still looked at by the lender, it is not the most important factor in the approval process!

How Much Can I Borrow Through a Car Title Loan?

The amount you can borrow through a title loan will depend on a few factors:

  1. The State You Live in: Your state could have laws regulating how much you may be able to obtain through a title loan. You can check your state’s laws here. Some states will only allow you to take out up to $10,000. Others have no cap on title loan amounts! Affordable title loans are easy to find when your state does not allow lenders to offer high loan amounts.
  2. Your Income and Debt: During the title loan process, a loan agent will look at your monthly income versus debt. This is to see if you have the ability to afford a loan payment, and how much you can afford. A reputable lender will not allow you to take out a loan amount that is too big for your budget!
  3. Your Car’s Value: Your loan amount is also based upon the equity in your car. Typically, you can borrow up to 50% of your vehicle’s value if your income supports it!1 To learn more about your vehicle’s worth and your potential loan amount, check out the title loan calculator here. With title loans serviced by LoanMart, you’ll be able to check your car’s value and get a free quote for a title loan!

What is the Repayment Process for a Title Loan Like?

Each month after you sign your loan contract, you will receive a monthly billing statement through your lender. You can opt for an online statement or a physical statement to your address. Your billing statement will include:

  1. Your Up-to-Date Payment History
  2. Your Account Information
  3. Your Billing Information
  4. Any Important Information Regarding Your Loan
  5. Your Payment Methods Available

There are several different payment options for your convenience. There is even a way to pay if you do not currently have a bank account!

Your monthly payment can be made through any of the following ways:

  • Pay by Phone with Credit Card or a Check
  • Mail Payments to The Payment Center
  • Monthly Automatic Electronic Payments from Any Checking Account
  • Pay Online by Using the MyAccount Tab Through your LoanMart Account
  • Visit A Payment Location in Person (if Applicable)

If you are ever struggling to afford your payments, give a loan representative a call at 855-422-7412.

Why Should I Work with LoanMart for Affordable Title Loans?

When you are searching for affordable title loans, the most important part of your search is finding a reputable lender.  Your lender can make or break your loan experience. Choosing a lender that cares is important to receiving the best loan experience possible.

Here are the advantages of working with LoanMart for affordable title loans:

  1. Customer Service is Available Seven Days a Week: Our loan agents are not just available on weekdays. LoanMart knows that an emergency can happen, and it won’t wait until Monday! That’s why our loan representatives are available for extended hours for your convenience.
  2. No Hidden Fees, Balloon Payments, or Prepayment Penalties: Other title loan lenders will base their business on “gotchas” and hidden fees. With Title Loans serviced by LoanMart, we want to set up our you for financial success! There are no hidden fees, balloon payments, or penalties for paying your loan early.5
  3. Get Your Cash Fast: Don’t wait to get your funds! After loan approval, some borrowers can get their funds in as little as 24 hours.3
  4. Easy Inquiry Process: LoanMart has streamlined the inquiry process for your convenience! The last thing you need during a financial emergency is waiting hours to apply for a loan. With title loans serviced by LoanMart, you can inquire online from the comfort of your couch! Applying can take just minutes to do online or over the phone with a loan representative.3
  5. Keep Your Keys: As long as you make on-time payments to your loan, you can keep driving your car like it is business as usual!

What Do I Need to Apply for a Car Title Loan Serviced by LoanMart?

To apply for a car title loan with LoanMart, a borrower must meet these requirements:

  1. Be at Least 18 Years of Age or Older
  2. Have a Car Title in Their Name
  3. Have a Steady Income or Alternative Income

While you do not need a traditional 9-5 to apply for a title loan with title loans serviced by LoanMart, you will need some form of proof of income! Since a title loan is a big financial step, you must be at least 18 to apply. When you do apply, the title will need to be in your name to qualify.

How Can I Get Started on Applying for an Affordable Car Title Loan with Title Loans Serviced by LoanMart?

Getting affordable title loans has never been easier! With title loans serviced by LoanMart, you can call a representative at 855-422-7412. A loan agent can help walk you through the process and answer any questions you might have along the way!

Or feel free to apply online from the comfort of your own home. You can skip the in-person vehicle inspection by just sending in photos of your car! If you’re ready to take the next step in securing your financial freedom, visit our website today.

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