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Car title loans are legal in many states, provided that the title lender and servicer comply with the applicable title loan laws and regulations. Depending on your residence state, title loans may be legal based on specific laws designed to allow title loan lending, or based on broader lending laws that permit lending up to certain loan amounts or permit loans that are secured by personal property, including vehicles.
LoanMart services automobile title loans in more than 20 states, so chances are you may live in one of them and can apply for cash against your car or truck!1 Thousands of residents from both larger states like Alabama, Arizona, Florida and Texas, and smaller ones like Montana, Idaho and Delaware have already borrowed through an auto title loan serviced by LoanMart.
Legal Loan Limitations in Various States
Many states have laws in place that regulate car title loan amounts and terms for companies that operate as state-licensed lenders. LoanMart services car title loans in compliance with all applicable laws – whether that’s as a lender, or loan servicer. Whether you’re applying from Houston, Cape Coral, Milwaukee or another large or small city we service, the interest rates and loan amounts for the loans we market and service are competitive.1
In some states, tight restrictions are imposed on car title loans. If you want to understand more about loan limits for title loans serviced by LoanMart, contact us to learn more!
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Title Loan Requirements and Restrictions
No matter which state you live in, as long as title loans are legal, you can apply. In order to qualify for a title loan, you’ll need to meet the title lender’s requirements. While the specific qualification criteria do vary from one lender to the next, they’re usually not very restrictive.1 Whether you apply for an auto title loan serviced by LoanMart or a different company, you can expect to need to meet the following:1
- Reside in a state where title loans are legal
- Have the title to a qualifying car, truck or SUV
- Be able to prove that you are of legal age to apply and sign a title loan contract
- Have sufficient income to afford the loan payments
Even though car title loans offer a flexible process and are usually easy to qualify for, some applicant’s will still not qualify for a loan. While common reasons for denial are related to the applicant’s vehicle or income, some state restrictions can also result in a lender denying the loan application. For example, some states like Illinois impose restrictions like cooling-off periods that restrict lenders from approving title loan refinance applications or new applications from prior customers.
Why Choose a Title Loan Serviced by LoanMart
When it comes to car title loans, applying for one serviced by LoanMart can be a good choice. At LoanMart, we make sure that applicants fully understand the loan before signing a contract. Here are some of the highlights of the loans we market and service:
- Competitive interest rates to give you the best opportunities to meet unexpected needs
- Reasonable payment schedules to help you keep up with your monthly loan payments
- Procedures and policies that are compliant with applicable laws and regulations
- No hidden fees and charges
- No prepayment penalties and balloon payments
Key Features That Can Make Loans Serviced by LoanMart a Good Option
- LoanMart is one of the largest recognized auto title loan servicers covering more than 20 states, and has been in business for over two decades.
- Title loans serviced by LoanMart can be accessed even if you don’t have a bank account or have had a prior bankruptcy.1
- With title loans serviced by LoanMart, the process of qualifying your vehicle to determine its equity is very fast. In fact, your car could be prequalified in just minutes.1
- Title loans serviced by LoanMart do not discriminate against the model of the cars presented as collateral. All kinds of vehicles may be accepted, including classic cars, vehicles with high mileage or vehicles with a salvage title.1
- All vehicle title loans serviced by LoanMart are amortizing loans. That means that loans are repaid over an extended period of time, which can make payments affordable.5
- Information submitted to LoanMart is handled in compliance with all applicable privacy laws. Your privacy and security are our top priority.
How Much Can I Get in my State?
The title loan value of your car or truck, and your income are the key factors for how much you can get through a title loan serviced by LoanMart.1 Depending on the state where you live, you could qualify for $15,000 or even more, if your vehicle and income are sufficient.1 The exact amount you could qualify for can only be determined once you apply online or over the phone. With title loans serviced by LoanMart, there’s no up-front fee or obligation when you apply!
How Can I Pay Back the Loan?
All title loans serviced by LoanMart can be repaid in monthly installments – that makes the loans we service more affordable than many other short-term loan options. On top of that, the good news is that if you pay your car title loan off early, you will not be charged prepayment penalty fees.
You can pay your car title loan through various convenient methods, including:
- Cash payments at participating money transfer locations
- Pay online using the Customer Login tab
- Pay by phone with a debit card or bank account
- Automatic electronic payments from your bank account or payment card
How Do I Apply for a Loan Serviced by LoanMart In My State?
If you live in a state where it’s legally possible to obtain a title loan, and that state is one where loans are serviced by LoanMart, you can apply online or give us a call at 855-422-7412 to get started.1
