Yes, there are. While unexpected expenses can happen at any time and a car title loan can be a great way to cover a sudden financial need. Before getting one it’s important to have a good understanding of the rules and regulations of car title loans in Missouri.
In general, the car title loan application process is much shorter than a traditional loan; one may receive funds in a single business day3. Bad or poor credit can be acceptable; lenders are more concerned with the value of the car and ability to pay. The only things needed for a title loan are a qualifying car title in your name and a few pieces of identification.
What do I need to get a Car Title Loan?
There are only a few things you need to gather before you can apply for a car title loan:
- Qualifying title for the vehicle
- Photos of the front, back, and sides of vehicle
- Government-Issued I.D. (Driver’s License, State I.D., Passport, etc.)
- Proof of income
- Proof of residency
How much money can I get for a Car Title Loan in Missouri?
In Missouri, car title loans can be for up to $50,000. The actual amount you can borrow depends on a number of factors:
- Loan Terms
- Value of your vehicle
The higher your income and the greater the value of your car, the more you will likely be able to borrow1.
How do I get a copy of my vehicle’s title?
Duplicate title loans may be available via the local Department of Motor Vehicles (“DMV”). Some DMVs can even provide an expedited title. Depending on the circumstances, LoanMart may be able to assist in efforts to get an expedited vehicle title, or give direction towards the closest DMV that can expedite the title. If you take the time to add LoanMart as a lienholder while getting the title, it can expedite the loan process significantly.
How much interest can I be charged for a Car Title Loan in Missouri?
An interest rate of 25% a month is not uncommon. However, there are no limits on the amount of interest you can be charged in Missouri.
Are there any costs other than the interest for a Car Title Loan?
There is no fee for applying for a car title loan. Before you move forward with the loan, the lender will inform you of any other associated costs or fees.
How long do I have to pay back my Car Title Loan in Missouri?
Your lender will outline the repayment schedule when discussing the loan terms. It can vary from lender to lender, as there is no minimum or maximum loan term in Missouri.
What happens if I don’t pay back my Car Title Loan in Missouri?
- If you are late with a payment by more than ten days, your lender will send you a Notice of Default and Right to Cure informing you that you are ten days late and must make a payment within twenty days or risk repossession.
- If you are late with a payment by ten days again, your lender will send a Second Notice of Default and Right to Cure again informing you that you are ten days late and must make a payment within twenty days.
- If you don’t pay after twenty days, or miss a third payment, your lender will send you a Notice of Our Plan to Sell Property, telling you that you have ten days to pay the loan, or they will repossess and sell your car. The proceeds from the sale will go towards paying off the balance of the loan, plus any repossession charges.
What happens when they sell my car?
The lender will let you know the date, time, and location of the auction. Once it has been finalized, you’ll receive a notice with:
- The amount the car sold for
- The balance of your loan
- Any repossession fees
- If you still owe the lender money because they didn’t recoup the full cost of the loan, or if they are sending you a check, because they recouped more money than the balance of the loan
Be aware, if the sale of the car doesn’t cover the cost of your loan, plus any fees, you will still be responsible for the remaining balance, and it will accrue interest daily.
Is there any way I can extend the terms of my Car Title Loan?
Yep! Missouri allows you to extend the terms of your loan by rolling it over. You’ll need to submit a written request to your lender. Additionally, you need to pay the interest accrued to date on the loan as a condition of rolling it over. You can roll your loan over more than once. But beginning with the third rollover, you are required to pay down at least ten percent of the principle as well. If you are unable to, your lender may simply reduce the principle by ten percent.
How to get a Car Title Loan with LoanMart
Now that you understand the regulations around car title loans in Missouri, you can see that they may be a great way to cover a sudden financial emergency. You can potentially qualify without a lengthy application process if you own a qualifying vehicle in your name for up to $50,0001, and potentially within 24 hours3.
With our easy process, we give you three ways to contact us that make it convenient for you:
- Visit a participating location
- Call us at 1-855-422-7412
- Sign up online without leaving your home
Once you’ve decided how to get in touch, all you have to do is follow these steps to get the money you need:
- Fill out the registration form
- Submit your important documents to your LoanMart representative
- Sign your LoanMart agreement
- Collect your funds1!
Now that you know both the Missouri car title loan regulations and the easy steps to apply for a car title loan with LoanMart, you don’t ever have to worry about being derailed by a financial emergency.