Table of Contents
- What Are the Qualification Requirements for Title Loans?
- Does My Car Qualify for Title Loans if I’m Still Making Payments?
- What Happens to My Car While I Make Title Loan Payments?
- How Can I Make Title Loan Payments?
- How Can I Speed Up My Title Loan Payments?
- How to Start the Approval Process for Title Loans?
Title loans may be one of the best funding options when you are faced with a financial emergency. If you have a car in your name, you may be able to use the title to secure fast emergency cash in no time. But can you get a title loan on a car that is not paid off?
It may be possible when you work with title loans serviced by LoanMart!
What Are the Qualification Requirements for Title Loans?
Title loans serviced by LoanMart are one of the most popular loan options out there due to flexible qualification requirements and a fast 3-step approval process.
In order to qualify for this type of loan, all you need are the following:
- A car with positive equity
- A car title in your name
- Proof of consistent income
If you currently have bad credit, or have previously filed for bankruptcy, you may still be eligible for a title loan if you have the basic requirements listed above.1 Though a credit check is required for any financial loan process, the credit score is not used during the qualifying decision. Your financial history is not always an accurate depiction of your ability to repay a loan, which is why your asset is considered far more important.
Does My Car Qualify for Title Loans if I’m Still Making Payments?
Having a car in your name does not mean you are automatically eligible for title loans but rest easy knowing that title loans serviced by LoanMart generally work with all kinds of cars! Even if you are still making payments on the car, you could still be deemed eligible.1
Your eligibility for title loans, as well as the amount you could receive, is greatly influenced by the equity in your car. Equity is the total financial ownership a person has over an asset. By subtracting the market value of the car by the remaining auto loan amount, you can easily calculate how much equity your car has.
The market value of a car is determined by a few different factors, such as the year, make, model, style, and current mileage. If you don’t currently know the resale value, know that title loans serviced by LoanMart offer free cash values!
To find out how much title loan money you may be able to get with your car, you can1:
What Happens to My Car While I Make Title Loan Payments?
If you are still making payments on your car, you know that you could still qualify for title loans if your car has enough equity. But what happens to your car during the repayment process?
When you are approved for a title loan, your car’s title is used as collateral to secure emergency cash. A lien is placed on the title, which gives the title loan company temporary ownership for the duration of the repayment process.
While there are some title loan options that require a physical hold on the car, title loans serviced by LoanMart do not! This means you can keep driving your car while you make monthly title loan payments. If you need your car to get to work and run errands, then you don’t have to worry about finding alternative transportation with title loans.
How Can I Make Title Loan Payments?
When it is time to start paying your title loan back, you may wonder what repayment methods are available to you. Title loans offer several convenient repayment methods to help make paying back the loan less stressful.
Take a look at some title loan payment options:
- By Mail: If you want to send in a title loan payment by mail, you could choose to do so.
- Over the Phone: You could choose to make your title loan payment over the phone with a debit or credit card.
- Online: By accessing your online account, you could make a title loan payment using a debit or credit card.
- Mobile App: By logging onto your account through the mobile app, you could make a title loan payment at any time.
- In Person: By visiting a local MoneyGram location, you could send an electronic transfer.
- Automatic Payments: By signing up for automatic payments, money is taken out every month from your checking account.
How Can I Speed Up My Title Loan Payments?
If you are looking to complete your title loan payments as soon as possible, then you should consider budgeting your income!
There are lots of budgeting methods to try, but one of the most popular options is the avalanche method. The avalanche method is essentially an accelerated debt repayment plan. This type of budgeting plan means paying as much as possible, this way you can pay off any singular debt as soon as you can.
The avalanche method means making larger monthly payments on a singular loan (your title loan) while making minimum payments on all other debts. By paying more than the minimum amount, you can pay off that debt quicker and save money on interest fees!
How to Start the Approval Process for Title Loans?
If you need emergency cash but are still making payments on your car, consider inquiring with title loans serviced by LoanMart!1 With flexible qualification requirements, you may be deemed eligible if your car is valuable enough.1