Getting a car title loan is as simple as having a car title and a source of income. In fact, it is that easy. So, if you’ve retired and are wondering can people with a pension get a loan, the answer is yes1. When you need a loan, LoanMart accepts pension plans as a source of income.
Car Title Loans with LoanMart
At LoanMart, our car title loans can help you get the money you need. A car title loan is a type of secured loan that allows you to use your car’s title as collateral for the loan. With this information, LoanMart uses the market value of your vehicle and your ability to pay back your loan as a calculator for how much money you’ll be able to receive. Unlike traditional banks, LoanMart does not use your credit score to determine the amount of your loan or the interest rate.
Car Title Loan Requirements
The main requirements for a car title loan include your car’s title and proof of income. At LoanMart, there are many forms of income that we can accept when it comes to proving your ability to pay back the loan monthly including (there are more):
- Unemployment benefits
- Pension plan
- Worker’s compensation
- Inheritance payment
Using a Pension Plan as Income
When you are submitting all your other required documents, you will be asked to submit a proof of income. If you have a pension plan, you can use your pension plan statement as your physical proof of income. If you receive your pension in the form of check, you can use that as well. If you have direct deposit and are unsure of your physical statement, another way to prove your income is a bank statement that shows the direct deposit into your account.
Once you decide which documentation you want to use to prove your pension plan as income, LoanMart uses an online system to make the application process easy for our customers. If you’re unable to go to a participating store, or there isn’t one near to you, you can use your phone to take a picture of the document and submit it with our online system. That way, you don’t have to go out of your way to find a participating store. It makes it convenient for you, and LoanMart wants to make the application process as easy as possible for our customers.
Other Car Title Loan Requirements
Other than having a clear-and-free title on your vehicle and a source of income, the other requirements for a car title loan are simple and easy to obtain. You can submit them the same way you submit your pension plan to you LoanMart representative. The car title loan requirements you’ll need are:
- Proof of car insurance
LoanMart needs a valid proof of car insurance to make sure your vehicle is insured. In case there is an accident while you have your car title loan through LoanMart, it needs to be protected or insured in case of damage. That way, the car can be fixed and won’t lose its value. If it loses its value, that means the car has no worth and cannot be used as collateral.
- Vehicle registration card
Every state requires your vehicle to be registered. This is a safety precaution to make sure the car is street legal and that the car belongs to you. If you have misplaced your registration card or it was stolen, you can get a new one with your local DMV.
- VIN, plate, and odometer
When you first fill out the information about your vehicle in your application, we’ll ask for the car’s VIN, license plate number, make, model, year, and the odometer reading. This information just verifies that the data you provided about your car is correct, so we can offer you an accurate loan estimate.
- Proof of residency
Like any loan or credit card, proving your residency will help make sure you are receiving your statements for your loan. Otherwise, there could be a problem with making your payments. It also ensures the identity of your car and that it is registered to you at your address.
- Pictures of your vehicle
This will help us see the exterior of your car. Your car’s condition on the outside will affect the value of the car. This way, we can give you an accurate loan estimate to get you the money your car is worth.
- Valid identification
Having proof of your identification verifies you are yourself and the car belongs to you.
- 4 personal references
To provide your references, all you need to give us is their name and number. Since we don’t use your credit to determine your car’s worth, we want to make sure you’ll be able to pay your loan by asking the people that know you best.
Applying with LoanMart
Once you’re ready to apply for your car title loan with LoanMart, our application process is simple and quick. Since you know all the requirements that you’ll need, you can even have them all ready ahead of time and you can get your money the same day you apply! There are three ways that you can apply:
- Apply online with your phone, tablet, or computer using our online system.
- Call us on the phone at our toll-free number to apply over the phone.
- Find your nearest participating location and apply.
Getting your cash will be quick and easy. Other than the three ways to apply, your entire application process can be completed in three steps:
- Complete one of the three ways to apply.
- After you’ve submitted your application, a LoanMart representative will contact you to collect the other car title loan requirements and offer you your initial LoanMart quote.
- When you’ve received your quote, agree to your terms and interest rate to receive your money. You can choose to receive a check, direct deposit, or pick it up in store.
Get started on your application today!