Car title loans in Louisiana can be beneficial for those needing emergency funding. Do you have a past due light bill, and you’re terrified that your electricity will be disconnected? Did you get terrible news about a loved one’s passing? Are you trying to scrape up the money to bury them with dignity?
Residents of Louisiana do not always get to relish the beauty of the festivals, creole cuisine, and main attractions, because most of their funds are allocated towards making ends meet.
Title loans serviced by LoanMart are one of the available resources that can be used to help alleviate some of the financial strains plaguing the residents of Louisiana. Is there a gap between your monthly expenses and your monthly income? Everyone falls on hard times, and some people do not have a family to lean on financially. Before we dig into the benefits of title loans serviced by LoanMart, let’s first explore more traditional financing options.
- Bank Loans – Bank loans often provide personal loans, which may be a good fit for those with exceptional credit and a spotless financial record. The longer you live, the more likely it is that you will hit bumps in the road. The kids need school supplies, so you put them on your credit card. Someone sprang their ankle at soccer practice, so you put the remaining balance on your credit card. Repeated large purchases on a credit card will lead to high utilization rates. When borrowers have a high debt to income ratio, they tend to be disqualified from most bank loans.
- Credit Limit Increase – Depending on your income and your relationship with your credit card company, you will likely only receive a minimal increase that doesn’t begin to cover your expenses. You may also have to worry about a lot of interest if you choose your credit card for financial help.
Title loans provide borrowers with cash based on a percentage of their car’s equity and do not solely rely on a borrower’s financial history for eligibility.1
How Do Car Title Loans in Louisiana Work if I Have Poor Credit?
Do you have less than stellar credit? Do you have bankruptcies that happened years ago, but your credit report won’t let you forget them? Traditional financing options rely heavily on a borrower’s financial history during the approval process to minimize risk with repayment. In other words: most financial institutions believe if a borrower has a great financial history, they will be reliable and pay back the loan. Title loans use a borrower’s vehicle for collateral, which helps tp reduce risk.
Do you have less than desirable credit? In today’s economy, it’s becoming more challenging to have a blemish-free financial record. Title loans, serviced by LoanMart, could potentially be a good fit for those who can leverage their vehicle in exchange for immediate funding.1
To leverage your car, you must have positive equity. Positive equity is when the market value of your vehicle is worth more than the amount you still owe on it. When applying for a title loan, the equity in your vehicle is one of the factors in approval.1 Your income is also a determining factor! So while your credit history is still considered in the approval process, it is not the most important factor.1
Will I Qualify For a Car Title Loan in Louisiana if I Have an Older Vehicle?
You’ve been driving your white Nissan Altima for the past seven years, and you can’t imagine trading it any time soon. After all, it was with you when you relocated to Louisiana and during several meaningful moments in your life. The good news: as long as there is enough equity in your vehicle, you could potentially qualify for an auto equity loan.1
If your car is paid off and worth $7,000 on the consumer market, you could potentially receive a percentage of your car’s equity in exchange for your vehicle’s title. If approved for a title loan, the lender will place a lien on your car until the debt is paid off.1
Older cars that are not paid off could have a different outcome. When inquiring about a car title loan in Louisiana, it is essential to remember that vehicles depreciate every year. The moment you drive it off the lot, it gets recategorized as “used.” Used cars are worth much less on the consumer market.
If you are still uncertain if your vehicle could qualify for a title loan, we encourage you to check out our title loan calculator to potentially be preapproved.1
Can I Apply for a Car Title Loan in Louisiana if I Don’t Have a 9 to 5?
Whew! What a sigh of relief. Your small business is finally starting to pick up traction. Now, you can leave your day job to pursue your passions: no more micromanaging bosses and unrealistic deadlines. You can set your schedule and finally be your own boss. But can you apply for a car title loan in Louisiana?
There are three basic requirements when inquiring about a title loan. A potential borrower must be 18 years of age or older, the vehicle title must be in the borrower’s name, and proof of income must be provided. If the vehicle is not paid off yet and the title is not in the borrower’s name, a car that is close to paid off may also be used.1
LoanMart understands that people are finding other income streams outside the scope of a 9 to 5. If you are a small business owner, you should be celebrated, not punished. Small business owners can submit bank statements as proof of income. Below are other acceptable ways to provide proof of income:
- Social Security /Pension Income – This could potentially be a good option for retirees who haven’t worked in years.
- Alimony – If you are currently going through a separation from your spouse, you could send in proof of alimony as proof of income.
- Child Support – Raising a child by yourself is exceptionally challenging. If you receive child support, you could send that in as proof of income.
In addition to your car’s available equity, being able to repay the loan is an important determinant in approval.1
What Are the Benefits of a Car Title Loan in Louisiana With LoanMart?
After understanding how car title loans in Louisiana work, you may have some additional questions. You may be wondering, “What are the benefits of using a tile loan servicer like LoanMart.” Here at LoanMart, we pride ourselves on putting customers first and providing top-of-the-line services. Below are some of the benefits.
- Transparency – LoanMart does not believe in placing hidden fees in their contracts.5 That’s why there are no prepayment penalties.5
- Title Loan Calculator – As mentioned previously, LoanMart allows potential borrowers to plug in their car details in this tool for an estimate.
- Superior Customer Serice – Does being on hold for extended periods drive you insane? You wait for an eternity just to speak to a representative who can’t answer any of your questions. LoanMart understands the value of your time and has loan agents in place six days a week to answer any questions you may have.
- Speedy Funding3 – Some emergencies require your immediate attention, and LoanMart understands that. A light bill may be close to being disconnected. One more late notice, and you’re evicted.
- Drive, Drive, Drive – LoanMart allows you to keep your car vehicle while you pay off your debt on time.
What Documents Do I Need for a Car Title Loan in Louisiana?
Just like with any loan process, there are documents you need to submit when filling out the application.1 Documents can often be found in your mailbox, email inbox, or in the house. Below are the documents you will need to submit.
- Valid, Government Issued Photo ID – This can often be in the form of a passport or driver’s license. LoanMart needs to verify that you are who you say you are.
- Proof of Address – You’ll need to showcase your residency when applying for a car little loan in Louisiana. This can be found on most utility bills, but you can use a recent credit card statement as well.
- Proof of Income – To apply for a title loan serviced by LoanMart, potential borrowers are required to show they are able to pay back the loan. Send in a document that proves your steady income to show potential eligibility.1
- Photos of Vehicle – Send in pictures of your odometer, vehicle identification number (VIN), and car exterior in natural lighting.
All of these documents can be submitted online. You don’t have to wait in traffic to get the help you need. You can send in your documents from the comfort of your own home.
What Should I Know Before Getting a Car Title Loan in Louisiana?
Receiving a car title loan in Louisiana could potentially be a good fit for several residents. But how do you know if it’s a good fit for you? Below are a few questions you should ask yourself.
- Does my car have to have equity?
- Borrowers with positive equity in their vehicles could potentially be approved.1
- Do I need to have my vehicle’s title?
- A borrower’s name must be present on the vehicle’s title to apply for a title loan. If it is not, a loan agent can show an applicant how to get their title corrected, if possible.
- Can I apply for a car title loan using a different vehicle?
- Borrowers can leverage the title to their motorcycles, trucks, and vans.
- Do I need to show proof of a steady income?
- Part of the application process is being able to show that you have consistent money coming in.1
- Will I be able to pay back the loan?
- Your repayment amount is comprised of two main factors. You’ll not only be responsible for paying back the loan amount but you’ll also be obligated to pay interest on the loan. Compare your income to your expenses to see if you have room in your budget to make your loan payments.
If you answer the above questions honestly, you’ll be able to decide if a title loan is right for you.
How Much Will I Owe on a Car Title Loan in Louisiana?
Borrowers are obligated to repay the loan amount plus interest. If approved, borrowers receive a percentage of their car’s equity.1 Borrowers are free to use their funds for rent payments, utility bills, hospital bills, funeral costs, etc.
Once the repayment process begins, borrowers are obligated to make timely payments to avoid repossession and additional fees. If you are unsure about the repayment process, we’d love to speak with you. Please call us at 855-277-4847.
How Do I Apply for a Car Title Loan in Louisiana?
Now that you have all the details about applying for a car title loan in Louisiana, you’re ready to get started. You’ve searched your glove compartment, your email inbox, your mailbox, and even under your mattress to gather all of the documents you need. You even waited until it was nice and sunny out to take photos of your car from its most flattering angle. You’ve decided that you are ready. Below are the steps you would take when applying for a title loan.1
Step 1: Give us a Call.
If you are a first-time borrower, you’ll want to speak to a professional. Our agents can answer your questions and get you started on the inquiry process. We’d love to speak with you and get you all squared away. We can be reached at 855-277-4847.
Step 2: Apply for the Loan
Suppose you meet all of the basic requirements. You’ll then be asked to submit your documents as follows: valid government-issued ID, proof of income, photos of the vehicle, proof of address, and possibly references.
Step 3: Receive Immediate Funding3
Finally, the moment you’ve been waiting for. If you meet the qualifications, you’ll be able to determine how you want to receive your cash. Below are some of the options.
- Direct Deposit to a Bank Account
- A Check in the Mail to Your Louisiana Address