Alternative lenders, like LoanMart, can be a quick and convenient approach for individuals looking for help with their financing.
Before deciding on an alternative lender, potential borrowers should understand a few Car Title Loan basics, such as rules and regulations that vary from state to state.
Utah Car Title Loan: Basic Requirements
In order to receive a Car Title Loan in Utah, a set of requirements must be met by the borrower before a loan can be secured.
- Borrower must show a reasonable ability to repay in order to receive a Car Title Loan
- Only one loan may be issued per title
- Automobile must be paid off before receiving a Car Title Loan
For additional information, please contact the Utah State Department of Financial Institutions, which regulates the industry.
What Borrowers Need to Know
For most prospective borrowers in Utah, The lender may provide a financial estimate directly from their website. By revealing ALL charges and fees, the loan process is transparent and upfront. The lender’s goal is to help.
- Apply online with a smart phone or computer
- If a borrower defaults on a loan, the automobile may be repossessed but your lender may be able work with you if contacted it ahead of time
Additionally, the lender fully amortizes each loan and discloses all charges and fees.