Table of Contents
- How Do Easy Title Loans Work?
- Is it Still Easy to Apply for a Title Loan if I Do Not Have Good Credit?
- Can I Keep Driving My Car While I Pay off My Car Title Loan?
- What Do I Need to Apply for an Easy Auto Title Loan?
- What Types of Income Qualify for an Easy Car Title Loan?
- How Can I Apply for Easy Title Loans Today with Title Loans Serviced by LoanMart?
Looking for easy title loans? If you’re facing a financial emergency, you need a loan that is easy and simple to apply for. Title loans can be the simplest solution to your financial woes!
If your car is paid off or nearly paid off, you may be eligible to apply for a title loan. Figuring how much you can borrow is easier than you think! Use this title loan calculator to answer a few questions about your vehicle and income. If you are qualified, some borrowers can get their cash in as little as 24 hours!3 It can be that easy to get the cash you need to improve your financial situation.
How Do Easy Title Loans Work?
If you’ve applied for a traditional loan before, at a bank, it can seem complicated and time-consuming. Fortunately, title loans can be a bit more simplified and flexible when it comes to the approval process.
With a title loan, you are using the title of your vehicle as collateral for the loan. You are borrowing off of the equity in your car! Equity is simply the difference between what you owe on the car and the car’s current value if it were to be sold.
A lender will use your car’s equity and income to determine how much cash you may be able to borrow. A prospective borrower’s credit is a factor in the approval process, but it is not the biggest one for many title loan lenders.
A loan that is secured through collateral offers many advantages to the borrower! Secured loans like title loans can offer benefits besides just cash, like:
- Easy Approval Process: Applying for easy title loans can be hassle-free. By using collateral, the approval process can be faster and much more streamlined than traditional loans!
- More Cash to Offer: Since collateral is used to secure the loan, you may be able to get more cash! If your vehicle has enough value and equity and your income supports the monthly payment, you may be able to get more cash through a secured loan than an unsecured loan.1
- Competitive Interest Rates: In comparison to unsecured loans, you may be able to get better interest rate offers through a title loan. With an unsecured loan, your credit matters and it is a factor in how much of a risk you are to the lender. With a secured loan, your collateral assumes most of the risk for you. Since you become less of a risk to the lender, your interest rates can be more competitive through a secured loan!
Is it Still Easy to Apply for a Title Loan if I Do Not Have Good Credit?
When you’re in a tough financial spot, your credit may not be up to par. If you’ve been turned down for bank loans before because of your credit, you might be worried about applying for a new one.
Fortunately, title loans may be able to help borrowers from all different kinds of credit histories and financial backgrounds. Since title loans are secured with your vehicle’s title as collateral, your credit history is not the most important part of the approval process. While your credit history will be looked at, a title loan lender will focus more on these two factors:
- Your Income and Ability to Repay the Loan: Every trustworthy lender will look at your income, and your income-to-debt- ratio. A lender will see if you can afford the monthly payment for a loan. They will also see if you have a steady income to support continuous payments!
- The Equity in Your Car: Since your car’s title is the collateral for the loan, the car is the most important part of the approval process. A lender will look at the market value of the vehicle as well as how much you currently owe. The more your vehicle is worth, the higher your loan amount can potentially be.1
Both your income and vehicle equity are the main factors in a lender deciding your approval and loan amount. Even if you have a poor credit history, it is not the most important part of the application process! Find out if you can qualify with easy title loans serviced by LoanMart when you fill out a short inquiry form about your car.
Can I Keep Driving My Car While I Pay off My Car Title Loan?
For many title loan borrowers, their vehicle is their main source of transportation. So, it is understandable that you might be worried about losing it! Fortunately, reputable title loan lenders are not in the business of taking your car. With a title loan, you can keep your keys while you pay it off!
As long as you make on-time payments to your loan, you can continue to drive your car like it is business as usual. While you are making your payments on time, it is also helping your credit history! Payment history is the largest factor that is considered when credit bureaus are calculating your credit score.
What Do I Need to Apply for an Easy Auto Title Loan?
Title loans are easy to apply for, but there are a few documents you will need to qualify for the loan. These documents are often already laying around and easy to find, however!
Here’s what you can expect to need when applying for easy title loans:
- Proof of Income: You will not need traditional income to apply for a title loan. You will need some proof that you receive a steady income, however! Whether you have bank statements, pay stubs or other forms of documentation, those are needed to prove you can afford a loan.
- Proof of Address: A lender will need to verify your address for their records. Utility bills, rental agreements, and even recent credit card statements will count as proof of address.
- Recent Photos of the Vehicle: You can skip an in-person vehicle inspection by taking photos of your car! Simply take pictures of the front, back, sides, VIN and odometer reading.
- Government Issued ID: To verify your identity, you will need to provide some form of government or state- issued ID. Many borrowers use their passports, driver’s license, or even FOID card to qualify for a loan.
- Proof of Registration and Insurance: While you are paying off your loan you have the opportunity to keep driving your car. However, a lender will need to see proof of insurance for your vehicle and registration!
For your convenience, you can submit these documents online when you are applying for easy title loans!
What Types of Income Qualify for an Easy Car Title Loan?
Many bank loan options will require you to show traditional employment to qualify for a loan. You won’t need a traditional 9-5 job to apply for a title loan!
You will only need a steady income! There are many different forms of alternative income that are accepted by most title loan lenders. Some of the most common types of alternative income for title loans are:
- Social Security Benefits
- Self-Employment or Seasonal Employment
- Disability Benefits
Even if you do not have a traditional 9-5 job, you can still apply for a title loan!
How Can I Apply for Easy Title Loans Today with Title Loans Serviced by LoanMart?
Applying for easy title loans can be hassle-free! With title loans serviced by LoanMart, the entire approval process can be streamlined to just three simple steps:
- Go Online or Over the Phone: Borrowers can choose between a quick phone call with a representative, or to go online and answer a few questions. With title loans serviced by LoanMart, you can expect loan agents to answer your call seven days a week! You can apply at your own pace and with your method of choice. Give a loan agent a call at 855-422-7412 or go online and complete your form in just a few minutes.3
- Send in Your Documents: After sending in your form, a loan agent will reach out and ask for a few documents to verify your vehicle and identity. Fortunately, these documents can all be submitted online for your convenience! Easy title loans are ones that let you apply completely online.
- Get Your Funding: After submitting your documents, you’ll wait for loan approval. Then, the last step is to sign your contract and choose how to get cash if you are approved! This whole process is easy and hassle-free for your convenience. Borrowers that choose to work with title loans serviced by LoanMart get to choose between a few ways to collect their funds:
- Check in the Mail
- Picked up at Any Local MoneyGram
- Direct Deposit to a Bank Account