How Do I Calculate My Car Title Loan?

 
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How Do I Calculate My Car Title Loan?

Are you wondering as to how to calculate your car title loan with LoanMart? Don’t worry, we will help you figure out all the math and get you started today.

Loans can be a confusing subject for many people, especially if trying to obtain one is a whole new animal for you. LoanMart and our knowledgeable representatives will try to work with you to help you better understand what car title loans are all about and how to calculate what your car title loan will be worth and how much funding you will receive. We can assure you, however, that our car title loans are the most efficient, swift, and low-risk loan in the alterative lending industry!

A car title loan with LoanMart is based upon the equity value of a customer’s car. This is where some people may get mixed-up; equity value and retail value are two entirely different means of determining what you are owed. Equity is the current market value of your vehicle minus any total balance on your car payments that you may have. Kelley Blue Book can help you determine the exact number, as can your car payment history. Car Title Loans use the percentage of the value of the vehicle and that varies on many deciding factors, including:

  • Make and Model
  • Odometer usage
  • Age and Wear/Tear
  • Modifications and Alterations to the interior, exterior, and under the hood (so to speak)
  • Individual and their income
  • Varying state laws

In terms of lending amount allowed, LoanMart will also have to work within the laws each and every state in which we do business. Only catering to residents of California originally upon inception, LoanMart’s reputable status gained positive word of mouth; now we serve residents of Alabama, Arizona, California, Georgia, Illinois, Missouri, New Mexico, South Carolina, and Utah. It goes without saying that different states have different laws, and those laws include things like applying for our helpful car title loans.

It should be noted that different state laws will factor into the eventual funding amount, meaning that if you applied for an auto title loan in California but live in Arizona, the terms or funding could be reworked a smidge. It is possible to receive up to 75% of the vehicle’s worth, but only if the vehicle is categorized as in “fair” condition.  Once that is figured out, you will then have to determine the length and the amount that you can qualify for over that period of time. Interest rates with LoanMart range between 60% and 222% and the average range of the payment period may end up being anywhere from 12 to 48 months. Interest rates will be based on punctuality of payments and payment size over the course of your lending agreement.

Determining how much you will get from your loan may not be the easiest but LoanMart promises to be there every step of the way with you. Your car title loan could possibly help you qualify for up to $50,0001 and the application process should only take around five minutes, leading to you qualifying in as little as one business day3 if everything works exceptionally without any snags. The loan to value amount with LoanMart is exception and is why it’s hard to beat our industry competitive rates!

So, what do you say? Are you ready to get started and get one step closer to the financial security that you so desperately need? Read on to find out a little bit more about LoanMart’s features, benefits, and what the LoanMart advantage could do for you…

Why Apply for a Car Title Loan?

Financial struggles are common all across the country and it’s nothing to be ashamed of—it’s a tough world we live in. Whether you need extra money to pay off a credit card, or to take a care-free vacation, LoanMart is here to help all of their customers get the funding that they seek over this period in their lives.

LoanMart’s application process has been expedited and should only take up to a few minutes to achieve approval. When applying for a car title loan, customers must present valid forms of identification, income, residency, and vehicle title to their car title loan officer.

A couple of the most frequent questions during the initial quote and inquiry process that LoanMart’s helpful representatives receive pertains to funding: “When should I apply for a car title loan” and “what can I spend my title loan funds on?”. The answer to these two questions could essentially be the same answer but let’s try to uncomplicated things a tad, shall we?

When Should You Apply for a Car Title Loan?

You should apply for a car title loan when it seems necessary. Has an unexpected financial burden popped up? Did you happen to get sick, miss some days at work, and are now playing catch-up to make rent or other bill payments? Need some extra money for an upcoming holiday or birthday? Maybe you just want to get away for a week or two and take that vacation you so rightfully deserve? We can help you for any reason you see just! From leisure to financial emergency, LoanMart will have your back and hopefully your funds in your hands in as little as one business day3 in which you apply.

What Can I Spend my Car Title Loan on?

As with “when you should use your car title loan”, LoanMart encourages their customers to use their newly obtained financial cushion for whatever life may throw at them, good or bad. Some customers may use their money for:

  • Holiday Expenses
  • Weddings, Wedding Rings/Bands
  • Bill and Credit Card Payments
  • Medical Bills
  • Funeral Expenses
  • Helping Family Members/Friends
  • Personal Expenses
  • …and so much more!

Are you ready to begin down the path of financial redemption with your new partner? LoanMart views each and every new applicant as family, and families take care of one another. If you’re punctual and concerned with how you pay back your loan, we’re willing to work with you. Click ‘Apply Now’ at the top of the screen to get started!

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