There are a number of ways to get a title loan in Utah. You can search online, go to a brick and mortar location, or call a loan company. Before searching though, make sure you are familiar with how title loans in Utah work.
If you end up with an unexpected expense, a title loan can help keep your financial plan from derailing. The application is short; lenders are more concerned with your ability to pay back your loan and the value of your car than with your credit score.
To apply for a title loan, you’ll need a clear-and-free car title in your name, as well as a few pieces of identification.
What do I need to get a Title Loan?
There are only a few other documents you need for a title loan:
- Clear-and-Free title for the vehicle
- Proof of Income
- Photos of the front, back, and sides of vehicle
- Government-Issued I.D. (Driver’s License, State I.D., Passport, etc.)
What is considered proof of income for a Title Loan in Utah?
A paystub is the most obvious way to provide proof of income, but it’s hardly the only. There are a number of other great ways to show you can repay your title loan:
- Settlement/Court-Ordered Award
- Workers’ Compensation
- Social Security
How much money can I get for a Title Loan in Utah?
In Utah, title loans can be made for up to $30,0001. The amount you are able to borrow will depend on a number of factors:
- Value of your vehicle
- Loan Terms
The better your income and the more your car is worth, the more you may be able to borrow1.
How do I get a copy of my vehicle’s title?
Your local Department of Motor Vehicles (“DMV”) may be able to provide you with a duplicate title. Some can even provide you with an expedited title. Depending on the situation, LoanMart may be able to direct you to the nearest DMV that can help you, or even assist you in acquiring your duplicate title. If you add LoanMart as a lienholder at that time, it can reduce the turnaround time on your loan.
How much interest can I be charged for a Title Loan in Utah?
25% a month is not unusual, but there is no limit to the amount of interest you can be charged on a title loan in Utah.
Are there any costs other than the interest for a Title Loan in Utah?
Applying for a title loan is free. If there are other fees or charges, the lender should disclose them to you during the application process.
How long do I have to pay back my Title Loan in Utah?
Your lender will outline the length of the loan to you. There is no maximum loan length in Utah.
What happens if I don’t pay back my Title Loan in Utah?
If you don’t pay back your title loan, your lender can repossess your car. There is no right to cure, or grace, period in Utah where you have an opportunity to settle your debt. Lenders may repossess your car without notice and sell it. Once they repossess the car, they can sell it immediately. Unlike other states, if the car sells for less than the amount you owe, the lender may not pursue you for additional compensation. If the car sells for more than you owe, the lender must return the surplus to you.
What happens when they sell my car?
The lender will let you know when and where the car is being auctioned. One the sale is complete, you will receive a notice outlining
- The balance of your loan
- Any repossession fees
- The amount the car sold for
Is there any way I can extend the terms of my Title Loan in Utah?
You may be able to extend the loan terms by speaking to your lender. You’ll need to be pay the interest owed to that point. You can extend multiple times in Utah, but each time will require you to pay any interest due to that point.
How to get a Title Loan with LoanMart
Getting a title loan is a simple and effective way to get money to cover an unexpected expense without having to endure a long application process. If you own a car with a clear-and-free title in your
name, you potentially qualify for an auto title loan of up to $50,0001. Because of LoanMart’s streamlined registration process, the turnaround time between submitting your information and receiving your money can be less than 24 hours3.
With our easy process, we give you three ways to contact us that make it convenient for you:
- Visit a participating location
- Call us at 1-855-422-7412
- Sign up online without leaving your home
Once you’ve decided how to get in touch, all you have to do is follow these steps to get the money you need:
- Fill out the registration form.
- Submit your important documents to your LoanMart representative.
- Sign your LoanMart agreement
- Collect your funds1!
If you need funds to cover a surprise expense or unexpected bill, you can sign up for a title loan with LoanMart in a few easy steps. Once you receive your money, take care of your financial surprise and get your budget back on track.