It only takes a few minutes to know if you qualify for a car title loan. Once you have provided all the necessary documents, our customer service representative will inform you if you qualify for a car title loan.
- Making inquiries to know if you qualify for a car title loan serviced by LoanMart is totally free and can be done in as little as a few minutes. We will give you a quote with no strings attached.
- At LoanMart we believe that there is no need to spend your precious time waiting when you need money. That’s why we have developed tools to make your application process easy, fast and seamless.
Some things that speed the process up include mobile apps, chat options on our website, and real time conversations with staff so that you can have all your questions answered on short notice. If you have bad credit history or have filed for bankruptcy in the past, it won’t necessarily affect your application. Remember you may also qualify even if you are retired or on disability.
Qualifying is fast and easy with your car title, proof of residence and proof of income.1
Here are 3 Ways to Find out if you Qualify for a Car Title Loan
- Send your information online by filling out this form on your smartphone, computer or tablet.
- Give us a call
- Send an inquiry via our live chat form and text with a representative right away.
How do you Qualify for an Auto Title Loan?
It is so simple and straightforward. First, you need to have your car appraised to find out what it is really worth. We will also check your car title to ensure you get the maximum possible amounts based on state regulations. People from all walks of life can qualify for a car title loan as long as they can demonstrate the ability to pay.
Reasons why you Should Take a Car Title Loan
- Get your money quickly: We have designed an efficient process to ensure that you can get your money in as little as 24 hours 3
- Your credit score is not a major deciding factor in the approval process. This is because your loan is secured by your car’s title as collateral and your ability to repay the loan. This a great opportunity for people in need who might not have an impressive credit history.
- You can get a large amount of money: Because car title loans are based on a vehicle’s equity, you may be eligible for a few thousand dollars. This can be a big relief to many borrowers who need a large amount of money on short notice.
- Easy application: The application process is so easy. We have developed tools to make the process simple and straightforward.
If you don’t have a traditional 9-5 employment, finding a loan can be a challenge. Traditional loans will often require proof of steady income, and not consider other forms of alternative income such as self-employment or retirement statements. However, a title loan such as a title loan serviced by LoanMart can offer eligible borrowers a way to qualify for a title loan without a job!1
How Can I Qualify for a Title Loan Without a Job?
If you aren’t already familiar with the ins and outs of an alternative loan, you might not understand how title loans work. Simply put, a title loan is a unique type of alternative funding option that may allow you to borrow money based off the equity in your car.1 Your title is collateral for the loan, which can offer a lot of flexibility in the approval process. This flexibility includes accepting those from all credit and financial backgrounds, even those with non-traditional employment!
Even if you have found yourself without a job, that doesn’t necessarily mean you’ll get turned down for a loan. During title loan approval, the most important factors of your finances are:
- Your Ability to Repay the Loan: Whether you are with or without a job, you will need some proof of income or alternative income!
- The Value and Equity of Your Collateral: Since collateral is used to secure the loan, it must have a certain amount of equity to assure the lender you are not a risk. Generally, a title loan may be anywhere from 25%-75% of the car’s value.
What Alternative Forms of Income will Qualify Me for a Title Loan?
Just because you are without a job, does not necessarily mean you are without proof of income. While traditional loans might have stricter qualifications, there are a numerous amount of qualified alternative forms of income during the approval process for a title loan serviced by LoanMart. Some of the most common alternative forms of income are:
- Retirement: When you retire, one of the ways you can provide proof of income is through the benefit verification letter, sometimes called a “benefits letter,” as proof of your retirement income.
- Social Security Benefits: If you are a receiver of social security benefits, these may qualify for proof of income as well. Even if you are qualifying for a title loan without a job, Social Security benefits are an alternative form of income that is accepted.
- Self-Employment: If you are your own employer, proving your income can be difficult with a traditional lender. Instead, when applying for a title loan, you will only need to show bank statements to prove you are not without a job.
- Passive Income: If you are a landlord or make passive income through investments, simply bring in bank or applicable statements as proof of income.
Auto title loans can be a great option for people who need assistance from non-traditional lenders. Here’s how it works: a person puts up their car as collateral for a loan, the amount of which is based on the value of that automobile and their ability to repay. They agree to the loan terms, receive a check, and maintain possession of their car while the lender holds the car title.
Customer service is important to us – but so is being responsible and encouraging our customers to do the same. Because of this, there are times when someone might not qualify for a title loan using his or her automobile.
Our company does not have a credit score requirement, but we do perform a credit check during the application process. Our determining factors are more focused on the value of the car, a potential borrower’s income, and the status of the car title.
Not enough value in a car: We want to be financially responsible as a company and we believe our customers should be, too. That’s why those who want to take out a loan for more than their car is worth may not qualify for an auto title loan (though we may be able to work with that applicant to provide a smaller sum of money).
Inability to repay the loan: Being unemployed, self-employed or on disability does not automatically disqualify someone from having a successful application, but we do need to be confident in their ability to make payments and therefore use that person’s gross income to determine whether or not they may qualify.
Status of the car’s title: In order to qualify for an auto title loan, the car that is being used as collateral needs to have a lien-free title. People also may not qualify if the car has no equity. However, if an applicant has just a few payments left, we may be able to help them, and they should contact one of our representatives.
Again, the main reasons people don’t qualify for a car title loan are because the automobile does not have as much value as the amount of money they are asking for, they may not be able to repay the loan, or if the title already has liens placed on it. We try to serve our customers’ needs as best we can, so anyone wanting more information should chat with a representative to see if they could qualify. Our process to qualify an applicant is completely free.
Cars that Qualify for a Title Loan
Experiencing a financial emergency can be stressful. A sudden doctor’s bill, or car repair can throw you through a loop. When in the need for fast, emergency funding, it is extremely frustrating to be denied by potential lenders. Traditional lenders deny applicants all the time for reasons such as:
- Poor credit score
- Not enough credit
- History of bankruptcy
If this happens and you need financial assistance, the next step may be to search for non-traditional funding. Title loans are a very common form of non-traditional funding, and they also have a high approval rate1. If you are looking for fast funding, but have been denied from traditional lenders, a title loan may be for you.
A car title loan may a great way to get a convenient form of financial assistance, but what happens if you don’t qualify for a title loan?
The first thing you want to figure out is why. Car title loans are known for having a high approval rate, so if you do not qualify for one there is definitely a reason why. Once you figure out the reason why you are not qualified for a car title loan, you can take the appropriate steps to rectify the situation, so you may be able to get your funding1.
Some of the reasons that may lead to not being qualified for a title loan are:
- You are not working with the right lender
- Your vehicle title is not in solely your name, or it is registered to a business
- Your vehicle is registered in a state that doesn’t allow title loans
- Your name is not the only one listed on the vehicle title
- You do not have the required documents the title loan lender requires
If any of these situations apply to you, there may still be a chance to get yourself the funding you need. You need to work closely with a reputable title loan lender that can help you through the process.
Because of the nature of cars having a wide variety of values that are always fluctuating, there is no all-encompassing list of vehicles that qualify for a title loan. When someone is interested in securing an online auto title loan, it’s important to first understand how it works. A car title loan is a secured loan that works by using an automobile as collateral against the loan, which is why the type of car someone has makes all the difference. The amount of the loan depends on how much your vehicle is worth, but it also is based on your ability to repay the money. The vehicle value and the loan amount is all dependent upon the lender you are using.
Your vehicle may be your best loan option. For some, it could be the largest asset you own. And using it to get an online auto title loan with no restrictions on how you can spend the money could be faster and more convenient for you than traditional lending services like a big bank would offer.
Value and Condition
We determine the worth of the car by making our own evaluation of the street value for each individual automobile. This is why we conduct our own inspection based on the photos you send. To make the most of this appraisal, make sure your car is clean and in its best shape before submitting. The clearer the photos are, the easier your car can be evaluated. We recommend taking photos outside in broad daylight. Most modern smartphone cameras will be able to capture these photos of your car with acceptable quality.
So while any make, model, or year automobile can potentially qualify for an online auto title loan, the exact amount of an individual loan can vary greatly. The ability to qualify can be greatly affected by the laws and regulations of the state since each state has different minimum and maximum loan amounts. To check the laws and regulations in your state, give us a call or start a chat online to reach one of our representatives.
Age and the mileage on the engine can impact whether or not an applicant will qualify for the exact title loan that they want. Cars are depreciating assets, meaning they don’t retain their original value. In most cases, the older an automobile is the less valuable it is. This is usually true because older cars simply have more mileage, which causes the market value of the car to drop further. The exceptions, of course, are classic or vintage cars which can have more value with age. Customers can also take out title loans on classic cars. You can still qualify for a car title loan if you have an older car with high mileage.
Check the Title
The status of the title will also matter when someone is looking to qualify for an online auto title loan. In most cases, an applicant needs to have a car that is fully paid off with no other liens on the title. What’s most important is that there is equity in the automobile. Equity is the difference between what you still owe on your car and what it is worth. Sometimes there can be an ample amount of equity in the car even when there are still a few payments left on the car. LoanMart can often incorporate the last few payments into your loan if the value of the vehicle allows it to qualify. The beneficial aspect of a title loan is that a lot of these qualifying factors are actually more flexible based on the lender’s discretion.
Your title would also ideally be clear of accidents to contribute to its value. A car that has not been in any accidents would typically be worth more than a car that has seen multiple. If you drive a used car and are unsure of its history, you can check a site like CarFax to see past accidents or damage, mileage reports, etc.
Your name must be on the car’s title in order to get an auto title loan. However, if someone else’s name also appears on the paperwork in addition to yours, there are some things to double-check:
- If your name is listed on the title with the word “and” separating your name and the other’s, you may still be able to be considered for a loan, so long as the other owner submits their documentation in addition to your own.
- If your name is listed on the title with the words “or” in-between, the other person is not required to submit their information for you to be considered for a loan.
Choose your Vehicle
Do you have more than one car? You can submit information on multiple vehicles to find out which one will be able to get you the most money out of your auto title loan. Typically, though, you can only have one title loan at a time.
If you aren’t sure if a particular car would qualify based on the status of the loan, it is simple to reach out and contact us. We’re happy to help by answering questions and providing more detailed information based on any individual situation. Just start the submission process on our website or give us a call so one of our representatives can walk you through it. Once you receive a quote on a loan, you are under no obligation to accept it, so there is nothing to lose.
At LoanMart, the only certain way to find out what types of cars could gain approval for title loans is to send in the specific car’s information for us to value it. Fill out our online form or give us a call today!
What is the Approval Process to Get a Title Loan Without a Job?
Even if you do not have a traditional income, the approval process for a title loan without a job is simple. Through title loans serviced by LoanMart, the approval process for a title loan can be broken down into just three simple steps:
- Apply Online: Through LoanMart’s easy-to-use website, applying for a title loan without a job is simple. Borrowers will just need to fill out a pre-qualifying form that takes minutes to do.1
- Submit the Right Documents: In addition to providing proof of alternative income, there are a few documents that borrowers will need to submit in order to qualify. While the exact documents may vary, borrowers will generally need:
- Proof of Residence
- Recent Photos of the Vehicle in Lieu of an in-person Inspection
- Title to the Vehicle
- Government or State Issued Photo ID
- Four References (Personal or Professional, or both) Can be Required
Fortunately, all of these documents can be submitted via email or fax for convenience!
- Get Approved: After submitting everything you needed to, the last step in title loan approval without a job is to find out if you qualify! Approved borrowers can choose between a few different ways to get their cash:
- Direct Deposit
- Receiving A Check in The Mail
- Getting A Money Transfer
- Any Participating Money Transfer Location!
If you can get your approved funding in as little as 24 hours1, why wait to see if you qualify? Even if you are without a traditional 9-5 income, that doesn’t necessarily exclude you from accessing the loan you need. Borrowers that choose title loans serviced by LoanMart can get started a few different ways:
- Going online and filling out a pre-qualifying with your information.
- Calling a loan representative directly at 1(855)422-7412