How To Get A Loan Using Your Car
How can you get a loan using your car with LoanMart? If you own or finance a vehicle then you may be eligible for a car title loan. This type of loan evaluates your assets as the primary basis for awarding funds. LoanMart makes it possible to get a car title loan using your vehicle as collateral1. This decision is mostly based on your ownership, equity in a car and ability to repay the loan, rather than banking history, credit or other factors. Even if you are between jobs or have a low credit score, a car title loan can be a viable option to get the funds you need on a short timeline. Regardless of the specific circumstances, you can easily get a loan using your car with LoanMart.
How It Works
A car title loan is based on available equity in your motor vehicle. When you own a car it is considered an asset and can be used to get funding in the form of a loan if needed. The value of your vehicle is determined based on the amount you owe and the actual worth of the vehicle. Regardless if you own your vehicle or not you may be eligible for a car title loan. Here’s how it works:
After determining the value of the vehicle, the lender will take into consideration other aspects of your financial situation such as credit, residency and income. The biggest difference between this type of loan and those offered by traditional lenders is that the decision is based more on the equity of a car and prearranged payment schedules rather than the complete financial profile of the borrower. This is a good thing if you don’t have a bank account or good credit because those factors will not play a major role in the approval process.
FUN FACT: LoanMart is one of the nation’s leading providers for car title loans.
We offer consultations and review applications free of charge. With a reliable and responsive team we are able to provide customized solutions as well as personalized service. Our easy to use system makes getting a decision fast and easy, with decisions available after only a few short steps3. We also determine the best possible interest rates and lending terms to match your specific needs and expectations2.
Getting a loan using your car is fast and free when working with LoanMart. Simply apply online with the necessary documents to initiate the review process and get a free decision within one business day3. If you are approved for a car title loan then the car title will be held as collateral, and once the loan is paid in full it is returned to you.
Reasons To Get A Loan Using Your Car
There are many situations in life where you may need to take out a loan. When considering the available options, getting the financial support you need may seem like a challenge. Working with a bank can lead to complex requirements and highly specific paperwork that add to the confusion, leaving you feeling like there may not be a solution out there for you.
Life can present many situations in which you can find yourself needing cash fast. Illness or changes in employment are just some ways that unexpected circumstances can influence you and your family. No matter the emergency, we understand that you may be seeking out a loan or alternative funding in a hurry.
Typical reasons why people need a car title loan (and this is not the entire list!):
- You’re short on cash
- You have a great business idea and you want to kick it off
- You want to build your credit
- You need a lawyer or bail money for a friend or yourself
- A loved one just passed away and you need money for the funeral
- You want to take a vacation
- You are behind on your rent or bills and want to catch up
- You just had a medical emergency
- You want to buy gifts for the holidays
- Dental! You need cash right now for a dentist
- Emergency pet care
- Home repairs.
- You get a large tax bill and need the money fast
- … and more
Regardless of the circumstances, you may be eligible to get a car title loan. Bank loans and other types of funding can take days or even weeks to take effect, making the process of getting the help you need stressful. If you do not have a bank account it can be especially difficult to secure financing through traditional programs or services. When you need cash fast, getting a car title loan can be the best and most effective way, with many approvals taking place within one business day3.
Car title loans can be dispersed in the same week and are not based on credit or financial history alone. If you are in between jobs or don’t have a good credit score, it may seem challenging to get additional financial help when you need it. However, car title loans are not solely focused on these aspects of the borrower profile. This makes it easier to procure funding for your times of needs despite having a low credit score or limited employment. Another reason to consider car title loans as an option is that the payment periods are generally once a month and based on what you can afford. Depending on the amount you have financed the loan periods can be much shorter than a mortgage or other traditional lending options.
How To Apply For A Loan Using Your Car
Applying for a car title loan is easy and free of charge with LoanMart. To apply for this type of funding only a few documents and credentials are needed.
- The first decision you will make is which car title to use when submitting the application. If you have multiple cars it would be good to consider the value of each in comparison to the amount you will be requesting for the loan.
- Once you have selected the vehicle, make sure to procure the title which displays your name on it. These documents are submitted along with the completed application to process the loan request.
- With experienced representatives ready to review your application, you will receive an answer promptly without long delays or wait times.
- You only need to provide a few details and approval can take place in as little as one day. In this way, applying for a car title loan is advantageous and can result in a much more positive experience when compared to other financial products or service providers.
What You Need To Get Started
The requirements for acquiring a loan using your car are straightforward and can be a lot simpler than applying for a loan with a traditional lender. Instead of detailed applications and paperwork, LoanMart has a simplified process to verify your documents.
To get started the following documents will be used in the application process:
- A Valid form of ID
- The Vehicle’s title
- Official proof of residency
- Proof of income (This can include employment verification or details regarding social security or other benefits)
These documents and credentials are all that you need to get started with the car title loan application process. While you don’t need to know how much your car is worth to apply, it would be helpful to know this information so that you can request the optimum loan amount. You can easily find out how much your car is worth by getting an appraisal or by checking trusted resources online like the Kelley Blue Book. These are just some ways to estimate the market value.
Once you have the necessary materials, fill out the online application to start the review. After that you can sit back and relax as the materials are reviewed. LoanMart offers viable solutions based on these details and works with you to setup payment arrangements that are useful and meet your unique situation.
Improve Your Financial Future
LoanMart understands the difficulties that take place throughout life. It can be hard to make it through unexpected or unforeseen circumstances when you don’t have savings or need more financial support than you are able to get through other channels. Getting a car title loan can help you improve your financial present and future with the right lender and terms.
As one of the largest providers for car title loans on the west coast, LoanMart is willing to help you every step of the way. Thousands of households have turned to car title loans during tough times and were able to navigate difficulties successfully. Getting a car title loan can help you get through difficult circumstances while adhering to an affordable repayment strategy. Thanks to a streamlined system and application process, its now easy for you to find out how to get the help you need today.
It’s important to work with a lender that is supportive and focuses on your needs. LoanMart understands that you may be in a phase of change or adjustment when it comes to finances or employment. With this in mind, we help you with cash when you need it, as well as affordable repayment options that fit within your budget. This makes the process of obtaining and repaying a car title loan quick and comfortable based on your individual expectations and requirements.
A fast and friendly support team makes it a top priority for customers to understand how to get a car title loan as well as repayment terms or other critical details. Ultimately LoanMart can help you every step of the way to get financial support you need. There is no need to wait or pay for the lengthy application processes when getting a loan using your car. No matter what is going on, LoanMart provides valuable solutions when times are tough.