Installment loans and title loans are very similar. In fact, a car title loan is essentially a kind of installment loan. This is because an installment loan is a type of funding that allows the borrower to repay the loan in a series of payments, or installments. How much a borrower’s payments are when they get an installment loan depends on 3 main factors:
- Total amount on the loan balance
- Interest rate attached to the loan
- Duration of the loan terms
Also, when you get a loan that falls under the category of installment loan, the interest rate is typically fixed. When the interest rate on a loan is fixed, it is supposed to stay the same throughout the duration of the loan period. Fixed interest rates can make paying off a loan easier because this keeps the regular monthly payment pretty consistent. When the borrower has to pay the same amount each month, planning payments ahead of time can be simple.
Here are some common types of installment loans:
- Auto loans
- Mortgage loans
- Personal loans
A lot of the time, in order to get approved for a mortgage loan or a personal loan, you have to have a fairly high credit score. Some mortgage or personal loan lenders might immediately reject an applicant if their credit score is not high enough, without even looking at their other credentials.
If you’ve been having trouble finding good funding, you may want to consider a car title loan. Getting approved for a great deal on an auto title loan can be super simple1! Actually, LoanMart has a high approval rate so you may be approved for a LoanMart car title loan right away, and you can even get your funding as soon as the next business day3!
Why Can Car Title Loans be a Good Idea?
Some people shy away from convenient types of funding like car title loans because they are afraid their payment plan will make their life more difficult. But at LoanMart, we do what we can to make sure that doesn’t happen. When you get approved for your LoanMart auto title loan, you can work with your LoanMart title loan agent to come up with the best payment plan that will work for your unique financial situation. Using the LoanMart competitive rates and convenient terms, LoanMart can give you a payment plan with spaced out monthly installments. That way, paying back your title loan doesn’t have to be stressful at all!
Here are a few more benefits that you may enjoy when you get your awesome LoanMart auto title loan1:
- High approval rate
- Super Competitive rates
- Convenient terms
- Quality Customer Support
- Over 150,000 satisfied customers2
How to Get an Auto Title Loan
Since 2002, LoanMart has been providing people throughout the United State great deals on auto title loans, and now it’s time for you to experience the LoanMart Advantage too1! Here’s what you do:
Send your Information
Pick how you begin with your LoanMart auto title loan:
- Go online to the LoanMart home page
- Call us on the phone at 1-855-422-7412
- Text us at 1-818-315-8741
- Use the fantastic live chat feature also located on our homepage
- Stop by the LoanMart official location, we’d love to see you!
Send your Documents
After you’ve received your approval for your LoanMart car title loan, your agent will request a few documents from you. The sooner you send us your documents the sooner we can hook you up with your loan contract. Here is what we will need:
- Proof of income
- Proof of residence
- Government issued form of photo ID
- Photos of your car
- Vehicle title with your name on it
Receive your Funding1
Sign your LoanMart car title loan contract and pickup your money. We can send you your money though a check in the mail, electronic deposit, or you can pick up your money at a MoneyGram location or even right from our licensed location.
Get your New Mexico LoanMart car title loan today!