Is Car Title Loan Interest Tax Deductible?

 
You are here: Home » Information » Is Car Title Loan Interest Tax Deductible?
Is Car Title Loan Interest Tax Deductible?

While traditional loans may offer benefits such as tax-deductible interest, personal loans do not have that benefit. The interest on a car title loan is not generally tax deductible; however, LoanMart has competitive interest rates and long repayment terms, so you can pay off your loan FAST which can be a much better benefit. The faster you pay off your car title loan, the less you will pay in interest.

When you get a car title loan with LoanMart, we will work with you to come up with a payment plan using our convenient terms and competitive rates. This makes your payment plan benefit YOU, so you can pay off your car title loan balance and not accumulate a ton of interest fees.

Overall, paying off your title loan faster can play more to your advantage than receiving tax deductions on your interest rates, which are already competitive to begin with.

How to Get the Best LoanMart Car Title Loan

With LoanMart, getting a car title loan is simple1! Our 3-step process is designed to get you your money WHEN YOU NEED IT! You can even get your money as soon as the next business day3! Here’s what to do:

1. Click – Call – Visit

The first step in the LoanMart title loan process is to submit your information. The whole form should only take you about 5 minutes to complete. Be prepared to provide the following information:

  • Name and date of birth
  • Address and email address
  • Cell phone number (or the contact number where we can best reach you)
  • Year, make, model, style, and mileage of your vehicle
  • Do you rent or own at your current residence?
  • How long have you lived at your current residence (in months/years)?
  • Gross monthly income from your job (and any other source of financial income)
  • Social security number or Individual taxpayer identification number

Once you have completed the information request, you will find out if you are approved for a LoanMart car title loan!

2. Connect with Your LoanMart Representative

After you have successfully completed your information submission, your LoanMart title loan agent will contact you with your FREE QUOTE. The two of you will also discuss some of the details that will be in your car title loan contract. The next step is to submit your documents:

  • Government issued form of photo ID (A driver’s license, state-issued ID, or a passport for example)
  • Proof of residence (something like a piece of mail will do)
  • Proof of income (this can include a paystub, checking account statement, and more)
  • The title to your vehicle with your name on it (Note: LoanMart still may be able to help you if you cannot find your vehicle title or if your name is not the only one listed on your title)
  • Pictures of your car (Tip: take your photos outside during the day for the best results. You can even take them straight from your mobile device and simply text them to LoanMart at 1-818-315-8741.)

Your LoanMart title loan agent may request additional documentation from you, but this is just to clarify your information. LoanMart will never sell or distribute any of your information or documents.

3. GET PAID

The last step in the title loan process is to go over the terms of your contract with an underwriter and sign your contract, then get your money! You can choose to receive your LoanMart funding through:

  • Electronic deposit
  • A check in the mail
  • A MoneyGram location
  • Stop into our licensed location and receive your money in person

Ways to Pay off Your Car Title Loan Faster

If you want to avoid paying more money in interest, the most efficient method is to pay off your car title loan balance as quickly as possible. Here are a few tips on how you can pay off your title loan faster:

  • Make the most of your installments – If you are able, make larger payments on your car title loan than is required. This will make the total balance of your car title loan decrease, so you will pay less money in interest in the long run.
  • Get a second job – Use the money from a second job to pay off your title loan. Getting a second job on the weekends or an internet job that you can do at home will give you some financial wiggle room in your budget. That way you can afford to make larger payments without taking too much money away from your regular paycheck.
  • Sign up for automatic payments – Never miss a monthly installment on your car title loan when you sign up for automatic payments. Accidentally missing a payment makes your total balance remain higher for longer, making you pay more in interest fees. Signing up for automatic payments eliminates that potential problem!

When you are ready to explore your options with a title loan, we can go over your application at any time. We make it our interest to keep the interest rates competitive. Give us a call or use the Live Chat feature on our site if you have any questions about your car title loan.

Information


Related Posts