If you’re considering a car title loan, you may be worried about being able to pay it back. After all, adding another bill to the stack, especially when you are already stressed about finances, may be the last thing you want to do. Fortunately, there are lenders who understand this. Reputable lenders will try to help you get an easy title loan payment that fits with your lifestyle.
How do I get an affordable car title loan payment?
Depending on the state, car title loans may have a maximum duration. In states with no maximum duration, some title loan companies set their own maximum durations. Assuming you always get a loan that has the maximum loan length, the more money you borrow, the higher your payments will generally be. For example, if you borrow $1,200 for 12 months, your payment may be $100 a month. If, instead, you borrow $2,400 for 12 months, your payment may be $200 a month. If you are wondering how you’ll know if you’ll be able to pay back your car title loan, you should look at your budget and speak to your lender.
A reputable lender, like LoanMart, won’t try and lend you more than you can afford. They will work with you to understand your unique financial circumstances and recommend a loan that fits your situation1.
How much money can I borrow with a car title loan?
The amount of money you may be able to borrow from LoanMart depends on a few different things1:
- Car’s Equity
- Loan Terms
The two things that will have the largest impact on the amount of money you may be able to borrow are the equity in your car and how much your income is.
What do I need to get a title loan?
There are a couple of different documents you’ll need for a car title loan with LoanMart:
- Qualifying car title in your name
- Government-issued photo I.D. (Like a driver’s license)
- Proof of residence
- Proof of income
- Photos of the front, back, and sides of the car
What is proof of income for a car title loan?
Proof of income is simply a demonstration that you have money coming in. While many people use something like a paystub to show proof of income, there are actually a number of different things you can use. For example:
- Social Security benefits
How do I get a new copy of my car title?
If you need a new copy of your car title, you’ll need to go to the Department of Motor Vehicles (“DMV”). Certain DMVs may even be able to expedite your new copy for a fee. LoanMart may be able to direct you to the nearest DMV capable of helping you, or even assist you directly with getting an expedited copy of your car title, depending on the circumstances. If you can, you should add LoanMart as a lienholder at that time. It may reduce the processing time of your car title loan.
What happens if I can’t pay my car title loan back?
If you find yourself struggling to pay your loan back, you should contact your lender immediately. If your payment is not made on time, your account may go into default which may result in a repossession of the vehicle. If this happens, your lender may sell your car at auction to try and recoup the balance owed on the loan. What happens after your car is auctioned depends on the state you live in. In some states, lenders cannot pursue the borrower for additional money no matter how much or how little the auction brings in. In other states, they can continue to try to get the borrower to pay any remaining balance. Finally, some states require that any money raised over the loan debt must be returned to the borrower.
While some companies are happy to immediately repossess the cars of borrowers in default, reputable lenders like LoanMart knows how much their customers need their vehicles. Because of this, they avoid repossession whenever possible and only use it as a last resort to recoup their money. To help prevent their borrowers from defaulting, LoanMart representatives do their best to get a feel for each borrower’s unique financial circumstances. From there, they look for loan terms that can best fit the customer’s situation1.
How do I get a car title loan with LoanMart?
If you’re looking for a car title loan with easy loan payments because you need emergency funds to cover an unexpected expense, LoanMart may be able to help. You may be able to use your qualifying car title in your name to potentially qualify for up to $30,0001. Then, because LoanMart uses a streamlined application process, you may be able to receive your money within 24 hours of completing the filing process3.
There are three convenient ways you can get in touch with LoanMart to start the title loan process:
- Find a participating store near you
- Call LoanMart at 1-877-787-4923
- Go online and sign up from the comfort of your own home
After you’ve decided upon the best way to get in touch, all you need to do is follow these simple steps to complete the filing process:
- Fill out the form
- Get your documents over to your LoanMart representative; you can even text them over
- Review your loan offer1!
LoanMart understands how hard a stressful financial situation can be. They don’t want to add to your stress by making you determine whether or not your loan is affordable. They work with you to make sure you have manageable title loan payments for the duration of the loan.