Table of Contents
- What is a Title Loan and How Does it Work?
- Can I Apply for a Neighborhood Car Title Loan if I Have Bad Credit?
- What Documents Do I Need to Apply for a Car Title Loan?
- Where Can I Apply Online for a Neighborhood Auto Title Loan?
- Can I Keep My Car If I Apply for an Auto Title Loan Online?
- What are the Benefits of Choosing Title Loans Serviced by LoanMart for an Online Title Loan?
- Don’t Wait- Apply for a Neighborhood Title Loan Today
If you’re in a financial emergency, you may need a loan that is close to you. You may be searching for the closest neighborhood title loans. Title loans serviced by LoanMart are just around the corner!
With title loans serviced by LoanMart, you can apply online directly from your smartphone or computer. If you’re ready to take the next step in finding financial security, applying has never been easier! Getting started on neighborhood title loans serviced by LoanMart is as easy as answering a few questions online, or over the phone at 855-422-7412.
What is a Title Loan and How Does it Work?
Title loans are secured installment loans that allow a borrower to access their vehicle’s equity.1 Your vehicle’s equity is simply the difference between the car’s current value and what you owe. By using the title of your vehicle as collateral, you could potentially borrow up to 50% of your car’s value!1 Your car’s title will secure the loan, which makes the approval process much more flexible.
When you use collateral for a loan, the loan becomes secured. Secured loans can offer a borrower a lot of benefits! Here’s what you can expect:
- More Competitive Interest Rates
- Even Those With Bad Credit Can Be Eligible
- More Funding Can Be Potentially Available in Comparison to Unsecured Loans
Since a title loan uses collateral, the lender has the security that the loan will be repaid if the borrower defaults. This means that the interest rates are often more competitive than what you would receive through an unsecured loan. The more your vehicle is worth, the more you can potentially borrow with a secured loan like a title loan if your income supports it. While unsecured loans require high credit scores to qualify borrowers, title loans are popular among those with poor credit because of their high approval rate.
Can I Apply for a Neighborhood Car Title Loan if I Have Bad Credit?
If you have a bad credit history, you may be turned down for other types of traditional loans. With a neighborhood title loan, however, those from a variety of credit histories can potentially qualify!1
The difference between traditional loans and title loans is the collateral. When you use collateral for a loan, the approval process is much more flexible and lenient. Instead of solely looking at your credit history, a title loan lender will focus on:
- Your Income and Ability to Afford a Loan Payment
- The Value and Equity of Your Car
While your credit history is still looked at, it is not the most critical part of the application process. Instead, your car’s value and equity in addition to your income will be the focus!
What Documents Do I Need to Apply for a Car Title Loan?
Like any other loan, there are a few requirements that you should meet before applying for a car title loan. To meet these requirements ahead of time, a borrower will need to be:
- At Least 18 Years of Age or Older
- Have a Vehicle in Their Name with Equity
- Have a Steady Income or Alternative Income
In addition to these requirements, you can expect to submit a few documents to speed up the application process:
Proof of Income: A Lender will need to see that you can afford a loan payment to approve you for one! Proof of income can be bank statements, pay stubs, or even a disability letter if you were awarded one. You do not need a traditional 9-5 to be accepted for a title loan, but you will need to show proof you have a steady income.
- Your Vehicle’s Title: This is the most important part of the loan since it is the collateral. It must be in your name to meet the requirements.
- Photos of Your Vehicle: While some title loan lenders will require an in-person vehicle inspection, title loans serviced by LoanMart do not. Skip the inspection by simply sending in photos of the front, back, and sides of the vehicle.
- A Valid Government Issued Photo Id: Prove it’s you by submitting a photo ID issued by your government or state. It can be a passport, driver’s license, or even a FOID card.
- Proof of Residence: Some examples of proof are utility bills, recent credit card statements, rental lease, or a voter’s registration card.
The best part about working with title loans serviced by LoanMart? All of these documents can be submitted online right from your couch! Let LoanMart’s title loan agents do the heavy lifting for you. By emailing your documents, you can speed along through the application process.
Where Can I Apply Online for a Neighborhood Auto Title Loan?
Applying for a neighborhood title loan online is simpler than you think! The process to apply for a title loan has been streamlined to help you get your funds fast in an emergency.1
When you apply for a neighborhood title loan serviced by LoanMart, you can expect just three simple steps:
- Call or Click Online: Our representatives are available to take your call and help you find the funding you need at 855-422-7412. Or apply online from your smartphone or computer by placing a loan inquiry here. It can take just minutes to do- our process is designed to help you get to the funds you need in a hurry!1
- Submit Your Documents: After submitting your initial inquiry, a loan agent will reach out and help walk you through the next step. Submit your documents online to speed up the process!
- Sign Your Loan Contract: After sending in your documents, the last step is to see if you are approved! If you are, a loan agent will draw up your contract to be signed. Any questions you might have can be answered, and you are one step closer to getting your emergency cash once it’s signed!
Can I Keep My Car If I Apply for an Auto Title Loan Online?
One of the biggest concerns that borrowers have when applying for an auto title loan online is if they give up their car. If you continue to make your payments on time, you can keep driving your vehicle like you normally would! There is no need to rely on ridesharing or friends when you can drive your car while you repay your neighborhood title loan.
What are the Benefits of Choosing Title Loans Serviced by LoanMart for an Online Title Loan?
Not all lenders are created equal. As a borrower, you want to choose a lender that cares! When it comes to title loans, you can expect more than just cash when you become a customer with LoanMart.
Here are some of the benefits of choosing Title Loans serviced by LoanMart for an online title loan:
- Customer Service: Here at LoanMart, customer service is a top priority. Loan agents are available with extended hours to help you with any questions about your loan! You’ll talk to someone who is informed and knowledgeable about your loan.
- No Hidden Fees, Balloon Payments, or Prepayment Penalties5: You should be encouraged to pay back your loan early! When you choose title loans serviced by LoanMart, there are no prepayment penalties or hidden fees to worry about.5
- Your Information is Secure: When you are applying for a loan online, you might be worried about your information. Keeping your information safe is a top priority at LoanMart! Our encrypted network and security can offer you peace of mind when you are inquiring online. We won’t leave your information vulnerable to internet thieves and hackers looking to steal your identity.
- More Time to Pay1: If you need more time to pay your loan, you will have the convenient loan terms to do so!1 Title Loans serviced by LoanMart personalizes your payment plans to help you spread out your payments into manageable installments.
- High Approval Rate: Title loans serviced by LoanMart are happy to help those from a variety of financial backgrounds and credit scores.1 Don’t be afraid to apply for a loan just because your credit isn’t where it should be yet!
Don’t Wait- Apply for a Neighborhood Title Loan Today
If you need a title loan, don’t wait to find the funds you need! LoanMart is here to help. Whether you visit a participating store in your neighborhood, apply online, or apply over the phone, you’ve got the help you need with title loans serviced by LoanMart.1