Apply for Online Car Title Loans in Louisiana
Have you been in a rush, and unforeseen traffic delayed you from getting to your destination on time? You wake up an hour early to get dressed and prepare to run your errands. You think you have just enough time to make it to the bank before it closes, but an accident on I-49 stops you from getting there on time. What if you were going to the bank to withdraw money that you needed right away? What if you were going to get cash for rent payments or electricity bills? When you need immediate funds, you can’t afford to be held up in traffic. Title loans serviced by LoanMart understand the significance of immediate funding.3 That’s why they allow potential borrowers to apply for online car title loans in Louisiana.
Can you imagine not having to wait in traffic, avoiding long lines, and staying in your comfy pajamas when applying for a loan?
You may be thinking, “Not leaving my home sounds great, but I don’t understand how title loans work.” Title loans are a potential option for those who are experiencing financial misfortune. Do you need to cover funeral costs for your uncle, who didn’t have health insurance? Is it the 3rd of the month, and your rent still isn’t paid? For those needing immediate financial relief, title loans could potentially be a good fit.3
Be honest with yourself. Are you in need of financial relief? Keep reading to determine if title loans are a good fit for you.
Do I Meet the Requirements for an Online Car Title Loan in Louisiana?
Online car title loans in Louisiana have basic requirements that potential borrowers must meet. Below are the initial requirements:
- 18 Years of Age or Older
In Louisiana, the state only recognizes 18-year-olds and older as true adults. To receive a title loan, you must be of legal age.
- Vehicle Title – Title loans allow borrowers to leverage the equity in their vehicle in exchange for emergency funding. Borrowers allow title loan lenders to place a lien on their vehicle title until the debt is paid in full. A potential borrower must be the current titleholder for this transaction to be legitimate. If their name is not already on the title, they can request a title transfer at their local OMV, or their car must be close to paid off.
- Steady Income – How do you pay your bills every month? Do you work full-time? Are you juggling three jobs to make ends meet? Proof of income is a basic requirement when inquiring about a title loan. Below are some other forms of income that title loan lenders could accept.
- Social Security – You’re 66 and can’t remember the last time you clocked into work, and you’re too busy enjoying retirement. Sending in your social security statement, as that may qualify as proof of income.
- Alimony – After 15 years of trying to make it work, you all decided to go your separate ways. Separation hurts all parties involved. Was your spouse the primary breadwinner? If you collect alimony, your checks may qualify as proof of income.
- Child Support – Parents have to purchase school supplies, put food on the table, and put clothes on their children’s backs. Providing for a child is not easy, and additional help is crucial to your child’s success. Do you receive court-ordered child support? Monthly child support may qualify as proof of income.
- Bank Statements – Did you know many people are working for themselves these days? If you are an entrepreneur following your dreams, you could send in bank statements as proof of income.
Most potential borrowers meet the basic requirements for inquiring about a title loan.1
How Do I Know if an Online Car Title Loan in Louisiana is a Good Fit for Me?
You may be excited if you meet the basic requirements for a title loan. Now, it’s time to determine if an online car title loan in Louisiana could be a good fit for you. Several borrowers rely on more traditional loans, such as personal loans, and credit card limit increases when in a financial bind. Conventional lenders often require borrowers to have good credit and low credit utilization. LoanMart understands that life happens, and you aren’t always prepared financially for the worst.
Maintaining low credit utilization can be pretty challenging if you are faced with unexpected expenses.
Most lenders require borrowers to have a stable financial history to minimize any lending risks. Title loans rely on collateral, such as the title to the owner’s vehicle, to reduce the risks. If you have less than stellar credit, applying for a title loan may be a better option for you.1
Below are some questions to ask yourself to determine if a title loan fits you.
- Do I meet the basic requirements?
- In the section above, we discussed the three basic requirements for inquiring about a title loan. You must be 18 years of age or older, be the titleholder of your vehicle, and have a steady income.
- Can I repay the loan?
- If approved for a title loan, you’ll discuss a payment plan with a loan agent.1 LoanMart allows borrowers to make their payments through monthly installments.
- Does my vehicle have enough equity?
- Having positive equity in your vehicle will likely determine both your eligibility and the funds you may potentially qualify for.1
If you are still unsure if a title loan is a good fit for you, call 855-277-4847 to speak with a professional agent.
Will My Car Qualify for an Online Car Title Loan in Louisiana?
The equity in a potential borrower’s vehicle is important during the application process.1 Let’s unpack what equity means. When you think of the word “equity,” you most likely know it is associated with the level of ownership in a particular asset. But what does vehicle equity mean?
- Vehicle Equity – This is calculated by comparing your vehicle’s market value to the amount you still owe on your vehicle.
- Positive Equity -Positive equity is when the remaining loan amount is less than the market value of the vehicle.
- Negative Equity – If a car has a market value of $26,000, but the owner has paid a lot more on their auto loan and still has a lot left to go, the owner likely has negative equity. Cars depreciate in value the moment they are driven off a lot. So, it is possible to owe more on a vehicle than what it currently is worth.
- Market Value – Remember: to have positive equity in your vehicle, its market value should be more than what you still owe. Market value is determined by what a consumer is likely to pay for a specific vehicle. Below are a few factors that contribute to a car’s market value.
- Make and Model
- Year of Vehicle
- Vehicle Mileage
- Vehicle Condition
Popular vehicles with minimal wear and tear tend to rank higher on the market. So, take a look at your car. Do you drive a popular car? Does your vehicle have Bluetooth, Car Play, and a GPS screen? These factors play a role in how your vehicle will be seen in the consumer market.
If you are still unsure if your car could potentially qualify for an online car title loan in Louisiana, you can receive an estimate from LoanMart’s online loan calculator.
Can I Apply for an Online Car Title Loan in Louisiana If I’m Retired?
Several lenders require borrowers to have a traditional 9 to 5 to be approved for cash. LoanMart understands that some potential borrowers have alternative forms of income. Retirement should be a season in life where you take the vacations you’ve always wanted and take on your dream hobbies. You shouldn’t be discriminated against when applying for a loan simply because you no longer have a 9 to 5.
LoanMart allows those who collect disability checks, social security, and pensions to apply for a title loan.1
What Are the Benefits of Online Car Title Loans With LoanMart in Louisiana?
Title loans serviced by LoanMart offer benefits to qualified borrowers. Below are a few.
Quick Funding3: Can you imagine biting your nails hoping that your car payment goes through this month? What about sitting on the edge of your seat hoping that you won’t get a late fee for paying rent after the 5th? Severe financial stress is terrible for your heart and wreaks havoc on your mental health. LoanMart understands the importance of delivering money in a timely fashion.3
Superior Loan Agents: Is this your first time inquiring about a title loan? You likely have several questions. There are loan agents in place six days a week, ready to assist you with any questions you need answering. Give us a call today at 855-277-4847.
Keep Driving: What do you use your vehicle for? Do you commute to work? Do you run errands over the weekend? LoanMart understands that your car is crucial to the functionality of your household. Borrowers can keep driving their car, provided that their loan is in good standing.
Simple Process1: Are you tired of strenuous processes and complicated procedures when applying for a loan? LoanMart is proud of having a straightforward application process that can be accessible to many people.1 Potential borrowers can inquire about the loan, apply if they meet the requirements, and receive their cash if their documents meet the criteria.1
Choose LoanMart today to access a quick and straightforward process.1
What Should I Know Before Applying for an Online Car Title Loan in Louisiana?
Below are common questions potential borrowers ask when inquiring about a title loan.
- How much money could I potentially qualify for?
- The amount of money will be a percentage of their car’s equity. A borrower’s income is also used to calculate the loan amount offered.
- Can I apply for a title loan if my vehicle’s title is not in my name?
- Legally, the titleholder of the vehicle is the true owner, according to the state of Louisiana. Be sure your name is on the title to qualify for a title loan. If it is not, consult a loan agent about the steps you can take to get it right.
- Will my car be repossessed if I don’t pay on time?
- Penalties for neglecting payments can include things like late fees or repossession. Avoid this by setting up automatic payments on your loan account.
- Will my car qualify for a title loan if it has a salvage title?
- LoanMart offers online resources for residents of Louisiana to learn more about the application process for vehicles with salvage titles. Click here to learn more.
- Can I leverage my motorcycle instead of my car?
- Borrowers with motorcycles, trucks, and vans are welcome to apply.
Understanding online car title loans in Louisiana can be pretty challenging if you aren’t familiar with the process already. If you still have questions, we’d love to chat. Give us a call at 855-277-4847.
How Do I Apply for an Online Car Title Loan in Louisiana?
Now that you’re more familiar with the nature of online car title loans in Louisiana, it’s time to apply. Below are the three simple steps you can take.
First: Check us out Online
Start the process by clicking here and following the prompts. You’ll be asked a few basic questions and could potentially be preapproved.
If you meet the basic qualifications, you’ll be asked if you wish to continue with the application process.1 If you choose to continue, you’ll be asked to submit a valid government-issued ID, proof of income, address, and photos of the vehicle. If you want to apply for online title loans in Louisiana, this is the most important step.
Finally: Choose Your Method of Payment1
If your documents meet the qualifications, you could potentially receive your funds in as little as one business day.3 You’ll discuss details with a loan agent, and then you can choose your preferred method of payment.