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Owning a car seems like a necessity these days, but if you need quick financial relief, you may be able to use the car title to secure emergency cash! Getting an auto pawn loan is an option, but obtaining a title loan may be more affordable and beneficial–especially when you work with title loans serviced by LoanMart!
Why Title Loans Are a Better Option than Auto Pawn Loans
When it comes to emergency loans, there are two options that allow you to use your car as collateral:
- Auto Pawn Loans
- Title Loans
Auto pawn loans are convenient because there are plenty of locations and eligible borrowers could get money the same day they inquire. However, there are a lot of cons! Interest rates can be sky-high, repayment terms short, and you may be required to temporarily give up possession of your car for the duration of the repayment process.
Title loans work similarly to auto pawn loans but can almost always offer better terms. Title loans serviced by LoanMart connect eligible inquirers to fast funding, competitive rates, longer repayment terms, and affordable terms.1 Best of all, you can keep driving your car while you repay the title loan!
The approval process with title loans serviced by LoanMart can be completed entirely online without having to visit a store location. If you are deemed eligible, you could possibly receive your title loan money the same day you inquire!3
What Do I Need to Qualify for Title Loans?
Interested in qualifying for title loans? Title loans serviced by LoanMart have flexible qualification requirements, which allow more people to get the financial support they need.
Even with bad credit or past bankruptcy, you could still be eligible if you have the following1:
- A car with positive equity
- A car title in your name
- A consistent source of income
A car has positive equity when the market value is higher than the amount you still owe on the financed car. If you own the car outright, then the equity is equal to the resale value. Title loans serviced by LoanMart generally work with all types of cars, so if you have an older car, you could still qualify.1
If your name is not listed on the car title, you may ask, “Can I get a title loan if the title is not in my name?” The short answer is no. But don’t worry, as you could quickly and easily request a title transfer at your local Department of Motor Vehicles (“DMV”)! Check your state’s official DMV webpage to verify what documents you need, as well as what the fee is for a title transfer.
Having a reliable source of income means the ability to make monthly payments on time. If you have the ability to repay a title loan, but you’re unemployed or retired, you could still qualify for a title loan serviced by LoanMart.1 Alternative income documents such as bank statements, Social Security benefit statements, and government award letters are typically accepted as proof of income.
What to Expect from a Car Inspection for Title Loans
Undergoing a car inspection is a requirement during the title loan approval process. But when you work with an online title loan serviced by LoanMart, you could get title loans without the car present!1 This is because the car inspection could be completed entirely online instead of in person. An agent will ask for some car details–such as the year, make, model, style, and current mileage–to check the resale value of your car. You will also be asked to submit some photos of your car so the structural and cosmetic conditions can be verified.
To take these images, park your car on the street or your driveway. You will need to submit a photo of each side, so ensure you can clearly see the top and bottom of the car. Once your car information is reviewed, you could be fully approved for a title loan!1
How to Use Your Car Title to Apply for Title Loans
Owning a car means having access to a valuable financial asset. Whenever you need emergency cash to pay your rent or pay off an upcoming bill, you may be able to use the car title to secure quick financial relief.1
Auto pawn loans are one option to consider, but why settle for high-interest rates and the loss of your car when you could get better terms?1 Title loans serviced by LoanMart can connect eligible borrowers to numerous perks, such as:
- Competitive Rates: Rates with title loans serviced by LoanMart start and stay competitive!
- Keep Your Car: You can keep driving your car while you make timely payments! You don’t have to rely on alternative transportation like you would with auto pawn loans.
- No Hidden Fees: There are no hidden fees in the title loan agreement. Transparency is to be expected with title loans serviced by LoanMart.
- More Time for Repayment: You could get more time if needed for repayment with title loans!
- Fast Funding: If you need money now, know that it’s possible to get emergency cash in as little as 24 hours if you’re approved!3
This short list doesn’t even cover every advantageous perk you could get with title loans serviced by LoanMart! Inquire today and you could get the financial support you need to take back control of your life.1