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If you own and drive a car, you are in luck! You could use your asset as financial leverage to obtain secured emergency cash!
Pawn shop loans and car title loans could both provide you with the money you need to handle unexpected bills, but which option is better for your current situation?
Pawn Shop Loans vs. Car Title Loans
Pawn shop loans and car title loans share a few similarities, but the differences are staggering. To obtain either option you will need a car title in your name as well as a valuable car with substantial positive equity.
The terms offered to eligible inquirers differ greatly, take a look:
Possession of the Car
When you pawn your car title at a pawn shop, you will likely need to give up the use of your car. Most pawn shops require you to leave your car at a secure lot for the duration of the repayment period. But this can disrupt your life and cause a stressful loan process.
But you may not have to lose access to your car when you obtain a car title loan through title loans serviced by LoanMart! Since a lien is placed on your car title, you can continue using your car while you repay your title loan.
The affordability of loans is determined by the interest rate. Pawn shop loans are known for having sky-high rates that make the cost of borrowing emergency money excessively high. But with title loans serviced by LoanMart, you could look forward to competitive rates that don’t break the bank.
The length of your repayment terms can also affect the loans affordability. Pawn shop loans typically come with short repayment terms, which can increase the amount of your monthly payments. This can make the process of paying back the loan stressful.
Title loans serviced by LoanMart offer longer repayment terms! This can make your monthly payment amount more bearable and easier to manage on your budget!
Pawn shop loans and car title loans both require the inquirer to undergo a car inspection. But the process differs greatly with each loan option. With pawn shop loans, you will need to drive your car to a store location for an in-person inspection. This can take up valuable time if your schedule is already busy.
If you want to avoid the hassle of an inspection, know that there are title loans that don’t require the car to be brought to a store front location for inspection! You can complete a car inspection entirely online with title loans serviced by LoanMart! All you have to do is answer some questions about your car and take some pictures of the driver’s side, passenger side, rear, hood, odometer, and the VIN. Why waste time driving to a store when you do not have to!
How Much Could I Get with Car Title Loans?
Now that you know getting a car title loan may be more beneficial than a pawn shop loan, you may want to know how much you could get. When you work with title loans serviced by LoanMart, you could potentially receive $2,500 in quick cash.1 Although, the exact amount you are eligible to receive with a car title loan is dependent on the equity and value of your car, your ability to repay the loan and the state in which you reside.
Title loans serviced by LoanMart offer free value estimates online in just a few minutes!3 To get an accurate estimate, you will need to know the exact year, make, model, style, and mileage of your car. These details will be used to quickly compare your vehicle to other similar ones on the market.
If your car is worth enough money, it could be preapproved for a car title loan and you could get a free quote!1
What Documents Do I Need for Car Title Loans?
The approval process with title loans serviced by LoanMart is streamlined and swift. For this reason, the documents you need are minimal and can be conveniently uploaded online.
Different types of documents are accepted, which means you have options for which paperwork you want to use. For example, not everyone receives traditional paychecks. But as proof of income, you could instead provide alternative documentation.
Take a look at some of the documents you may need for car title loan approval:
- Car Title: The car title must be in your name to obtain a car title loan. By visiting your local DMV though, you could get a duplicate copy or request a title transfer.
- Identification: To show proof of your identity, you could provide a state identification card, driver’s license, or U.S. passport.
- Proof of Income: As proof of your ability to make on time payments, you could provide bank statements, paycheck stubs, tax returns, government award letters, and more.
- Proof of Residence: As proof that you live at your current residence, you could provide credit card statements, insurance statements, utility bills, a lease agreement, and more.
- References: You may be asked for personal or professional references.
Starting the Approval Process for Car Title Loans
Pawn shop loans are an option for emergency cash, but an even better option is a car title loan! Title loans serviced by LoanMart offer eligible inquirers affordable funding with advantageous benefits!
To get started on the approval process, all you have to do is call or click online. To speak with an agent directly, call the toll-free number (855) 277-4847. To start the process online and avoid speaking over the phone, you could just submit a title loan inquiry form.