When you’re looking for a way to get yourself some extra money, you want to make sure you are as informed as possible. Don’t get tricked by sneaky lenders out there who will stick you with an inconvenient payment plan you can’t get out of.
We’ve compiled a series of questions that many people have asked about title loans and answered them using the most accurate and useful information. Don’t see your question in this list? Check out the LoanMart Frequently Asked Questions page to see some more common questions people have about title loans, and how LoanMart answers them all!
What is a title loan?
It’s important to know that title loans go by many different names. To avoid the confusion when learning about them you should know the different names this type of funding can go by.
- Car Equity loan
- Auto Title Loan
- Car Title Loan
- Title Loans with Bad Credit
- Auto Collateral Loan
- Cash for Car Title Loan
Yep, all those names talk about the same thing—title loans. When you get a car title loan, you are using your vehicle title as collateral in exchange for borrowed funding. Some car title loan companies are better than others. There are some kinds of car title loan agencies that are not efficient and lack communication skills. LoanMart is a different kind of auto title lender. With LoanMart, the auto title loan process is streamlined and in some cases people have received their title loan funding as soon as the very next day3!
What do I need to get a title loan?
When you get approved for your LoanMart auto title loan, you will be contacted by your LoanMart representative and they will give you your free quote1. This would be the time to ask any questions or air any concerns you may have about your title loan contract. We won’t move forward until you feel secure in the process. Once you have decided to proceed, your LoanMart representative will ask for a few documents. These documents will include:
- Government issued photo ID (something given to you by the government and with your pictures on it – so something like a driver’s license or passport would work perfect.)
- Vehicle title with your name on it (Sometimes people don’t know where their vehicle title is, or their name is not the only one listed on their title—LoanMart may still be able to help you if this is the case for you.)
- Proof of income (Something to verify your stream of income so we know you can pay back the loan is all we need—so a paystub, bank account balance, and more are acceptable. Talk to your LoanMart representative for all the approved forms of income we accept.)
- Proof of residence (We just have to make sure you currently live at your place of residence, so showing us your lease or a utility bill would work fine.)
- Photos of your car (In order to verify the condition of your car we need a few photos. Take a few snaps outside in the daylight and send them to us. You can even take them right from your cell phone and send them to LoanMart though the contact number 1-818-315-8741.)
I don’t have a very high credit score, should I even bother applying?
Definitely! LoanMart has a high approval rate—which means that people with a wide range of credit score get approved for LoanMart car title loans every day1. When we approve you for your LoanMart title loan, we are more concerned with the equity of your vehicle and your ability to repay the loan—which iswhy we look at your proof of income and the photos of your car. Actually, LoanMart doesn’t even really care about your credit score at all. You are more than just a number, and LoanMart knows it!
You can even get started on your LoanMart car title loan now and know if you are approved within just minutes! If you go to the LoanMart homepage and fill out the brief information request, LoanMart can process your information right there on the spot and tell you almost immediately about your LoanMart car title loan approval.
Is it easy to pay off a car title loan from LoanMart?
Paying off a LoanMart title loan can be easy when you take advantage of the awesome LoanMart competitive rates and convenient terms! For all of our borrowers, LoanMart makes a personal payment plan that fits with your schedule. You can also discuss the logistics and work with your LoanMart car title loan agent to create the best payment plan with spaced out installments and an interest rate you can live with.
LoanMart wants to set you up for success, so we are available for you seven days a week with extended hours if you need any help with your LoanMart title loan. We can do everything from answer simple questions to create an entirely new payment plan if that is what you need.
LoanMart is here for you, so get started on your financial success today!