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Learn About the Requirements for a Car Title Loan in Arkansas!

Suppose you’re looking for a resource that can help alleviate your financial problems. In that case, you may want an option that has simple requirements!1 Thankfully, with a title loan serviced by LoanMart, you could potentially obtain funding by using your vehicle’s title as collateral!¹ Since you use collateral to secure the loan, your credit history or financial background isn’t that important in the eligibility process.1 You would only need to go online and inquire about one to receive an approval status within minutes!³

What’s even better than the quick approval process is the possibility of retrieving funds in a flash!³ Borrowers that qualify for a title loan may get their money in as little as one business day.³ If you’re a resident of Arkansas, why not take advantage of this opportunity if you need financial assistance?

But, you might be wondering if there are other requirements besides a car title to a qualifying vehicle. It’s understandable to worry since you don’t want to go through a million obstacles just to get the money you need in a hurry. Keep reading to learn more about the basic requirements for a car title loan in Arkansas, or contact a title loan representative with LoanMart by dialing 855-422-7412 today!

What are the Requirements for a Car Title Loan in Arkansas?

As you may know, a vehicle’s title is one of the main requirements for a car title loan in Arkansas. However, it’s essential to learn about the other primary qualifications that you must meet to be eligible for a car title loan:

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  • A Qualifying Vehicle, with a Title in Your Name
  • Proof of Income/Alternative Income to Support a Title Loan Payment Each Month

A qualifying vehicle is essentially one that has a significant amount of equity, which means the market value is greater than the amount that is currently owed on the car (if at all). The amount of positive equity is an essential factor because it helps title loan lenders determine an applicant’s eligibility and the loan amount they could potentially receive. That means the more value your vehicle has, the higher the funding amount could be!¹ Borrowers that use their vehicle’s title as collateral could have the privilege of borrowing off their car’s equity and turning it into money.¹ Keep in mind that collateral goes both ways, as it ensures lenders that you will pay off the title loan amount in full. During the repayment period, a title loan lender will place themselves as lienholders on your title. Once you’ve completed your monthly installments, they will remove the lien, making the title clear!

If you do not know the current amount of equity in your car, that’s okay! Many first-time borrowers don’t know it either. LoanMart has a handy online calculator tool available for title loan borrowers to quickly estimate the equity in their vehicle and obtain a quote, free of obligation.¹ Simply input the following details from your car onto the calculator:

  • The Style of the Vehicle (Which Refers to Minivans, Sports Cars, Station Wagons, Etc.)
  • The Vehicle’s Current Amount of Mileage on the Odometer
  • The Make and Model of the Car (Mercedes-Benz, Lexus RX, Lincoln Navigator, Etc.)
  • The Year Your Vehicle Was Manufactured
  • Modifications or Alterations You’ve Done to the Car ( Such as Spoilers, Custom Stereos, Alloy Wheels, Etc.)
  • Any Cosmetic or Surface Damage on/in the Vehicle

Your ability to pay off monthly installments without significant difficulty is critical when you apply for a title loan.  Instead of just relying on your credit, a title loan lender will examine your income to see if you can afford the loan. Fortunately, your income doesn’t have to come from a traditional 9-5 job.¹ You could always present alternative forms of income to prove you can repay loans without a problem! Speak with a title loan representative with LoanMart to see what alternative sources of income you can provide.

Unfortunately, borrowers who don’t have enough funds to cover title loan payments could be disqualified from funding. That is done to protect you and is a decision made in your best interest.

Go online now to start a simple approval process to find out if you can acquire a title loan serviced by LoanMart!¹

Is Age a Part of the Requirements for an Auto Title Loan in Arkansas?

Borrowers pursuing quick funding must follow the age requirement for a title loan in Arkansas.³ To qualify, you must be a legal adult in the United States. For most states, like Arkansas, the legal age of adulthood is eighteen years old. That’s an age requirement found with most loan options, which can be a good thing if you’re a young person seeking financial aid. Loans are a huge commitment, and you must be the right age to apply for one.

A problem with many loan types is that they can have insanely high-interest rates if you are young and do not have a long credit history built up yet. Unsecured loans do not use collateral, so the approval process is largely based on your credit history.  Lenders may require people to have a substantial credit history before they can receive approval, and many young people might not have that simply because of their age. Without collateral, you could be paying for high-interest rates that are difficult to cover! If you start having problems with your payments, you could end up in a lot of debt and possibly a poor score on your credit report. That’s not the best way to start adulthood!

However, with a secured option like a title loan serviced by LoanMart, it could be simple to acquire money with just the title to your car.¹ Qualified borrowers can access competitive interest rates that could benefit their loan experience.¹ It’s especially critical to have that as a young person since you should do whatever it takes to save money.

Are  Documents Required to Apply for an Auto Title Loan in Arkansas?

During the inquiry process, a title loan agent will ask you to submit a few documents. They use these documents to verify your information and vehicle ownership. But this required paperwork for a car title loan could be simple to find, since you might already have them at your house!¹ Once you acquire everything, just open your laptop or smartphone to send them online to a title loan agent quickly!³

Contact your local DMV to see if additional documents serve as requirements for an auto title loan in Arkansas. But, these are the standard documents you would likely have to turn in:

  • Proof of Arkansas Residency: Title loan agents will ask you to prove that you currently live in Arkansas. You can do that by presenting different documents like recent utility bills, mail, mortgage statements, recent phone bills, credit card statements, lease agreements, and more. Don’t hesitate to dial the toll-free number at 855-422-7412 if you have questions about what other documents are acceptable.
  • The Title to Your Car: The title to your vehicle must be in your name to prove ownership. If it is not in your name because you are currently close to paying it off in full, let a title agent know at the time of inquiry. However, don’t be discouraged if you share a name on it, as you may still qualify for a title loan!¹ If the title is not currently in your name, a title loan agent with LoanMart can help you find out how to request a transfer. Or, if you happen to lose it, you can request a replacement title at an Arkansas DMV.
  • Proof of Government/State-Issued Photo Identification: You must validate your identity during the inquiry process. To validate that, you will need to demonstrate a valid, government-issued photo ID card. Borrowers tend to use a driver’s license to meet that requirement. But you can also use a passport or other certified state identification cards.
  • Proof of Reliable Income/Alternative Income: Remember, you don’t need a full-time occupation to prove your ability to pay off a title loan.¹ As long as you can meet your monthly title loan installments, you can present alternative forms of income such as pay stubs, bank statements, Social Security/Supplemental Security Income, worker’s compensation, settlement income, pension income, a letter of employment from your employer, retirement income, or other alternative forms of income. The requirements for a car title loan in Arkansas are that you must be able to show that you can pay off a title loan, not that you need a 9-5 job to do it!1
  • References: You may be asked to provide references during the inquiry process. The contacts you show can either be personal or professional. If you prefer, you could provide both types of references.

You can also choose to scan your documents and send them directly through email or fax to a title loan agent. There’s also the added option of taking photos with your smartphone and uploading them online. Whichever way you choose, it could be easy to submit the required paperwork for a title loan in Arkansas! ¹

Are Car Inspections Part of the Requirements for a Car Title Loan in Arkansas?

A vehicle inspection works as one of the requirements for a car title loan in Arkansas. Title loan lenders require this to verify your car’s condition and see if it has enough value for eligibility. Generally, lenders ask borrowers to take their car to an office so they can conduct the inspection. That is inconvenient when you don’t have the time, and you need money fast to cover your emergency! But you wouldn’t have to deal with that when you inquire about title loans serviced by LoanMart. You could simply do the entire car inspection from the comfort of your home!

The only thing you need to complete the inspection is a smartphone or camera! Simply take clear and visible pictures of the following features from your car:

  • The Driver’s Side Door
  • The Passenger’s Side Door
  • The Hood
  • The Rear
  • The Vehicle Identification Number(VIN #)
  • The Odometer Reading

You can find the odometer in your vehicle on the dashboard, and the VIN # is usually located on the driver’s side door. Once the photos are ready, upload them through the online portal. If your car has cosmetic damage, you may receive a lower loan amount than initially anticipated.

Talk to a title loan representative today at 855-422-7412  if you need assistance with this requirement.

If I Meet the Requirements for an Auto Title Loan in Arkansas, What Can I Use My Money for?

You’ve finally met all the requirements for a title loan in Arkansas, but now you’re wondering what you can spend money on. Although there are limitations to what you can use your funds for, there are many things you can spend money on that could help you. Even if every financial situation is different for every borrower, you can see that there are similar financial scenarios that people share.

Many borrowers  can and will use their quick funding for several reasons³:

  • Pay for a Wedding
  • Paying for the Rent
  • Living Expenses for House, Apartment, or Dorm Room
  • Consolidating Credit Card Debt or Past Due Bills¹
  • Utilities like Power, Cable, Electricity, Water, Gas, Etc.
  • Unexpected Expenses or Medical Bills
  • Covering Car Repair Costs
  • Renovating Your Home
  • Pay for a Funeral

Don’t hesitate to speak with a title loan agent with LoanMart if you have concerns about what you can spend the money on.

Once I Have Met the Requirements for a Car Title Loan in Arkansas, Where Can I Apply for One?

Do you feel like you can meet the requirements for a car title loan in Arkansas? If you do, start on a quick and flexible approval process to get your funding in no time at all!¹ ³ Just follow these three simple steps to get through the loan procedure within minutes³:

  1. Begin the Inquiry: You can complete the inquiry online by submitting a short preapproval form or over the phone by dialing 855-422-7412. Title loan representatives are available six days a week for extended hours to help you through it.
  2. Submit Your Documents: If you have been preapproved for funding, you can start gathering the necessary documents. You could take pictures of the necessary paperwork and send them directly to a title loan agent through an email/fax. Once they verify your information, you may move on to the final step in the loan process.
  3. Get Your Funds!¹ After a title loan agent verifies your information, you must sign a loan agreement with your repayment terms. Before doing anything, you should be fully informed of your monthly due dates, loan amount, interest rate, and final payment date. When you sign the agreement, you could immediately choose how you want to receive your money: through a mailed check or a direct deposit. Or, pick up your cash from any participating money transfer location! You could see your funds come through in as little as 24 hours.³

Take advantage of a convenient approval process that could let you retrieve the funds you need!¹ Go online and begin your inquiry with a title loan serviced by LoanMart right now!

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