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Learn More about Your State’s Auto Title Lending Laws

Many consumers turn to Auto Title Loans on cars when money gets tight and they feel they have nowhere else to go. Here at LoanMart, we are committed to educating our customers about the specifics of Auto Title Loan lending, and we work hard to always be honest and transparent about what we expect from our borrowers.

You may apply for an Online Car Title Loan if you own an automobile and need emergency cash. Even if you have a few payments left on your original automobile loan, we may be able to help you access the funds you need. We’ll set up repayment terms with you and discuss any interest or fees before you sign any paperwork.

Auto Title loan laws differ from state to state, and the amount you can borrow may be based on several factors:

  • State laws
  • Equity in your automobile
  • Your monthly income

We’ll take all these factors into account before approving your application and discuss any questions or concerns you may have about your loan.

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Take the first step and call our toll-free hotline to speak with a specialist.

State Laws for Title Lending

Auto Title Loans are given when you are approved to borrow money against the equity invested in an automobile. You can learn more about your state’s title lending laws by visiting the state’s website.

Typically, legal loan amounts are set by the individual state where the loan is given. We’ll assess the equity in your automobile and compare it to state laws to determine exactly how much you are eligible to borrow in exchange for the title on your car.

We are not only committed to helping you in times of emergency but also to educate you on important financial matters that pertain to your future. Our goal is to help you get ahead in life, and our friendly representatives are waiting to assist you. Call 1-800-LoanMart today to learn more about Auto Title Loans.

How Do Car Title Loans Work?

Car title loans can be a great way to get the cash you need quickly. There’s no need to worry about long waits or mountains of paperwork like there are with traditional loans.

By using your car’s title, the car title loan is secured, and the vehicle’s title is used as collateral. By using the car, its value, and your income, we will be able to establish the amount of the loan that you’ll be able to receive1.

You’ll not only be able to apply online, but you’ll even have the option of sending all your documents in through that same online system. That way, our team members will be able to contact you in a swift manner and get you the money you need.

The Benefits of Applying for a Car Title Loan

  • The procedures of evaluating your car to determine its equity are very fast. You don’t have to waste time waiting in line or on the phone.
  • We do not discriminate against the model of the cars presented as collateral. We accept all kinds of vehicles, including classic cars.

How Much Can I get in my State?

Determining the amount is related to the equity in your vehicle and your ability to repay the loan. Getting an estimate of the value of your vehicle as well as state standards can help you get an idea of how much your car title loan can be.

Get a Title Loan with an Out of State Title

Depending on the state’s laws, all you may need to do is prove that you live in the state your vehicle is registered in.

Proof of Residency

There are many different ways that you can prove your residence. You can use any form of mail that you have gotten whether it be a subscription magazine from your local and favorite stores, or it can be from a bill like a utility bill or credit card bill.

As long as it has your name and the same address that your car title loan is registered, it will be able to verify your residence in the state your title is registered.

Residence in Different State than Title

If you have a different residence than your car title because of a move, you might need to register your title in your new state before you get a car title loan. It is a rather easy process to do and can be completed at your local Department of Motor Vehicles or motor vehicle services department.

Registering a Car Title

Once you move to a new state, you generally have about 30 days to get your vehicle licensed and titled after becoming a resident of that state. Some states may require that you have auto insurance in your new state as well before you will be able to register your vehicle.

To register your vehicle, you will most likely have to go to the motor vehicle services department and complete an application for the registration of the vehicle. This could be available at the office or online through an electronic system. Some states may give you the option to print the online form to submit within a certain time frame. You may need to describe the car like its make, model, year, VIN, date of purchase, and whether it was bought used or new. Some additional information they may require is*:

  • Proof of residency in a new state
  • Original title and registration from the previous residence
  • A description of the vehicle
  • An applicable tax-form
  • Payment for the vehicle registration

*Keep in mind that some of these requirements could vary depending on the state you are registering your vehicle. You may need to provide more or less. It is best to check with your local DMV or motor vehicle services department, or you can go to the national DMV website to check the requirements.

How Can I Pay Back the Loan?

The title loan can be repaid in monthly installments. The good news is that if you pay your car title loan off early, you will not be charged prepayment penalty fees. You can pay your car title loan through various methods. Some payment methods include:

  • Visiting a payment office in person
  • MoneyGram
  • Mail payments to a payment center
  • Pay online using the MyAccount tab
  • Pay by phone with a credit card or a check
  • Automatic electronic settlements

How Do I Apply In My State?

You can visit the website and apply online from any place. Feel free to make a call at 855-422-7412 and our team will be happy to help you apply for the loan. You will be asked to provide a few documents to make sure the information you submitted is authentic. It is that simple!

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