- What are car title loans?
- What does a car title loan involve?
- How easy is a car title loan?
While LoanMart has a very simple 3-step process to apply for car title loans, you should consider the ABC’s of Car Title loans. Always do research, be ready, and consider options. While these can overlap, they all include points you should think these through before you sign up for a car title loan.
Always do research
- Do you know what a title loan is?
- Do you know how a car title loan works?
- Have you found a reputable company to get your loan from, or what it takes to be a reputable loan company?
- Do you know how much your car is worth or how much money you need to borrow?
- Have you thought about how soon you need the money and how you will pay it back?
Some non-traditional lenders might promise quick and fast cash but there is always a tradeoff. You need to make sure the company you are working with has a good reputation and isn’t a popup loan store. Car title loans can be more beneficial than a payday loan where with a car title loan, you can pay them off between 12 and 36 months.
With LoanMart, we offer secured loans, so you don’t need a good credit score to obtain the loan1. You are using your car title to secure the loan. Car title loans get you more money than most other loans, such as payday loans, where you would only get a couple hundred dollars vs. a couple thousand.
Being able to go into a car title loan company with an idea of the equity of your vehicle and how much money you need is also helpful. There are many online tools available to help you figure out both. From repair and emergency medical expense calculators, to online vehicle appraisal and the Kelly Blue Book estimator. Some car dealerships offer estimating services as well, if you would prefer dealing with someone in person. Our agents are also prepared to make an estimate of your car’s equity well.
It is also advisable to check what kind of insurance coverage you may need to protect yourself and your vehicle in case of any other accidents. Will you be needing full coverage in case your car is totaled, and you cannot use it for collateral anymore?
Did you know each state has laws regulating lending and loans? Several states have different minimum and maximum loan amounts which can be both helpful and useful to know. Having this information can lead to a better decision-making process than just walking into any loan store. LoanMart has several advantages over other non-traditional lenders.
- When you apply for a loan at LoanMart, it’s totally free. No payment is required to simply apply.
- LoanMart has some of the most competitive interest rates
- There are no pre-payment penalties or balloon payments
- Funds can be available within 1 business day3
- There are many funding options and payment methods available
- Our loan application process is very simple, and our agents are very helpful
There are many factors that lead to the total amount of your loan, but having this information available can give you an idea of what to expect in terms of payment and what the process for getting a car title loan is like. At LoanMart, our helpful agents are always available to answer any questions you may have by either visiting us in store or giving us a call at 1-855-422-7412. We can answer any questions you may have before, during and even after you get your car title loan.
Once you have done adequate research, you can begin applying here, by calling us at 1-855-422-7412, with our mobile app, or by visiting any participating store. You will see how quick and easy it is to get started on your car title loan application.
When you begin the application process for a car title loan, make sure you have your documents ready. You will need the following:
- a car title to a qualifying car in your name,
- a government-issued ID (driver’s license, state ID, etc.)
- proof of income (such as paystubs, invoices or bank account statements) to show your ability to repay the loan
- Proof of residence (such as a recent utility bill).
You can fax, email or text us pictures of your documents to us, and our helpful agents are available to assist you, wherever you are. Next, we will need to appraise your vehicle. The vehicle equity is only a part of the decision process but still an important one. We will check the car tittle that you applied for, so we know how much we can pay you, and we will check the title against the state you are living in, to see how much, by law, we can give you.
When you begin your research, you will find there are multitudes of options to choose from. There are many kinds of non-traditional loans that offer easy, fast cash. At LoanMart, we make it easier than banks where we don’t require mountains of paperwork, and we don’t need a perfect credit score to get you your money.
We can work with you and we are competitive in helping you get your funds when you need them. We know how hard it can be to go without money during a financial emergency which is why we keep our application process short. We are transparent with our rates and we will have your car title loan money in your hands within a business day. We offer longer repayment options and we customize your loan repayments to fit your financial situation.
Knowing and understanding your repayment options can make the difference in how you proceed in selecting the kind of car title loan you end up with. With LoanMart you will receive:
- Professional Service from our helpful agents, online, in-person or over the phone
- Competitive Rates by a reputable lender
- Free quotes and no early payment penalty fees
At LoanMart, we make sure you understand everything so that you have confidence to apply for and pay for your car title loan without having to worry about something else. We understand that there is a reason you need funds, fast, and we are there to make it fast and easy to get paid. We have been helping customers for over a decade and we have been with them since the beginning. We start with a process as simple as ABC, and as quick as 1-2-3.
If you have any questions about the process, give us a call at 1-855-422-7412, or visit us at any participating store. If you are ready to apply, then you can begin the approval process whenever you are ready and get cash when you need it.1