The unexpected happens: there’s a hospital bill that came in the mail, your roof is leaking right in the middle of the rainy season, or you desperately need a new mattress, because you haven’t had a good night’s sleep in over a year. You sit and wonder how you are going to be able to afford these unexpected expenses. You finally have the bright idea to apply for a title loan; but first, you’d like to receive a title loan estimate before you can get your hopes up.
Title loans can potentially be a great option for borrowers who need emergency funding. Typically, the primary factor for loan approval is the value of the collateral the borrower has, while their credit score is not as heavily factored in.¹
You may be thinking, “Wow, this is the perfect fit for me, but I still need to have a ball-park idea on the amount of money I could be approved for. “ Not to worry, the insight below should answer your questions.
How to Get a Title Loan Estimate Free of Obligation
Are you tired of having to submit mountains of paperwork just to get an estimate for the cash you need? It feels like you’re giving away all of the intricate details of your life just for a “maybe.” The great thing about title loans, serviced by LoanMart is that you are able to get a title loan estimate free of obligation online or over the phone!¹
The amount a borrower is approved for regarding a title loan is contingent upon the equity of the vehicle and estimated monthly income. Both pieces of information will be provided by the borrower and verified through paperwork during the approval process.
Now, before you immediately write yourself off as ineligible for cash because you do not have a traditional 9-5, understand that there are other forms of income that can deem you eligible for a title loan estimate.
- Social Security and Pension – Have you been out of the working game for several years now due to your retirement? Good news: if you can provide evidence of your monthly social security or pension income, you may be able to provide that as proof of income.
- Worker’s Compensation – If a work injury has left you earning worker’s compensation, you may be able to use that documentation as proof of income.
- Business Owner – That corporate job just wasn’t working for you. You did what many Americans only dream of doing, and you started your own business or you are self-employed! Gather up your tax documents or bank statements and send them in during the approval process to prove your income.
Now that you understand the different ways to prove your monthly income it’s now time to discuss the value of your car. The value of your vehicle is directly tied to its available equity. The equity of your vehicle is contingent upon your car’s present and potential value.
- Positive Equity: If your vehicle is paid off or close to paid off, it may have a considerable amount of positive equity! Equity is simply the difference between the market value of a car and what you currently owe on it( if at all).
- Negative Equity: Do you owe more on your vehicle than it is currently worth on the market? If so, your vehicle may have negative equity, and it may not qualify for a car title loan.
A title loan estimate is greatly influenced by your monthly income and the available equity of your vehicle. In order to take a loan out on your car, it is required that you have a vehicle with equity.
Reasons You May Need to Obtain a Title Loan Estimate
You may be thinking, “Why do I even need a title loan estimate?” You technically don’t “need” to retrieve an estimate, but it is greatly encouraged so that you can get a ballpark figure on what to expect. Below are a few benefits of getting an estimate first:
- You Own More Than One Vehicle: You have two cars that are in your name, but how do you know which one to apply for a title loan on? That’s where the benefits of the estimate come into play. Wouldn’t you want to potentially receive the largest sum? This is because the make/model and year of your car matter. If you have a 2018 Ford Explorer and a 2019 Honda Civic, it may be a good idea for you to know which one to list in order to receive the most optimal funding amount. ¹
- Seeing The Outcome Without Obligation: When faced with challenging decisions to make, do you ever wish that you could just get a small glimpse into the future to see how everything will play out? Well, getting a title loan estimate is similar to that. You’ll be able to get an approximation of your potential funds without the consequences of having those hard pulls on your credit while also protecting your sensitive information.¹
Title loans serviced by LoanMart could be greatly beneficial to a large demographic of borrowers, as it can allow them to potentially receive an estimate free of obligation.¹
The Types of Cars Eligible for a Title Loan Estimate
The value of a vehicle is important, as it is often in direct correlation with the amount of money a borrower can potentially qualify for.¹The title loan amount is entirely contingent on a percentage of the car’s value, as well as the borrower’s income. So what types of vehicles typically score well on the title loan estimate calculator? Below are a few things to consider:
What is the Year of the Car?
Did you just drive off the lot with a new car within the past two years? It is no secret that the newer the car, the more valuable consumers on the market perceive it. This is largely due to the technology push incorporated into the driving experience. A 2012 Toyota RAV4 has nowhere near the technological advancements as a 2020 Toyota RAV4. The high demands of tech-savvy vehicles require newer cars to be seen as more valuable on the market.
How Often Do You Drive Your Vehicle?
Has it been ages since you had to drive into the office? You may be elated that you no longer have to deal with long car rides in the morning and traffic in the evening. What if that wasn’t the only great outcome of working remotely? By working remotely these days you are more than likely to reduce your monthly mileage by a considerable amount. The lower the mileage the better in terms of equity and car value!
How are You with Keeping Up With Maintenance?
When your check engine light comes on what do you do? What about your oil changes? Are you getting that taken care of every 3,000 miles? Car maintenance is huge when it comes to the value of your vehicle. After all, no one wants to drive in a vehicle that doesn’t work. If your car is in good condition, it often increases its value. The value of a vehicle is largely determined by how the consumer market would view it.
Has your car been in any accidents? Were you teaching your teenager how to drive, and the next thing you notice your car’s bumper is lodged in the back of someone’s BMW? Structural and cosmetic damage to a car greatly impacts the car’s value. This is because the majority of consumers place higher esteem on vehicles that are accident-free.
Do you Drive a Popular Vehicle?
The age-old saying is true, “Popularity always wins.” The reason why the popularity of a vehicle is so important is that it is in direct correlation with the demand. Popular cars have high demand rates; whereas, less popular cars have a low demand rate. Just think of it like this: if everyone wants it, then it is valuable. Below are some popular vehicles with their correlating states:
- Nissan Altima – Louisiana, Alabama, Tennessee, Mississippi
- Ford F- Series – Texas, Missouri, Arizona, Iowa, Nevada
- Honda Accord – North Carolina, South Carolina, Virginia, Georgia,
- Honda Civic – California, Washington State, Wyoming.
Using the Online Calculator to Receive a Title Loan Estimate
Just like everyone, you are extremely busy. You may not have time to stop in any of the LoanMart locations for an estimate. Thankfully, you can receive an estimate at your fingertips in just minutes.³
What Qualifications Do I Need to Meet After Receiving My Title Loan Estimate?
Traditional loan options such as: banks, credit unions, and other lenders can have almost impossible qualifications when you are applying for a loan. The great news about title loans is that you are still able to inquire about a loan if you have a compromising credit score, or a less than stellar financial history. Past bankruptcy may not even stop you from getting the financial help you need!¹Below are the qualifications you’ll need to meet¹:
Photo ID: This must be a government-issued photo ID. A driver’s license is acceptable. This step is to simply verify your identity with your name, photo, and address.
Vehicle Title: The vehicle’s title should be in the borrower’s name. This step also serves to further communicate the details of the vehicle to the title loan agent servicing your inquiry.
Proof of Residency: Title loans serviced by LoanMart can be available for borrowers residing in the United States. In efforts to showcase your place of residence, you must submit proof of residency. These can be documents such as: a recent electric bill, water bill, or even your lease agreement. The document should show your name with your corresponding United States address.
Proof of Income: One major determinant of your approval is your ability to repay the loan.¹ Are you able to prove your monthly income? Now, before you start to get nervous, don’t worry, you don’t need a 9-5 to show proof of income. Below are some of the acceptable forms of alternative income that may deem you eligible:
- Settlements: Were you on the receiving end of an intoxicated driver? The settlement you received in that unfortunate event may be sufficient in providing proof of income.
- Tax Statements: If you are someone who is a self-employed individual or a small business owner, you may have been affected by the recent events from the past few years. It can be difficult to provide proof of your income and monthly statements, but it can be done! Use your tax records or your bank statements to show that you are employed and have a stable source of income, even if it is not traditional.
- Social Security: You haven’t worked in over ten years. You want to apply for a title loan, but you are afraid you don’t have applicable proof of income. If you receive a pension or SSI Income, that may qualify as proof of income. So, go to your mailbox and collect all of those check stubs that you’ve been neglecting since you recently transferred to direct deposit. Take a picture of the statements and send them in as your proof of income.
- Workers Compensation: Do you receive a monthly payment from a previous employer due to an accident you endured? That may have turned your life upside down and left you needing some extra financial help. This, too, can potentially qualify as proof of income.
Where Can I Find a Title Loan Estimate Online?
So, you finally have all of the information you were looking for, and you want to apply. With a few simple and easy steps, you can have your cash in hand as soon as possible.³ Start your title loan estimate by:
Step 1: Call, Visit in Person, or Apply Online
- If you would much rather speak to a professional with amazing customer service experience, you can find one easily! They are around 6 days a week to walk you through the process, so please call 1-855-422-7412.
- Visit in Person. The great part about title loans serviced by LoanMart is that you can physically go to a location if you live by a nearby location.
- Apply Online. If you choose to go through the process in the convenience of your own home, then click here.
Step 2: Submit Your Documents
Send over the appropriate documents as mentioned previously, such as: photo ID, proof of residency, proof of income, and the vehicle title to a qualifying car in your name.
Step 3: Get Your Money¹
After you’ve submitted your documents, everything looks good to go. You’ll choose how you want to get your cash as soon as you sign your loan contract after approval!¹