Auto title loans could be a great financial resource when you need quick funds to pay an emergency expense. While most lending options can be difficult to obtain, title loans could be more accessible in comparison.¹ With easy and flexible requirements, many residents of Louisiana could qualify for funding.¹ Unlike other loans, your credit history isn’t the biggest factor in determining eligibility.¹ Suppose you have limited time to cover all of the costs you were unprepared for. In that case, a title loan could be helpful. When you inquire about one with LoanMart, you could receive funds in as little as 24 hours!³ But, are you aware of the laws behind title loans?
It’s important to learn about title loan laws since they can determine how your loan experience would be after signing the agreement. Each state works differently with its title loans, so it’d be good to understand how their local lenders operate. For example, some states could offer favorable loan terms while others could have hard stipulations. This knowledge doesn’t just help make you an informed decision, but it could also protect you from unfair practices. If you currently reside in Louisiana, you may be wondering how title loans work in your area.
Read below for more information about title loan laws in Louisiana, or contact your local OMV with any questions. Once you feel ready for a car title loan, go online or call a representative from LoanMart at 855-277-4847 to get started!
What are Title Loan Laws in Louisiana?
The general requirements needed to obtain a title loan are fairly straightforward. The title loan laws in Louisiana are similar. Louisiana’s state laws usually follow what you need to inquire about a car title loan with LoanMart:
- Borrowers Must Be 18 Years or Older
- A Title to a Qualifying Vehicle in Your Name(Or a Car That is Almost Paid Off)
- Enough Reliable Income to Support a Loan Payment Each Month
Loan agents could approve people for a title loan when they have available positive equity in their car.¹ That, alongside your income, helps loan agents determine the loan amount you’d receive.¹ But, it’s essential to note that individual states set the legal loan amount that borrowers can take. LoanMart compares the equity in your vehicle against state laws to decide how much money you could borrow. In Louisiana, the amount for a title loan must not be less than $350. If you’re looking to borrow less than that amount, a title loan may not be the best option. But, people typically ask for large sums of money when they’re struggling with an emergency.
Although car title loans are usually paid back in multiple installments, Louisiana laws dictate that there cannot be fees for early payments or late payments.
Fortunately, with title loans serviced by LoanMart, you can expect zero prepayment penalties, and borrowers are encouraged to pay off a loan early! You may also benefit from knowing that there are no hidden fees with a title loan serviced by LoanMart.⁵ As the Louisiana law states, all loan terms must be presented to you in writing before signing an agreement. With LoanMart, you can expect transparency throughout the loan process.
Contact a friendly and compassionate representative to inquire about a title loan today! They could also assist you with any concerns about how title loans work in Louisiana.
What Do the Car Title Loan Laws in Louisiana Say About Repossession?
If you find yourself unable to complete your title loan payments, you could either refinance your loan, renew it, or default on your payments. But if you don’t do anything to help you get back on track, a lender can, unfortunately, repossess your car. What happens next is dependent on how the state will work within that situation. Auto title loan laws in Louisiana dictate that lenders should notify you about their intention of repossessing your car before doing so. After that initial notification, lenders wouldn’t need to give you additional warnings.
Suppose a lender repossesses your car, but it has personal property inside. In that instance, you can let them know that you want to keep those items back. The lender can arrange with you to return what you requested, but you only have ten days to notify them. A lender will not have to return your property if you do not notify them after 30 days of repossession.
The state of Louisiana offers different opportunities to avoid that consequence. If you’re struggling with your payments, one of the following options could help you decide what to do:
- You Could Make a Payment to Stop a Lender From Selling Your Car
- Prioritize Your Spending on Your Monthly Loan Payments
- You Could Speak to a Lender About an Extended Payment Plan to Prevent a Default
- Set Up Automatic Payments to Make Your Payments For You
It’s essential to note that borrowers who choose to make a payment before a lender sells their vehicle can expect to pay:
- Legal Fees
- Interest and Fees
- Fees Related to the Repossession of the Vehicle
Although there are things you could do to save your car after a lender repossesses it, you can see how risky and costly it is. Be aware of the responsibility you must take before getting a title loan. Keep in mind that LoanMart representatives will do all they can to assist you with any issues during the repayment process.
Call a loan agent today at 855-277-4847 to help you find ways to keep track of your payments!
Are Fees and Penalties a Part of Auto Title Loan Laws in Louisiana?
While not every title loan lender has fees, it’s something that you must prepare for. With car title loan laws in Louisiana, lenders are prohibited from making malicious fees, and that means you could be safe from any harm. But still, it’s important for you to know if there are any fees or penalties before getting a title loan.
As you may have read previously, there are some fees when you make a payment to stop a lender from selling your car. But if a lender sold your vehicle in Louisiana, you may still need to deal with further payments. After the sale, you may receive a notice of disposition to let you know what you owe. If your vehicle sold more than what was stipulated, you could earn the money leftover. But on the other hand, if your car sold less than anticipated, you are responsible for making up the difference.
Remember, in Louisiana, there are no penalties for wanting to pay a loan early. When selecting a title loan as an alternative financial resource, make sure the loan option is transparent and open with its terms. With title loans serviced by LoanMart, what you see is what you could get.¹
How Do Title Loans Work?
Once you’re familiar with title loan laws in Louisiana, perhaps it’s time to get quick funding!³ Borrowers inquiring about a title loan with LoanMart wouldn’t need to do much to obtain one.¹
Here’s a reminder of what you need to obtain a title loan serviced by LoanMart:
- The Title to a Car in Your Name
- Enough Equity in Your Vehicle
- Borrowers Must Be 18 Years or Older to Qualify
- Proof of Income or Alternative Income
Most loans can be challenging to get, especially when they have difficult qualifications. But, by using your car’s title as collateral, you could easily secure your title loan.¹ If you also have enough income to support a title loan, it can be easier than you think to qualify for the cash you need.1 You could use various alternative forms of income that prove your ability to repay the loan, such as bank statements or pay stubs.
The equity in your car is a final component that loan agents use to determine your total cash amount. People who want a significant loan amount would need to have a high-value rate and income level.¹ So, verify both those factors before you decide to get a loan.
You may be wondering-“How exactly can I find the current equity in my car?” That could be simple!¹ By using LoanMart’s online calculator tool, you could find an estimate with a quote free of obligation!1
Just input the following details from your car to use the tool:
- The Year a Manufacturer Released the Vehicle
- The Current Condition of Your Car
- The Current Reading on the Car’s Odometer
- The Make, Model, and Style of Your Vehicle
- Any Modifications or Alterations Made to the Car
LoanMart provides borrowers with the chance to acquire title loans online! You could do everything in just a few clicks from the comfort of your home!³ Once you submit all of your information through the online portal, you could receive a quick approval response.³ Qualified borrowers could get money in as little as one business day!³
Do Title Loan Laws in Louisiana Influence the Way People Can Pay Off a Loan?
The title loan laws in Louisiana do not need to be complicated. Title loans are usually known for allowing borrowers to repay a loan in monthly installments. If you live in Louisiana, you should have at least two months to pay a loan in full. But, in some cases, lenders could extend the loan term if people need extra time to complete payments. Also, there are no penalties if you decide to pay everything off before your final due date.
With LoanMart, borrowers can pay their entire loan through any of these payment methods. You can choose an option that is convenient for what you prefer:
- Automatic Electronic Payments
- Pay Through MoneyGram
- Pay Online Using Your Account
- Pay by Phone Using a Credit or Debit Card
- Mail Your Payments to LoanMart’s Payment Center
- Make Your Payments In-Person
Once you find a method that works for you, it’d be good to know different strategies that could help you pay on time! If you follow one of these techniques, your loan experience could be free from complications.¹
Here are examples of different tips you could use to pay off a title loan successfully:
- Create a Budget Plan that Divides a Percentage of Your Monthly Spending to the Loan
- Calculate Your Interest to Form a Strategy If You Wish to Pay a Title Loan Early
- Keep Track of Your Monthly Due Dates
- Pay More Than the Required Payment, If Possible
- Don’t Hesitate to Call a Loan Agent for Advice
Representatives from LoanMart are available six days a week for extended hours to assist you with any issues during repayment. Are you ready to take advantage of a quick and flexible approval process?³ Go online to get started!
Do Auto Title Loan Laws in Louisiana Determine the Loan Amount?
The money you would receive with a title loan isn’t entirely dependent on title loan laws in Louisiana.¹ It’s your car’s equity and income level that contributes greatly to your total amount (as well as the state you live in). However, state laws can influence a little on the funding decisions. For example, if you’re not looking to borrow a lot of cash, it could be a problem in Louisiana. The state requires that lenders cannot legally make car title loans for under $350.
In many instances, that minimum requirement isn’t a big deal. Most emergency expenses are expensive, and perhaps over a person’s budget. If your car holds a lot of value, you could instantly earn a significant loan amount1; that is if you have enough money to support it. But it’s important to consider your options when you only need a small sum of cash.
Contact LoanMart if you have any questions or concerns about loan amounts. A representative could guide you through what you could do to get your desired title loan.
Now That I Know About Title Loan Laws in Louisiana, Where Can I Apply for a Title Loan?
After reading up on title loan laws in Louisiana, you could finally decide if a title loan is right for you. It would only take a few minutes to get through a flexible approval process to get the funds you need!³
Follow these three easy steps to get started on your title loans¹:
- Inquire About Title Loans Online by Submitting a Short Form, or with a Representative on the Phone at 855-277-4847.
- Submit Required Documents to a Loan Agent:
- The Title of Your Car
- Proof of Income
- Proof of Address
- Proof of Identification
- Personal or Professional References
3. Collect Your funds!¹