Are you fighting tooth and nail trying to squeeze your expenses into your monthly budget? Financial stress wreaks havoc on your mental and physical health. Title loans in Lafayette, Louisiana, can potentially help those experiencing financial hardship.
As inflation increases, it has become harder to bridge the gap between income and expenses. Some borrowers do not qualify for conventional loans but may be eligible for title loans. Title loans allow qualified borrowers to leverage their vehicle’s available equity for convenient funding. Before determining if a title loan is ideal for you, it’s best to explore other loan options.
- Payday Loans: These loans usually have high-interest rates if your credit is less than ideal. That can be impossible to keep up with if your finances are not square.
- Credit Card Advances: If your credit score is less than satisfactory, you may not be eligible for a card with a high credit limit. Therefore, if you need an advance, there is not much to borrow from. So, this may not be the best option for borrowers needing thousands of dollars in immediate funds.
Borrowers who choose to apply for a title loan only have to meet a few initial requirements before beginning the application process.1 Borrowers with poor credit and past evictions don’t have to count themselves out of receiving a title loan solely due to their financial history.1
Do I Meet the Basic Requirements for Title Loans in Lafayette, Louisiana?
A borrower must meet a few basic requirements during the inquiry process for title loans. Initial requirements for title loans in Lafayette, Louisiana, are below.
- 18 Years of Age or Older
- Qualifying Vehicle in Borrower’s Name
- Demonstrate the Ability to Repay the Loan
Title loans are known to have practical, initial requirements.1 This could potentially be useful for borrowers who have been turned away from other loan providers due to their credit history or past financial situation. Researching the requirements for different loans can be depressing and discouraging if you are not confident with where your credit is at. So, if you are thinking about throwing in the towel with your loan search, consider qualifying for a title loan.
Can I Keep My Car With a Title Loan in Lafayette, Louisiana?
When something is, “placed as collateral,” what does that mean to you? When most people think about collateral, they assume they will not have access to the said item until the deal is complete. LoanMart allows borrowers to continue driving their vehicle while paying off their title loan. People use their cars to commute to work, take their loved ones to the emergency room, go to the grocery store, etc. With title loans serviced by LoanMart, borrowers can keep driving their vehicles while they repay the loan.
If a borrower neglects payment, their car could potentially be repossessed.
Cars are not the only vehicles residents can leverage when applying for title loans in Lafayette, Louisiana. Motorcycles, pickup trucks, and RVs can also be leveraged when applying for a title loan. So, if you have more than one vehicle, you will wisely choose which one to use as collateral. The amount of money you could receive with a title loan is primarily determined by the available equity in your vehicle. It may be in your best interest to leverage the vehicle you believe could render the most significant amount. Luckily for you, LoanMart has a title loan calculator available online so that borrowers can receive a loan estimate during the inquiry process.
Do I Need Good Credit When Applying for Title Loans in Lafayette, Louisiana?
Borrowers from diverse financial circumstances have been able to qualify for a title loan. LoanMart encourages those to apply for a title loan, even if they feel like their credit is imperfect. Financial institutions that require stellar credit ratings do so to minimize risks. In other words: they believe if you displayed trustworthy finances in the past, you could be trusted to repay their loan. LoanMart understands that emergencies happen, and you should not be punished for exhausting your financial options. Did you make rent payments with your credit card when you were out of work? Did you exhaust your credit limit when your great aunt passed so that you could fly into town for her funeral? As emergencies plaque your family, keeping your credit utilization low can be pretty challenging.
Title loans reduce risks by securing the loan with the borrower’s vehicle. When you use your car’s title as collateral, a lien is placed on your vehicle until the loan is paid in full.
Although credit history is not the primary determinant for title loan approval, a loan agent will still analyze your score. If you are nervous about your credit score being reviewed, below are some steps you can take to potentially bump your score before applying for a title loan.
- Minimize Utilization – One of the quickest ways to minimize utilization is to ask for a credit line increase. There will be a larger gap between your debt balance and your available credit by receiving a credit line increase, which will lower your utilization rate.
- Pay More Than the Minimum Balance – One of the best ways to increase your score is to pay more than your minimum balance each month, and doing so will reduce your utilization, positively affecting your credit score.
- Dispute Old Inquiries – Did you know those old inquiries could potentially be dismissed from your credit report? Visit Experian’s website for more details.
- Use Your Debit Card – Most credit card companies charge users interest with every purchase. When you pay back your credit card balance, you are likely paying more than what you’ve spent. By paying for items with your debit card, you may be able to reduce the amount of interest attributed to your credit card usage.
Can I Send in Paperwork Online When Applying for an Auto Title Loan in Lafayette, Louisiana?
When applying for a title loan in Lafayette, Louisiana, you must send in paperwork to verify your information. The paperwork is easy to attain, and the documents required are below.
- Valid, Government-Issued Photo ID: An updated driver’s license or U.S passport will be accepted.
- Vehicle Title – The title must be in the borrower’s name for the borrower to legally qualify as the owner. Otherwise, the car must be close to paid off at the time of inquiry.
- Photos of Vehicle – This should include the odometer, Vehicle Identification Number, and the vehicle’s exterior.
- Address – Borrowers can send in recent mail or a utility bill that displays their name and address to prove that they live in Louisiana.
- References – In some cases, borrowers will be asked to submit references prior to loan consideration. You are free to send in personal or professional references.
- Proof of Income – This can be check stubs, social security statements, bank statements, etc.
With LoanMart, all paperwork can be submitted electronically. We live in a busy world today. You have to get the kids from soccer practice. You’re trying to make it to the grocery store to prepare dinner. You’re also trying to tidy up the house before your husband gets home. Can you imagine having to be at all of these places in addition to waiting in long lines just to apply for a title loan? LoanMart understands the importance of your time. When applying for a title loan, do so from the comfort of your desktop, laptop, or even your smartphone.
Will I Get More Money if I Have a New Car When Applying for Title Loans in Lafayette, Louisiana?
One of the most popular questions applicants ask is, “How much can I get through a title loan with a new car?” Title loans in Lafayette, Louisiana, disperse funds to qualifying candidates.1 Borrowers with enough equity in their vehicle are more likely to receive their desired funds.1 Borrowers receive a percentage of their car’s equity, ranging from applicant to applicant. Newer vehicles typically qualify for more funding, as they usually have lower mileage and are more desirable on the consumer market.1 Having a more recent vehicle does not automatically qualify a candidate for funding, nor does it automatically determine the amount a candidate may be eligible for. There are a few other factors that determine eligibility.
- Alterations made to the exterior vehicle – Do you love bright colors so much that you painted your Lincoln Navigator bright orange? When qualifying for a title loan, it is important to remember that not everyone has your sense of taste and style. Keep your car simple and neutral if you intend to apply for a title loan.
- Alterations made to the vehicle’s interior – Are you a music fan? Do you love music so much that you decided to place a new radio with speakers in the trunk so that people can hear you before they see you? Although your new sound system may be entertaining and fun, other car consumers may not see things as you do. Your car’s desirability in the consumer market plays a huge role in determining the amount of funding you could be approved for.1
- Proof of income – A borrower’s ability to repay their loan is another major factor that is considered when a loan agent determines their loan amount.1 If a loan agent views your methods of income and can see that you have more than enough to repay the loan, you could potentially receive more funds than if you had a lower income.1
Remember: having a newer vehicle does not automatically make you eligible for a larger disbursement of funds.1 Borrowers are encouraged to receive an estimate before applying for a title loan. Click here for LoanMart’s title loan calculator to get a ballpark figure on how much you could be approved for.
What Can I Do With the Cash From Title Loans in Lafayette, Louisiana?
Title loans in Lafayette, Louisiana, are in place to expedite funds when qualifying borrowers need financial relief.3 Emergencies require urgency, and waiting weeks for funding could make or break a borrower’s housing security and health. Below are just a few ways you can use a title loan.
You just got a job in the city of your dreams, and your employer wants you to start as soon as possible. You need a security deposit and the first month’s rent for your apartment. You need to pay movers, and you also need living expenses until your first paycheck hits. Receiving a title loan could potentially help relieve some of the financial stresses of relocating to a new city.
For most children, Christmas is still a magical time of year. Between rent payments, utilities, and housing out-of-town relatives, funds are a bit scarce this year. You don’t want your children to be the only ones without presents to open. So, qualifying for a title loan could potentially be a good solution.
The electricity in your home provides warmth, comfort, and entertainment to your household. You don’t want to get your kids ready for school in the dark.
Cost of Living
Rent goes up every year, and inflation is plaguing all of the grocery stores and gas stations. Most people’s income cannot keep up with the rising cost of living. At the end of 2021, inflation reportedly rose over 7%. It is safe to say that every worker in the United States did not receive a 7% raise at their jobs. Qualifying for a title loan can help bridge the gap between the cost of living and your monthly income. With some extra cash, you may be able to put quality and nutritious food on the table for your family.
Additionally, you may be able to send your kids off to school in clean, durable clothing. LoanMart understands the plight of a drowning economy. Take advantage of your title loan by using it to provide a better quality of life for your loved ones or solve a challenging financial situation.
How Do I Apply for Title Loans in Lafayette, Louisiana?
Now that you understand the inner workings of title loans in Lafayette, Louisiana, you want to apply for one. Below is the simple three-step process to follow when applying for a car title loan serviced by LoanMart.
- Give us a call at 855.277.4847 or visit us online at LoanMart.com. You will be asked to provide basic information to determine if you meet the initial requirements.
- 18 Years of Age or Older
- Title to Qualifying Vehicle
- Proof of Income
- If you meet the basic requirements, you will be asked to start the application process, where you will send in your paperwork for verification.
- Once a loan agent verifies your information and determines that you meet the qualifications, you will be asked your preferred payment method. If you qualify for a car title loan serviced by LoanMart, you can choose between:
- Direct Deposit to Your Bank Account
- Check Overnighted in the Mail