If you’ve been researching car title loans, you may have been warned about car title loans where they don’t reveal the full cost of the loan. A reputable lender like LoanMart provides car title loans with no hidden fees1. They are very up front about the full cost of the loan.
What fees are there associated with a car title loan?
The fees associated with a car title loan will vary from lender to lender. One thing there will most likely always be is an interest charge. The amount borrowers will be charged for interest will vary from state to state because some states set an upper limit on the amount of interest you can be charged.
How much money can I borrow for a car title loan?
The amount of money you may be able to borrow for a car title loan from LoanMart will depend on a few different things1:
- Loan Terms
- Equity in Your Car
- Income Stream
Of the three, the two most important are the equity in your car and your income. Because LoanMart is more interested in your ability to pay the loan back and the equity in your car, your credit score may have much less impact on your borrowing ability than it does when applying for a conventional loan.
What do I need to get a car title loan?
You need a few different pieces of documentation when applying for a car title loan:
- Qualifying car title in your name
- Proof of income
- Government-issued photo I.D. (Like a driver’s license)
- Proof of residence
- Photos of the front, back, and sides of the car
What can I use as proof of income for a car title loan?
Many people use a paystub as proof of income for a car title loan, but this is hardly the only thing you can use. There are a number of other ways you can show proof of income to LoanMart. For example:
- Bank statement if you are self-employed
- Social Security benefits
How do I get a new copy of my car title for a car title loan?
If you need to get a new copy of your car title, you’ll need to submit some paperwork at the Department of Motor Vehicles (“DMV”). Depending on the DMV, they may even be able to get you an expedited copy of your car title. Depending on the circumstances, LoanMart may be able to point you in the direction of the nearest DMV capable of assisting you, or even help you directly. If you are able to, adding LoanMart as a lienholder at that time may speed up the processing of your loan.
What happens if I can’t pay back my car title loan?
If you think you might be unable to make payments on your loan, you should contact LoanMart immediately. If you miss payments, you may be charged a late fee. If your account goes into default, your lender may be able to repossess your car.
If they do, they may auction it to recover the balance of the loan. What happens after this will depend on the state. In some states, the lender cannot continue to pursue the borrower for payment, no matter how little the car raised at auction. In other states, they can continue to seek payment if the auction didn’t cover the balance of the loan. Surplus funds raised by the auction may or may not be returned to the borrower, depending on the state’s laws.
How do I get a car title loan with LoanMart?
When you get a car title loan from LoanMart to cover an unexpected expense, you’ll never be surprised by hidden fees. If you have a car with a qualifying title in your name, you may be eligible for a car title loan of up to $30,0001. You can take advantage of LoanMart’s streamlined application process and potentially receive your money in as little as 24 hours after submitting your paperwork3.
There are three easy ways for you to contact LoanMart and begin your car title loan application:
- Give LoanMart a call at 1-877-787-4923
- Find a participating store
- Go online and sign up from the comfort of your own home
Once you’ve decided the best way for you to get in contact with LoanMart, you’ll just need to follow a few simple steps to finish your application:
- Complete the application form
- Send your important documentation to your LoanMart representative, by text, email, fax, or in-person
- Review your loan offer1
LoanMart knows how stressful it can be trying to figure out to pay for a bill you weren’t expecting. They strive for transparency in their lending process and make sure their title loans have no hidden fees. LoanMart representatives are happy to answer any questions you have before, during, and after the loan process.