In order to get a registration loan, the lender will normally require a few documents. For a registration loan, borrowers typically need to provide:
- Valid Arizona drivers’ license
- Your vehicle’s registration
- Social Security card
- Proof of Income
Sometimes, registration loan lenders can ask for other documents, but these are the main ones they will definitely require from you.
One of the perks of registration loans is that they are typically very easy to get approved for. But something that can hold many people back is the requirement of a checking account. Many people today are able to successfully handle their finances without the use of a checking account, so why should they be excluded from certain types of funding?
At LoanMart, we think that kind of exclusion is just ridiculous. With LoanMart, you can get approved or a car title loan without having to have a checking account at all1!
What is a Car Title Loan?
A car title loan is a way to use a qualifying vehicle title as collateral in exchange for a loan. Many people all over the United States count on car title loans from LoanMart when they need fast and efficient funding.
Did you know LoanMart is one of the best places to get a car title loan? LoanMart is a leader in the title loan industry and have been since we opened in 2002.
Is a Car Title Loan Better than A Registration Loan?
We would say most definitely. You see, registration loans are a type of funding that is only available in the state of Arizona. This may be because payday loans are illegal in Arizona. So, registration loans were created as a kind of loophole for payday loans in Arizona.
Much like payday loans, registration loans come with high interest rates and short payback terms. That means if you do not pay off your entire loan right away, you may start to feel buried by interest fees soon. Also—if you do not have a checking account, you most likely will not be approved for a registration loan.
With a LoanMart car title loan, you don’t have to have a checking account at all to be approved1. Furthermore, LoanMart car title loans have convenient terms and competitive rates, which means you don’t have to pay back your loan off in full right away.
What Documents Do I Need for a Car Title Loan?
If you are thinking about getting a car title loan from LoanMart, there are a few things you will need to provide. After filling out the initial information request you can find on our homepage, you will know right away if you are approved. Upon approval, your LoanMart car title loan agent will request a few documents from you before we can draw up your contract for you to sign.
Here are the documents you will need in order to get a car title loan1:
- Government issued photo ID – We just need to make sure you are you. That may sound silly, but we don’t want your identity to be stolen and have someone try to take out a car title loan in your name. That’s why LoanMart requires something like a driver’s license, a FOID card, a passport, as well as other forms of government issued photo identification.
- Proof of income – LoanMart doesn’t want to grant you a loan that is too much for you to handle. That is why we look into your income to make sure you aren’t going in over your head. We want your car title loan to be successful just as much as you do.
- Proof of residence – In order to verify your place of address, there are several things you can send in to LoanMart. As a proof of residence, you can turn in a copy of your lease, a utility bill, or basically any other recent important piece of mail that has both your name and address on it.
- Qualifying vehicle title – A qualifying vehicle means that your name is on the title, there are no other existing liens on your vehicle title, and the vehicle details passed the initial information request.
- Car photos – Instead of requiring you to drive your vehicle out to us in order to physically verify it, LoanMart can verify your vehicle via a few photos. Just take some snapshots of the front, back, and sides of your car in addition to the vehicle identification number and your odometer reading and send them in to us. You can even take the photos from your cell phone or mobile device and send them to us via text at the number 1-818-521-2470.
How Can I Pick Up My LoanMart Car Title Loan Funding?
LoanMart car title loans are convenient and fast, which means you can have your money as soon as the next business day3! Once you have been approved, and turn in your documents, we can get your title loan contract together for you.
Note that when you sign your LoanMart car title loan contract, LoanMart will sign onto your vehicle title as a lienholder. But this is just for the duration of the loan period. Once you have paid off your car title loan LoanMart will remove themselves from your title and get your title back.
Pick up your LoanMart car title loan money in the way that is most convenient for you:
- Direct deposit
- Pick up your money in person at the licensed location or a participating store
CLICK HERE to get started on your LoanMart car title loan today!