If you find yourself in need of emergency money because you’re holding an unexpected bill, you may be considering an auto title loan. An auto title loan can be a great way to cover unanticipated expenses, but you need to be aware of fees that go beyond simple interest payments. All auto title loans have associated fees, but a reputable lender will be open and honest about them. They will give you everything you need to make an informed decision. So it’s essential to find a reputable lender.
How do I find a reputable auto title loan lender?
Reputable auto title loan lenders generally have a few things in common:
- Simple loan terms – Even though reputable lenders may still have fees, they will be presented in such a way as to be easy for borrowers to understand. They won’t be buried in the small print.
- Outstanding customer service – The representatives of a reputable auto title loan company will be happy to answer any questions you have, before, during, and after the loan process. They’ll outline any fees and make sure you have a full understanding of your financial obligations. They also should never pressure you to take out a larger loan.
- Strong data protection – Most reputable lenders have technological and procedural safeguards in place to help protect customer information. This helps ensure that the only people allowed to look at their information are people directly related to the auto title loan process.
One such reputable lender is LoanMart. They offer customers a number of benefits beyond those outlined above.
What are the benefits of getting an auto title loan from LoanMart?
As a reputable lender, LoanMart offers the mentioned benefits, as well as1:
- Low repossession rate – LoanMart understands how important their borrowers’ cars are. They need them to do things like get to work, run errands, and more. Because of this, LoanMart only repossesses vehicles as a last resort. When a borrower is having trouble paying their loan back, LoanMart representatives try to work with them to find a solution.
- LoanMart Peace of Mind Guarantee4 – It can stressful trying to figure out exactly how you’ll pay for unexpected bills. Because of this, LoanMart is happy to let borrowers return their loan, no questions asked, within the first few days of borrowing.
- No balloon payments or prepayment penalties – Some loan companies make borrowers pay back their entire principal at the end of the life of their loan. LoanMart never does this. They divide the principal over the monthly payments. They also never charge borrowers for wanting to pay back their loans early. In fact, LoanMart encourages borrowers to pay their loan back early to avoid extra interest payments if they wish.
What do I need to get an auto title loan from LoanMart?
You’ll need many of the same things for an auto title loan with LoanMart that you’d need from any other car title loan company:
- Qualifying car title in your name
- Proof of income
- Proof of residence
- Government-issued photo I.D. (Like a driver’s license)
- Several photos of the vehicle
Unlike other auto title loan lenders, who may require that you bring your car in for an in-person inspection, LoanMart lets customers submit photos of their cars instead. They understand that not everyone has the time to bring their car in for an in-person inspection.
How much money can I get with an auto title loan from LoanMart?
The amount of money you may be able to get with an auto title loan depends on a few different things1:
- Amount of income
- Equity in the car
- Loan terms
The two most important factors that will have the greatest influence on how much money you’ll be able to borrow are your income amount and the equity in your car. These will help to determine how much you can borrow and actually afford to pay each month.
What is proof of income for an auto title loan?
Many people think that the only thing you can use as proof of income for a title loan is a paystub. This isn’t true. There are actually a number of other ways to show proof of income to LoanMart if you are trying to qualify for a car title loan:
- Bank statement if self-employed
- Social Security benefits
- Worker’s Compensation
How do I get an auto title loan from LoanMart?
Applying for an auto title loan with LoanMart is easy. If you’ve got a car with a qualifying car title in your name, you may be eligible for an auto title loan of up to $30,0001. LoanMart also uses a streamlined application process, meaning that you may be able to get your auto title loan money in as little as one business day after you complete your application3.
There are three easy ways to get in touch with LoanMart when you want an auto title loan:
- Call LoanMart at 1-877-787-4923
- Sign up online without leaving the comfort of your sofa
- Stop by a local participating store
After you’ve figured out which way to get in touch works best for you, you just need to follow a few easy steps to get your application processed:
- Apply by filling out the form
- Submit your important documents to your LoanMart representative
- Review your loan offer1
When you find yourself in need of emergency money, unscrupulous borrowers may try to lure you in with low advertised rates. Once you sit down to get your loan however, you’ll find that there are actually a number of fees associated with the auto title loan that you weren’t expecting. That’s why it’s important to go with a reputable lender like LoanMart, who will be sure to answer any questions you have and never try to surprise you with unexpected fees.