When you get an auto title loan, the lender will typically sign onto your vehicle title as a lienholder. This means that if you happen to default on your title loan, the lender cannot come after your personal finances. However, this does mean that your car will most likely be repossessed from the lender.
This might sound scary, but it doesn’t have to be. With LoanMart, if you default on your car title loan we may still be able to work with you to come up with a more manageable payment plan, so you can get caught up on your title loan installments and get your car back.
What Does a Lien Do in a LoanMart Car Title Loan?
Despite what many people think, a lienholder does not take possession away from the original owner of a car once a lienholder signs onto someone’s vehicle title. If you get a LoanMart title loan, LoanMart will sign onto your vehicle title as a lienholder, but you are still the owner of your car. In fact, you can still keep your car and drive it every day like normal when you get your LoanMart auto title loan and make your monthly installments.
However, if you can’t keep up with the monthly installments, the lienholder may have to take your car for a while. If this happens, your car will be taken to a secure tow yard that is heavily gated and guarded. Then you and LoanMart can work with each other to come up with a new payment plan that fits your unique financial needs. That way you can get caught up on your payment plan and you will be able to get your car back.
But LoanMart takes precautions to make sure this does not happen. When you are first approved, LoanMart will immediately make a payment plan that utilizes our competitive rates and convenient terms. With awesome terms ranging from 12-48 months and competitive interest rates that other traditional lenders can’t offer, staying on top of your LoanMart car title loan is a breeze.
What Do You Need to Get an Auto Title Loan with LoanMart?
The LoanMart auto title loan process is streamlined and fast. Also, LoanMart works at your pace, so that means we don’t move forward with your car title loan process until you feel fully comfortable with your loan contract and terms. Feel free to work with LoanMart and talk to your LoanMart title loan agent about what it takes to make your payment plan work for you. We are always ready to hear your feedback and opinions, so we can better meet your needs.
If you want your LoanMart auto title loan process to go as fast as possible, you want to have some information and documents ready to go so that you can send them off to us right away. That way, we can process your info and documents and get started on putting together your auto title loan contract for you to sign1. Here is some of the information we will need:
- Full name
- Social security number or individual taxpayer identification number
- Address of residence, and how long you’ve lived there
- Whether your rent or own at your current place of residence
- Email address
- The best phone number where we can reach you
- Year, Make, Model, Style, and Mileage of your car
When you first apply for your LoanMart car title loan, you will provide this information in a fast information request. It should only take about 5 minutes to fill out. Then, we’ll ask for some documents. We will need:
- Government issued form of photo ID (driver’s license, FOID card, passport, etc.)
- Proof of residence (utility bill, lease, etc.)
- Proof of income (paystub, back statement, etc.)
- Vehicle title with your name on it (but don’t freak out if you cannot find your vehicle title or if your name is not the only one listed, we may still be able to help you!)
- Photos of your car – (to get the best pictures, take your photos outside and in the daylight)
LoanMart doesn’t even really care about your credit score! When we approve you for your LoanMart auto title loan, LoanMart will look at factors such as the equity of your vehicle and your ability to repay the loan1. LoanMart may not even look at your credit score. We know it can be frustrating to be rejected by a lender just because of a poor credit score. LoanMart has a high approval rate and we can help as many people as we can!
LoanMart is ready for you and your LoanMart car title loan today!