What is a Title Loan on Cars?

 
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What is a Title Loan on Cars?

You may have heard of a title loan on cars, but do you really understand them? We have the answers to your questions right here.

You may have heard of a car title loan, but do you really understand what they are? Don’t worry if you do not. Car title loans are just recently becoming more popular for many people. A car title loan is an up and coming method of borrowing money that helps countless people who might not have found financial assistance otherwise.

But what is a car title loan? A car title loan is a way to use your qualifying vehicle title as collateral to borrow funds. But this type of loan isn’t just called a car title loan. There are various other names this type of loan goes by, it is a smart choice to get familiar with these different names ASAP. The more you know, the better informed your choices will be! Here are some other names that car title loans can go by:

  • Pink slip loan
  • Auto equity loan
  • Title loan
  • Title loan with bad credit
  • Automobile title loan
  • Car equity loan
  • Cash for car title loan
  • Auto collateral loan

Now that you are familiar with these names, you won’t be confused if you see a mixture of them floating around the car title loan community. Now that you understand what a title loan on your car is, it is time to find out how YOU can get one!

How Can You Get a Title Loan on Your Car?

LoanMart has streamlined our auto title loan process to BEST FIT YOU. With LoanMart, you can accept your funding FAST, sometimes as soon as the next business day3! Get on the track towards financial stability with these 5 simple steps for receiving your car title loan.

1. Start online or in person

With LoanMart, your options are always wide open. From the very beginning of your auto title loan process, you have a list of options to pick from. That way your auto title loan experienced is customized to your personal preferences. Pick any of the following ways to begin your auto title loan journey:

  • Go online to our homepage and click the “APPLY NOW” link to be directed to your information request.
  • Give us a call over the phone at 1-877-787-4923 and speak with your LoanMart title loan representative and complete your information request verbally.
  • Email us at customersupport@800loanmart.com and discuss your information with our qualified staff.
  • Try the convenient live-chat feature and receive real-time digital assistance as you complete your information request.
  • Come by in person to our licensed location and talk about your auto title loan to a LoanMart title loan agent on site.

2. Receive a pre-approval estimate

Once you have successfully filled out your quick 5-minute information request, your LoanMart title loan agent will contact you to discuss your quote and a few of the details contained in your auto title loan contract. Note: your quote is always 100% free and there are no obligations when you begin. LoanMart won’t anchor you down with a title loan you don’t want. Accept your title loan when it best suits YOU.

3. Gather your documents for funding

After speaking with your title loan agent about your quote and loan details, they will request a few documents from you. These will include:

  • Government-issued form of photo ID: Your driver’s license or a state-issued ID will do. It just needs to be an official form of photo identification that is government distributed.
  • Proof of residence: If you get mail delivered to your home, you’re set for this one! All you need is a piece of mail such as a utility bill.
  • Proof of income: This can include many different forms of personal revenue. A pay stub from your job, your checking account if you are self-employed, disability, social security, unemployment benefits, retirement, and much more qualifies as proof of income. Talk to your LoanMart title loan agent if none of these work for you, they can help you find the proof of income you need.
  • Title to your vehicle with your name on it: But, don’t fret if you cannot find your vehicle title or if your name is not on your title. LoanMart still may be able to help you.

We may require some other forms of documentation in order to clarify some of your information, but your LoanMart title loan agent will notify you of any additional documents that are required.

4. Take pictures of your car

The last form of documentation we need are some pictures of your car. If you want to take the best possible pictures of your car, take them outside during the day. The natural sunlight will make your car look the best. Also, take multiple pictures from various angles, the point is to showcase as much of your car as you can.

You can even take the pictures from your mobile device and send them straight to LoanMart by texting the pictures to 1-818-315-8741.

5. Sign your loan and receive your money

Once we have received your documents and the pictures of your car, it is time for you to sign your loan contract! You can sign online through our DocUSign feature, or stop by your nearest participating store and sign your contract in person. Then all that is left is to GET FUNDED AND SPEND YOUR MONEY!

LoanMart will never require you to disclose how you spent your loan money. If you would like, you can share your information with us for a customer testimonial. But this decision is 100% up to you. Furthermore, we offer convenient terms and competitive rates so paying back your auto title loan is stress free and manageable.

Click onto our homepage and experience the LoanMart Advantage today!

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