Car title loans are a great way to get money quickly when you need it the most. If you’re trying to acquire money to cover your financial dilemma, you may be wondering what is the car title loan process. The process of a car title loan consists of:
- A quick application
- Submitting your documentation
- Collecting your money
- Monthly payment period
The Car Title Loan Process: Applying
Did you know that all you need to qualify for a car title loan is a clear-and-free title on your vehicle and a source of income? You don’t need to worry about credit scores or credit histories when applying for a title loan. If you have a car with a clear title and can prove you get income every month, you’ll be able to apply for a car title loan.
LoanMart gives you 3 ways to apply:
- Online with our application system using your phone, tablet, or computer
- Over the phone by calling 1-855-422-7412
- Stop in at a LoanMart participating store near you
What is a Clear-and-Free Car Title?
Not sure what a clear-and-free car title is, LoanMart is here to help! A clear title is a car title that has no lien or levy from creditors or other parties. The title poses no question of legal ownership. It demonstrates that you are the sole owner, and no other party can claim its ownership.
What is a Source of Income?
Here at LoanMart, we accept many different types of income as your monthly source of money. Source of income that we accept are:
- A job
- Pension plan
- Social security
The Car Title Loan Process: Submit Documents
After you’ve applied for your car title loan, a LoanMart representative will contact you requiring a couple documents regarding your car and to verify your ownership. Unlike traditional loans, these documents are typically easy to find and don’t take weeks of processing. In fact, if you have all your documents ready when you apply, this portion of the application process can take less than a few hours.
With our online system, you’ll be able to take pictures of all your documents and send them with your phone. You won’t have to worry about faxing or finding a store location if there isn’t one nearby. You’ll need the following documents:
- Vehicle Title
You can send pictures of the front and back of your original vehicle title. If you are unaware of where your title is, or it was stolen, you can request a new one through your local DMV.
- Proof of Income
You can prove your income with pay stubs, a bank statement, a statement for a pension plan or social security benefit plan, or a written letter from an employer.
- Valid Identification
A valid source of identification can be a State ID or your Driver’s license.
- Vehicle Registration Card
Many states require you to have a vehicle registration card. If you have misplaced it or it was stolen, you can request a registration card replacement from your local DMV.
- Proof of Car Insurance
This can be a picture of your insurance card, the front and back.
- Proof of Residency
Your proof of residency can be a utility bill with your name on it, a credit card statement, a piece of mail, or any sort of documentation that proves you live at your residence.
- Pictures of the Vehicle
Pictures of your vehicle ensure you’re getting the right amount of money for the quality of your vehicle. Make sure to include pictures of the front, back, and both sides.
- 4 Personal References
Your personal references should include only their name and phone number, and can be a friend, colleague, family relative, or employer.
- Pictures of VIN, Plate, Odometer
The pictures of your VIN and license plate are to help confirm the car. Your odometer proves the mileage and allows us to make an accurate loan quote from your car’s value.
The Car Title Loan Process: Collecting Your Funds
Once your LoanMart representative has received all your required documentation, they will be able to give you a more accurate quote for your loan. You’ll be able to discuss your interest rate as well as your loan term. After you’ve agreed to the terms and signed your document, you’ll be able to collect your funds.
Like applying for a loan, LoanMart gives you many options for receiving your funds. You can:
- Pick it up at a LoanMart participating store or MoneyGram near you
- Have a check mailed to you
- A direct deposit into your bank account
The first three steps of your car title loan process are quicker and easier than they may sound. If you have all your documentation prepared and you get a head start on your application, you can receive your money in the same day you apply3! Talk about fast service!
The Car Title Loan Process: Monthly Payment Plan
With LoanMart, we give you loan terms from 12 to 48 months to decide on how quickly you’d like to pay your loan off. After calculating your loan amount and your interest rate, you’ll immediately know how much of a monthly payment you’d be making before you sign your documents. LoanMart is completely honest from the beginning and you have our trust.
Making your monthly payments is an easy task that can take a few minutes and a click of a button. Not only do we have an online system you can use to complete your payment every month, but we also have a LoanMart app that allows you to keep track of your monthly payments and remaining balance. You can pay when at home or on-the-go with our app.
If you prefer the old-fashioned way, we have other options you can take advantage of for paying off your loan:
- Mail it in
- Pay at a local store
- Over the phone