What is the Interest on a Car Title Loan?

 
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What is the Interest on a Car Title Loan?

Typically, the interest rates on a car title loan can range anywhere from 60%-222%. But what does that mean?

To really know the logistics of your car title loan, you first need to understand what an interest rate is and how a company can go about determining what your interest rate might be. An interest rate is a certain percentage of principal (the money lent), that the borrower pays the lender for the use of the lenders money. Interest rates can range from single to triple digit percentages of the total amount of money borrowed. This means that the more money you borrow, the more you will pay in interest. This is important to consider when you are choosing how much money you are going to borrow.

Interest rate revenue is a major source of profit for many lenders, banks, and credit card distributors. Although there are some laws regarding caps on interest rates for various companies, the interest rate you can be charged is very much up to the company’s discretion. You need to be cautious and aware of the practices of any company you borrow money from, because they could sneak astronomically high interest rates into your loan contract.

How to Get the Best Interest Rate on A Car Title Loan

Since most lenders make money for their company through the profits acquired from the interest they charge their borrowers, there are many companies who just want to charge you the largest interest rate possible—so they can make the most money off of your business. That’s why you need to be careful of the companies you work with.

That’s also why there is LoanMart. We know the type of reputation the car title loan industry has and LoanMart wants to break apart from it. LoanMart is different than some other lenders because we have your best interests in mind. We offer competitive rates that won’t leave your car title loan balance skyrocketing every month.

When LoanMart determines your interest rate, WE WILL WORK WITH YOU. You and your LoanMart title loan agent can discuss your options and figure out an interest rate that fits in with your loan contract and your budget.

How to Get a LoanMart Car Title Loan

The LoanMart car title loan procedure is as simple as 1, 2, 3, … literally! Our 3-step process is designed to be easy, efficient, and productive. Here’s how it works:

1. Submit Your Information

Pick how you get started with your auto title loan. You can go online to our homepage and click the “APPLY NOW” link to be brought to your information request. Don’t like the computer? You can call us over the phone at 1-855-422-7412, and speak with a LoanMart representative. Want to talk to someone face-to-face? Stop on by our licensed location if you would like to speak with a LoanMart representative in person.

When you get in contact with LoanMart, either online, over the phone, or in person, you can fill out a small information request. We will ask you for some information like:

  • Name / Email Address
  • Date of Birth
  • Cell Phone Number
  • Address and if You Rent/Own
  • How Long You Have Lived at Your Current Residence
  • Make, Year, Model, Style, and Mileage of Your Car
  • Monthly Income
  • Social Security Number or Individual Taxpayer Identification Number

This initial information submission should only take about 5 minutes to fill out, and you will know right away if you have been approved. Don’t spend forever waiting for a lender to get back to you, with LoanMart’s quick and efficient service you can know if you are approved for a car title loan right away.

If you fill out your information request late at night after our business hours, rest assured that you will be one of the first customers we contact the very next morning when we open for business.

2. Get Approved1!

After you have successfully completed your initial information request, your LoanMart title loan agent will contact you to talk about your free quote. We will give you a quote on your loan absolutely free of charge and obligation, just to show you how much we care about your comfort. YOU DECIDE when to proceed with your car title loan after your conversation with your LoanMart title loan agent.

If you decide to continue with the process, your LoanMart agent will ask you for a few documents to clarify some of your information. Your LoanMart agent will inform you of all of the documentation we require, but here are some of the basics:

  • Government Issued ID – This can be something like a driver’s license or a state ID. Any form of ID with your picture on it and that was distributed to you by the government will work.
  • Proof of Residence – This can be something like a utility bill or an important piece of mail. If you are having your bills delivered to your address, you can save one of the envelopes and use it as a proof of residence.
  • Proof of Income – Don’t worry about this one if you don’t have a traditionally paying job. While a pay stub will work, you can also use something like a checking account statement if you are self-employed, social security, disability, or other form of personal revenue.
  • Title to Your Vehicle with Your Name on it – If you do not know where the title to your vehicle is or if your name is not the only one listed on your title don’t freak out, we still may be able to help you with this one.

After we have received your documentation we will ask you that you take some pictures of your car. This is so you don’t have to drive your car out to us in order to physically verify the condition it is in. Snap a few shots of your car outside during the day to get the best picture quality, and take your pictures from multiple angles to get the best results. You can even take the photos right from your mobile device and send them to use through a text message at the number 1-818-315-8741.

3. GET YOUR MONEY!

The last step is to sign your loan contract and get your money! When you sign your LoanMart car title loan contract, we will also sign onto your vehicle as a lienholder. But this is only for the duration of your loan period. After your car title loan is paid off you can get your title back.

Enjoy your financial freedom that comes with your LoanMart car title loan. We will never require that you disclose your spending history with us. If you choose to, you can tell us about what you spent your car title loan money on, so we can use it as a customer testimonial. Show other people who need a car title loan just how much LoanMart has helped you out, but only if you want to!

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