If you’re considering getting a car title loan, you’ll have to decide if you want to get your loan from a large or a small company. There are a lot of car title loan companies of varying sizes. Larger companies may be able to provide borrowers with lots of advantages unavailable to them if they use a smaller loan company as their lender.
What are the benefits of borrowing from a large car title loan company?
There are a number of advantages to borrowing from a larger car title loan company:
- Strong Reputation – Larger companies have likely gotten to be that way because they provide a better service than the smaller car title loan companies that haven’t become established. Because of this, they have a lot to lose if their reputation suffers. Their larger staff and overhead means that while they may provide better service, they need to protect their capacity to do so.
- Strong Data Protection – Larger car title loan companies may have the resources to create technological and procedural safeguards designed to help protect consumer information. These ensure that the only people able to look at borrower information are directly involved in the car title loan process.
LoanMart provides its customers with a number of advantages beyond these two.
What are the advantages of getting a car title loan with LoanMart?
There a several great reasons to consider LoanMart when selecting your car title loan lender:
- Low Repossession Rates – LoanMart understands how important your car is. You need it to run errands, get yourself to work, etc. Because of this understanding, LoanMart only repossesses vehicles as a last resort. If a borrower is struggling to pay back their car title loan, LoanMart representatives will work with them to try and find a solution.
- Simple Loan Terms – LoanMart never includes balloon payments or prepayment penalties in their loans. LoanMart spreads the principal of the loan over borrowers’ monthly payments; they never leave it until the final payment. Nor do they charge borrowers for paying their loan back early. If borrowers want to pay their loan back ahead of time to save on interest payments, LoanMart encourages them to do so. Additionally, they don’t bury car title loan fees in the small print. They strive to make sure that their title loan agreements are easy for all their borrowers to understand.
- LoanMart Peace of Mind Guarantee4 – LoanMart understands that being in sudden financial need can be stressful. It’s difficult to know how you’ll pay for something. Because of this, if borrowers change their minds within a few days of receiving their money, they have the option to return their money, no questions asked.
- Outstanding Customer Service – LoanMart’s representatives are happy to answer any questions borrowers may have, before, during, or after the loan process. They take the time to make sure borrowers understand all aspects of their loan. They also do their best to understand each borrower’s unique financial situation and recommend a loan product that fits their circumstances1.
What do I need to get a car title loan?
There are a few different documents that you need if you want to get a car title loan from LoanMart:
- Qualifying car title in your name
- Proof of income
- Proof of residency (certain pieces of mail)
- Government-issued photo I.D. (like a Driver’s License)
- Several photos of your vehicle
Most other car title loan companies also require you to bring your car in for an in-person inspection. In contrast, LoanMart knows that not all their borrowers can make the time to bring their car to the nearest participating store. Because of this, LoanMart allows borrowers to submit photos of their cars instead of bringing them in.
What’s proof of income for a car title loan?
A lot of people think that the only way to prove income for a car title loan is with a paystub. While many people do use their paycheck to show proof of income, it’s not the only way. There are a number of other options borrowers can use:
- Social Security benefits
How much money can I get with a car title loan from LoanMart?
The total amount of money you may be able to borrow when you get a car title loan depends on a few different factors1:
- Equity in your car
- Your total income
- Terms of the loan
Of the three, the equity in your car and your total income are the most important. Ultimately, these will determine how much money you may be able to borrow1.
How do I get a title loan from LoanMart?
Applying for a car title loan from LoanMart is easy. If you have a qualifying car title in your name, you may be eligible for a car title loan of up to $30,0001. Because of LoanMart’s streamlined filing process, you may be able to get your title loan money in as little as 24 hours after completing the filing process3.
You can get in touch with LoanMart in any of these three easy ways:
- Swing by a local participating store
- Call LoanMart at 1-877-787-4923
- Sign up online whenever you have some free time
Once you’ve determined the best way to reach out, you’ll just need to go through a few simple steps to get your application processed:
- Fill out the filing form to apply
- Deliver your important documents to your LoanMart representative
- Review your loan offer1
If you’re looking for a car title loan, you should consider LoanMart. As one of the largest car title companies around, they offer all the benefits of a large car title company, as well as many unique benefits of their own.