Depending on your car title loan lender, your credit report may be reviewed to determine if you have bad credit. However, for the most part, car title loan lenders like us at LoanMart approve a variety of consumers with most kinds of credit1.
Why might it it be easier to get a car title loan with bad credit as opposed to other loans? It tends to be easier to get a car title loan regardless on the kind of credit you have (good or bad credit) because they are a secured loan1.
A secured loan is a type of loan that upon agreement, the borrower provides collateral in exchange for the loan. This collateral can range from a car title, a home, or other property to “secure” trust between the borrower and the lender. In the case of a car title loan, a lender will need the qualifying title of your vehicle. By having a hold of your car’s title and placing themselves as the lienholder, the lender technically has ownership of your automobile.
If the borrower continues to make their monthly loan payments on time, they can continue driving their car in their daily routine when they have a title loan with LoanMart. However, if a borrower ever defaults on a car title loan, the lender may be able to legally seize their car as part of the title loan’s policy. That’s what makes the collateral a form of secure trust between the lender and the borrower.
To continue, a car title loan does not look at credit as much because if you have a qualifying title for your car, proof of residence, and proof of income, then you have a chance of getting a car title loan from us here at LoanMart1. But what are some of those things that we have mentioned? We will gladly explain them briefly for you:
A car title is generally given to you when you pay your car in full. It is documented proof that you own your vehicle. LoanMart does require a qualifying title when applying for a loan, but we may be able to help you if you cannot find your title or if your name is not the only one listed on your title.
Proof of residence
This is done to determine what state you live in, as some states have different regulations and policies when it comes to receiving a car title loan.
Proof of income
One of the more important parts to get a car title loan is a proof of income. This part simply helps us know that you can make your monthly payments. This can be things like bank statements, pay stubs and other types of receipts that could prove you are earning money. If you are self-employed or are getting income through other means, consult with our article on that matter here.
Now that you have a good idea of what you need for a car title loan, and why bad credit may not be an issue, why not see what we at LoanMart have to offer.
Why I should get a car title loan if I have bad credit?
Whatever kind of good or bad credit you have, you might consider LoanMart as one of the lenders on the top of your list. Why? Well we have what we call “LoanMart advantages” that can help people that need financial funding fast and efficiently1.
Here are just some of the LoanMart advantages we may be able to offer to people, even to those who have bad credit and are looking for funding as soon as possible1.
At LoanMart we provide all our information upfront before you sign any car title loan agreement. Potential customers could decline the loan at any time before it’s signed if they feel that it is not right for them. We also don’t have any hidden fees, like pre-payment penalties or balloon payments.
We at LoanMart work hard to help ensure we have competitive rates for customers. Customizable payment plans are also available when you get a car title loan from LoanMart, which can be helpful if you have bad credit and want something that works for your financial situation1.
Refinance Existing Title Loans
There is a chance we could assist in refinancing a car title loan1. We’ll try to help an individual get a new car title loan with LoanMart instead, so those with bad credit could get the breathing room they might need.
Five Day Peace of Mind Guarantee4
LoanMart lets a borrower try a car title loan for 5 days without any pressure of being locked in4. They can return the money if they feel that they no longer want to have a car title loan—don’t worry, we won’t take it personally. Just follow the proper procedure.
But how does it work? Well, getting a car title loan may not be as complicated as you might think, and we’d be happy to show you the process.
How LoanMart may be able to get you a car title loan, even with bad credit
When getting a car title loan, it might feel like a complicated process of getting documents and sensitive information that you may not feel safe with sharing. We at LoanMart want to let you know that when getting a car title loan, it shouldn’t have to be hard or scary.
In fact, we at LoanMart have a refined, three-step process that we feel works for the thousands of customers we have served with our car title loan services.
Here is how our three-step process works:
Inquire Now: The borrower can choose whether to use our LoanMart car title loan inquiry process or go over that information via the phone with one of our customer representatives.
Get Approved1: Once the borrower is approved, we at LoanMart just need a few more documents, such as photos of your vehicle, proof of residence, proof of income, a government-issued photo ID and your qualifying car title.
Get Funding: Once you are approved for and agree to a car title loan, it’s time to collect your funding. We offer choices that include MoneyGram, in-person, or electronic banking.
Someone with bad credit may consider a car title loan when looking for funding that they may need to pay off any debt or financial emergencies they may already be dealing with. Apply today or call to possibly get a car title loan with bad credit here at LoanMart1.