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If this is your first time thinking about borrowing with an auto title loan, you will probably have basic questions such as what exactly is an auto title loan, how LoanMart can help you, and more. This section will answer those questions.
LoanMart proudly serves the states of California, Arizona, New Mexico, Utah, Missouri, Illinois, Alabama and Wisconsin. As long as you have a clean car title in those states, LoanMart may be able to give you the money you need today.
Also, large lenders like us have the resources to give you cutting-edge rates and convenient tools like online account access and a mobile app. LoanMart can even process DMV paperwork, so you don't have to wait in long lines. Even though we’ve grown into a big company, we still give every customer the special attention they need. Our outstanding customer service is what has makes us the leader in the industry. We can help you get money in as little as the next business day.
If you call us in the morning and start working with us, you may be able to get money in as fast as an hour!3 Just know that the information form is not the only thing that we will need. We will need additional documentation but we make that easy as well. The faster you work with us and send your materials, the faster you get your money. So, let’s talk.
LoanMart proudly serves the states of Alabama, Arizona, California, Georgia, Illinois, Missouri, New Mexico, South Carolina and Utah. As long as you have a car title in those states and the ability to repay the loan, LoanMart may be able to give you the money you need in as little as the next business day.
For California residents, click here Download California Notice
For all others, you can download a new notice here: Download Federal Notice
An auto title loan is a personal loan that is based on your ability to repay it and the value of your vehicle. An auto title loan is secured when a lender places their name (known as a lien) on your car title as collateral. You get to keep driving your car while paying off your loan amount. When you no longer owe any money, you get your car’s title back.
An auto title loan is different from an auto pawn loan, which requires the customer to leave their vehicle at a pawn shop until their loan is paid off.
See our How It Works section for more details about how LoanMart’s auto title loans work.
A payday loan amount typically ranges from $100 to $300 in California. Some other states have different amounts or they may even ban payday loans all together. It is a short-term loan and has to be completely paid back in less than 31 days. Payday loans rely on specific income for their repayments (such as your next paycheck or a pending tax refund). On the other hand, an auto title loan is designed to give much larger loan amounts (thousands of dollars), and can be paid back over a longer period of time (usually 12 to 36 months). In other words, a payday loan can be seen as a temporary fix, whereas an auto title loan is designed to fulfill your longer financial needs.
Title loans from LoanMart are also fully amortized. That means you have a scheduled loan payment, where if you make payments according to schedule, the loan is fully paid-off by the end of the set term. Part of your payment goes to repaying the original amount borrowed and part goes to the interest each month. Payday loans are simply one lump sum that you have to repay all at once.
Auto title loans are processed a lot faster and have fewer requirements compared to traditional bank loans. Not everyone can meet a bank’s requirements or spend so much time waiting. LoanMart understands that an emergency means “now”, not a week from now. That’s why our loan process is quicker and easier.
Our interest rates vary based on where you live and the terms we agree to. Our annual interest rates can be anywhere between 60% and 180%. For example, a typical loan of $2500 at 90% interest with an average term of 18 months would have a monthly payment of $257.57. The total interest on this loan would be $2136.26. The interest on a loan could also change depending if payments are late.
Click here for Utah Fee Schedule.
Please understand that we don’t give loans on the retail value of a car. In terms of an auto title loan, equity is the current market value of your vehicle minus any total balance on your car payments that you may have. Title loans use the percentage of the value of the vehicle and that varies based on many factors.
Now that you have determined an auto title loan is the solution to your problems, you want to know the requirements for getting approved for one. This section has answers to some of the most common questions about our requirements.
Sometimes we may also request additional materials for clarification.
Yes! However, we do need to know that you will be capable of making the payments. We know your income doesn’t always come from a traditional job. To give a few examples, it’s possible to demonstrate some kind of income stream through showing you’re self-employed, retired, or on disability or social security. Getting a co-signer is also a great option. If you have any questions about if you’ll be able to show your ability to pay, call us at 1-844-237-5530.
Yes! An auto title loan is a great option for people who have unconventional incomes that vary from month to month.
You only need a bank account if you want to show us proof that you’re self-employed or if you want the money from your loan to be wired to your account. Otherwise, you don’t need to share account info with us or have a bank account at all.
Yes, you are allowed to have a co-borrower on your auto title loan. Keep in mind that if you add a co-borrower, they will also have to register with us and provide the basic documents such as: a valid driver’s license, proof of residence and proof of income and additional references.
If you live in Illinois, a co-borrower may also have to fill other criteria. Call us at 1-844-237-5530 for more information.
The laws in each state are different when it comes to how much you can borrow. The maximum amount you can borrow depends on the value of your car and your ability to repay the loan. Also, some states regulate the maximum loan amount. To find out for sure how much you can borrow, start the submission process online or give us a call at 1-844-237-5530.
Not always. If you have a few loan payments left on your car with a bank, dealership or credit union you still may be able to receive a loan. If you have a loan with another auto title loan company, we want your business and offer competitive rates.
We will definitely consider classic cars for an auto title loan as long as they have value. Since we are not a bank, we get to control which cars qualify. We see classic cars all the time but they have to be in showroom condition. We have many professionals on staff who can evaluate the equity in your classic car within minutes. You can reach them at 1-844-237-5530.
Yes, however if the title is in someone else’s name we may still be able to help you. We are a licensed registration provider with the Department of Motor Vehicles and can handle registrations and transactions in other states, too. We can do the tedious paperwork needed to transfer the title of your vehicle to your name. Call us at 1-844-237-5530 to see what we can do.
A car does not always need to be registered in the same state that you live in. Call us to find out more. If any additional steps are required, we will give you the step by step process along the way. Don’t make any changes without consulting with us first. Please call us at 1-844-237-5530 so we can help you submit everything correctly and save you time. Have a copy of your title and the current vehicle registration to help the process go faster.
How long does it take, what do I need, where do I start? You are probably wondering all of these things. This section will answer some of the most common questions about the LoanMart submission and approval process.
Not a cent! The whole process of getting a title loan starts with submitting some basic information about yourself and your car. We’ll then give you a quote with no strings attached. This all costs you nothing. Why not get started right now? Click here or call us at 1-844-237-5530.
Our3 step process is very simple. The application will take you about five minutes3. Final approval will depend on our review of the value of your vehicle and your ability to repay the loan. Loan underwriting and verifications can be completed in under an hour. The entire process can be completed within a matter of hours or less, depending on your ability to get us the information we require to get the loan funded.
Our payment methods are extremely fast and efficient. We use many methods to get you money conveniently. We use electronic deposits, checks and more. You may even be able to go to WalMart and get your money via MoneyGram. After approval, you can expect to receive the funds (depending on the time of day, the state you live in and the method you choose to get your money) in as little as 24 hours during a business week. Simply tell us how you would like to receive your loan funds and we will get them to you as fast as we can.
Submit your info online, visit a participating store location or call our customer service at1-844-237-5530. One of our friendly and helpful loan specialists will do the rest.
Not necessarily. Not all situations require a visit to the DMV. LoanMart is also a licensed registration service provider with the California DMV. Some complex situations may require you to go to the DMV or 3rd party authorized DMV locations; but we can handle most DMV issues internally.
Your credit is not the main factor in our qualifying decision. Despite having bad credit or a previous bankruptcy, you may still be able to get a loan. We understand that life happens, and we have provided loans to many customers who have had good credit and bad credit. Only in the last steps of the loan process do we run a credit check.
As an added bonus, we report your payment history to Experian and Equifax, which could help reestablish your credit score if you make timely payments.
Your credit is only a small factor in determining whether you will qualify for an auto title loan at LoanMart. The determining factors for eligibility are vehicle value, verifiable income, status of the title and your ability to repay the loan.
If you are the only borrower, please click here. If your loan requires a co-borrower, please click here.
If you have a smartphone, you can use the LoanMart Mobile App to submit your info.
You may also download our credit application from DocuSign, which you can fax to our secured fax line number 1-818-285-2410. Simply follow the instructions below:
If you are the only borrower, please click here.
If your loan requires a co-borrower, please click here.
Have you been approved for an auto title loan? Congratulations! We at LoanMart will work hard to make sure your loan experience with us is as seamless as possible. In this section you will find answers to some of the most common questions about how repayment works and what you can expect next.
It’s possible to start the approval process for another auto title loan immediately in most states. The state of Illinois requires a 15-day waiting period after pay off. Basically, if you have sufficient equity in your vehicle and can make new payments, we may be able to start working together again right away. Call our customer service at 1-844-237-5530 if you want to get pre-qualified for another loan.
After you pay off your loan, LoanMart will release the lien on your vehicle and it will be yours once again. This can take up to 15 business days in most states. The state of Illinois requires us to release the lien 5 days after the payoff date.
Unlike other companies, we do not put tracking devices on all our customers’ cars. However, for borrowers requesting a larger than normal loan amount ($10,000 or more), we may request a GPS tracking device be installed to offset our risks.
Absolutely! One of the best parts about a LoanMart title loan is that you get to keep and drive your car. We only put our name on the title as a lienholder until you pay the loan off.
It is important to us that our customers make informed financial decisions. Education is one of our three core mission statements
- we want to empower our customers to make the choices that fit them, their family and their lifestyle. In an effort to educate all LoanMart customers, we are happy to answer any questions you might have. Go ahead, ask away!