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.
Questions about LoanMart
LoanMart proudly serves the states of California, Arizona, New Mexico, Utah, Missouri, 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.
Click to learn why you should get a title loan from LoanMart.
LoanMart proudly serves the states of Alabama, Arizona, California, Georgia, 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.
Click to learn more about where LoanMart does business.
We are highly competitive and aggressive because we know you have options. We try to make each loan work out so that your payments are not a burden. The rules of borrowing are different in each state. So, our interest rates can change depending on where you live and our agreed terms. LoanMart’s annual interest rates range between 60% and 222%. A typical loan of $2500 at 90% interest over the course of the average term of 18 months would give you a monthly payment of $257.57. Then, the total scheduled interest on this loan would be $2136.26. The interest on a loan may also depend on if the payments are made on time. Remember that you can cut that interest down by prepaying your loan at any time.
Click for more information about our Title Loan interest rates.
This depends on your state. Each state has a different process and we can tell you what it is when you call us. Some third parties actually are faster than the DMV but they charge fees. Your local DMV might be able to give you another title for your car, but not all offices are able to do this. We could help you speed up the process by finding the closest DMV to you that will be able to get you a duplicate title as fast as possible. Dealing with the DMV can be confusing and frustrating. That’s why we recommend that you give us a call to walk you through getting a new title.
Misplaced your title? Click here to find out how we can help.
The safety of your information is very important to LoanMart. It’s part of our mission. Here is what we do to protect your information:
- Your information will not be stored on our web server computers.
- To protect the transmission of your information we use state-of-the-art Secure Sockets Layer (SSL) encryption.
- We always shred any papers we have with a customer’s information on them when we no longer need them.
- We comply with all federal and state laws to ensure we are protecting your privacy.
Click here to learn more about how we keep your information safe.
We don’t like unwanted solicitations any more than you do. You can definitely opt out. Click the links below to view the entire notice on opting out:
For California residents, click here Download California Notice
For all others, you can download a new notice here: Download Federal Notice
Click here to learn how to opt out of LoanMart solicitation letters.
Questions about Auto Title Loans
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.
Click for more information on what is an Auto Title Loan.
They are all the same type of loan. Car Title Loans are also known by several other names including:
- Pink slip loans
- Auto title loans
- Automobile title loans
- Car equity loans
- Auto equity loans
- Cash for car title loans
- Title loans
- Auto collateral loans
- Title loans with bad credit
Click here to learn about the difference between auto loans and title loans.
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.
Click for information on why title loans are better than payday loans.
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.
Click to find out why you should choose title loans over bank loans.
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.
Click to find out the cost of your credit with a title loan.
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.
Click here to find out what equity means for you and your title loan.
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.
There are a number of things that we require for approval. This includes (but is not limited to): owning a car, having the necessary documents and having the ability to repay the loan. The best way to find out if you can be approved is to start the submission process online or give us a call at 1-855-422-7412.
Click here to learn the requirements for getting approved with LoanMart.
Typically, you will need to provide us with some basic documents like:
- a valid driver’s license
- proof of residence (usually a piece of mail like a utility bill)
- proof of income (like bank statements or check stubs)
- a copy of your auto title or registration
Sometimes we may also request additional materials for clarification.
Click to find out the necessary documents to receive a title loan.
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 1-855-422-7412.
Unemployed? Click to see if you can still qualify for an auto title loan.
Yes! An auto title loan is a great option for people who have unconventional incomes that vary from month to month.
Click for more information about our qualify for a title loan if you are retired or on disability.
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.
Click here to see how you can apply if you don't have a bank account.
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 1-855-422-7412 for more information.
Click here to learn more about co-borrowers and title loans.
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 1-855-422-7412.
Click for more information on how much you can borrow with a title loan.
Yes! It is possible to get approved for a title loan from LoanMart even if you have bad credit. LoanMart realizes that some people may have financial difficulties from time to time, and that is why our loan approvals are based more on the value in your vehicle and your ability to pay back the loan. We have been able to help people with all kinds of credit in the past and we may be able to help you too. Call our customer service at 1-855-422-7412 and a loan specialist will be happy to give you more details.
Click to learn how you can apply for a title loan with bad credit.
A previous bankruptcy or bad credit history may not hurt your chances of qualifying for an auto title loan, since these loans are more heavily based on the value of your car and your current situation. If you have a current bankruptcy proceeding, you may need to get permission from the court to obtain a loan from us. We’ve been able to help people with all kinds of credit in the past and we may be able to help you too. The best way to find out if you are eligible for an auto title loan is to complete the online form and call our customer service at 1-855-422-7412 to see if you qualify.
Click to learn how you can still apply for a title loan even if you've filed for bankruptcy.
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.
Click here for more information about applying for a title loan without paying off your car.
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 1-855-422-7412
Click here to learn more about classic car title loans.
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 1-855-422-7412 to see what we can do.
Click for more details on getting a title loan with the title not in your name.
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 1-855-422-7412 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.
Click here to learn more on how to get a title loan with an out of state title.
The answer is yes. If you have lost or misplaced the title to your car, we will gladly help you through the process of obtaining a new or duplicate title. If you don’t have it because there is previous or current lienholder, we can try to work with them to get it back. Either way, give us a call at1-855-422-7412 so we can get started.
Click here for more details on how you can get a title loan without locating your title.
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.
How it Works
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 at1-855-422-7412.
Click for more information about how it is free to qualify for a title loan.
Our 3 step process is very simple. The application will take you about five minutes. 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.
Click here to learn about the time it takes to qualify for a title loan.
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.
Click here to find out how long it takes to get money for title loans.
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.
Click here to find out when you have to go to the DMV.
Credit & Security Questions
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.
Click here for more information about LoanMart credit checks.
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.
Click here to learn more about how your credit effects a title loan.
Click for more details on getting a title loan with the title not in your name.
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.
Click for more information on alternatives for submitting info for title loans.
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.
Making & Receiving Payments
Yes, of course you can! After all, it’s your money - spend it however you please. Here are a few examples of how you can use it:
- Overdue bills
- Unexpected medical emergencies
- Repairs or improvements to your home or vehicle
- Take a vacation
Click for more information about what you can do with funds from LoanMart.
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 1-855-422-7412 if you want to get pre-qualified for another loan.
Click for more information on when you can apply for another title loan.
There is definitely the possibility of receiving an amount increase. Call our customer service at 1-855-422-7412 to find out the requirements and whether you qualify to take out more money.
Click to find out if you can receive an increase on your car title loan.
There are several convenient ways to make your payments. Just tell us which one you want to use. You can:
Your contract (Promissory Note and Security Agreement) will clearly state when the due date is. The first payment is typically due 30 days after you receive your money and every 30 days thereafter, until the loan is paid off in full.
Click here to find out more about your first title loan payment.
We want to keep you updated, so we’ll send you a billing statement every month. The statement will include your account information, payment history, billing information, payment methods and any other messages.
Click here to find out more about the title loan billing cycle.
Our loans typically range from 12 to 36 months, but some can go up to 48 months. You and your LoanMart team member will agree on a timeline. We want to offer you a payment plan that fits your lifestyle, and we will work with you to make that possible. Unlike some of our competitors, we never penalize you for paying extra or paying off your loan early.
Click here to learn more about the title loan billing schedule.
Never. LoanMart won’t charge you any pre-payment penalties for auto title loans.
Click to see what happens if you make a pre-payment.
If you are unable to make the scheduled payment on time, we ask that you contact us on or before your due date to make arrangements that are acceptable to both of us. If you are experiencing a temporary financial hardship, we may be able to extend a payment to the end of the loan that will not affect your credit rating. We will try our best to work something out before resorting to repossession. That is the last thing we want. If you are worried about an upcoming payment, please call us at 1-855-422-7412 as soon as you can.
Click to learn what happens if you make a late title loan payment.
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.
Click for more information on obtaining your title after your last loan payment.
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.
Click for more information on if we use GPS tracking devices.
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.
Click to learn about using your car while paying back the title loan.
Still Have Questions?
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!