General Information about Title Loans
What is a Title Loan and How Does it Work?
A title loan can allow you to obtain a portion of your car’s available equity by using your car’s title as collateral. A title lender will place a lien on your car’s title once the loan is funded, but you can drive your car while you pay off the loan.
Is My Personal Information Safe on the LoanMart Website?
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 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 protect your privacy.
Click here to learn more about how we keep your information safe.
I Can’t Find My Car’s Title. Can LoanMart Help Me?
Generally, it depends on your state. Each state has a different process, and we can tell you more about it when you give us a call. Dealing with your state’s respective Department of Motor Vehicles can be confusing and frustrating. We recommend that you contact us at 855-422-7412! We can walk you through the process of getting a duplicate title if the original title is no longer in your possession and you are the vehicle’s rightful owner.
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What Do I Need to Get an Auto Title Loan Serviced by LoanMart?
To apply for a title loan, you must be at least 18 years old, have a qualifying vehicle with equity, and be able to provide proof of your ability to repay the loan. You can click here to learn more about the current amount of equity in your car and find out if your vehicle qualifies as collateral for a title loan.1
Additionally, you will typically need a qualifying car title in your name, proof of income & residence, and a valid government or state-issued photo ID card. You will be asked to provide recent pictures of your car as well.
Can I Get a Title Loan if My Car Isn’t Paid Off?
Yes, it’s possible to get a title loan even if you are still making payments on your car as long as it has a sufficient amount of equity. If your vehicle is still being financed, you may need to complete a payoff authorization form so that your new title loan lender can pay off your existing lender.
Do I Need a Bank Account to Get a Title Loan?
No, you do not need a bank account to apply for a title loan. You will 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 bank account information with us or have a bank account at all.
Can I Get a Title Loan with Bad Credit?
Yes! Title loans are collateral-based loans, so your credit history is not the most important part of the application process, although it is a factor that is considered. Instead, the value of your vehicle and your ability to repay the loan will be primarily used to determine your eligibility for funding.1
Does the Car Title Need to Be in My Name in Order to Get a Title Loan?
Yes. You must have a vehicle title in your name in order to get a title loan. If the title is not currently in your name, you can request a title transfer at your local Department of Motor Vehicles (DMV).
How Much Can I Borrow Through a Title Loan?
It depends. The amount you can borrow through a title loan is mainly based on the value of your vehicle, your state of residence, and your ability to repay the loan. Typically, you can access up to 50% of your vehicle’s total value if you qualify for a car title loan.1
Can I Have a Co-borrower on My Title Loan?
Yes, you are allowed to have a co-borrower on your car title loan. Keep in mind that if you add a co-borrower, they will also have to provide the proper documentation during the application.
Can I Get a Title Loan Without a Job, or if I Am Unemployed?
You don’t need a traditional job to apply for a car title loan! As long as you can provide an alternative source of income during your application, you could qualify for a title loan online. Examples of alternative sources of income include SSI (Supplemental Security Income), retirement or settlement income, or some self-employment.
Can I be on Disability or Retired and Still Get a Title Loan?
Yes! A car title loan could potentially be an option for people with unconventional sources of income. So even if you receive disability or retirement income, you could still apply for a title loan serviced by LoanMart!1
What is Vehicle Equity and How Does it Affect Me When Applying for a Title Loan?
To be eligible for a car title loan, you must have a qualifying amount of positive equity in your car. Your vehicle will have positive equity if it currently has more market value than what you owe on your car loan. If you owe nothing, then the equity in your car is equal to the vehicle’s current market value. Your vehicle’s current value will also affect the amount you could receive through a title loan. Typically, you will be able to obtain anywhere from 25%-50% of the overall value of your car or truck.1 3
How Does the Approval Process for a Title Loan Work?
The approval process for an auto title loan can be simple and straightforward. You will need to complete a three-step approval process to obtain your emergency funding:1
- Submit a Loan Inquiry Online or Over the Phone
- Send a Few Documents to Verify Your Information
- Collect Your Money if You Qualify!1
If you qualify for this loan type, you could receive your funding in as little as 24 hours!1 3 Click here to learn more about the approval process for a car title loan.
How Long Does it Take to Qualify for a Title Loan?
It depends. If you want to speed the application process along, it is important to gather all of the necessary documents in advance. It can take just a few minutes to fill out the initial loan request, and if you qualify, you could receive instant pre-approval! You could complete the entire loan process within a few hours or less, depending on your ability to provide the necessary documentation. Click here to learn more.1 3
How Long Does it Take to Get My Title Loan Money?
One of the most prominent advantages of a title loan serviced by LoanMart is that you can acquire money in as little as 24 hours if you qualify. However, some qualified applicants could receive funding the same day they apply!1 3
Do I Have to Go to the DMV to Apply for a Title Loan?
Typically you do not, unless there is an issue with your vehicle title. Not all situations demand a visit to your local Department of Motor Vehicles. However, there are a few different scenarios that may require you to go to the DMV or third-party authorized DMV locations. For example, if you don’t have a vehicle title in your name, you must request a title transfer at the DMV in order to qualify for a title loan. If you lost or misplaced your title, you can replace it with a duplicate title by filling out an application at the DMV.1
But again, you don’t need to visit the DMV for every situation. LoanMart can handle some issues internally without you having to go to the DMV. Click here to find out when it’s necessary to visit your local DMV.
How Does My Credit Influence My Eligibility for a Title Loan?
Your credit and financial history are reviewed during your title loan application, but they are not the focus of the application process. The primary determining factors for eligibility are your vehicle’s value, verifiable income, and your ability to repay the title loan. As long as you meet the initial requirements for a title loan, you can still qualify for the funds you need for an emergency!1
If My Loan Application is Already in Progress, How Can I Submit a Signed Credit Application Online?
If your loan application is already in progress, you can submit your credit application with the other required documents online.
My Vehicle is Not Registered in the State I Currently Live in. Can I Still Apply for a Title Loan?
Yes, as long as you are able to provide proof of your current address and other necessary documentation, you may still be able to apply for a title loan, even if your vehicle is registered in another state! In some cases, LoanMart may be able to handle a portion of the registration process for you and / or help you with the title transfer process. Please call us at 855-422-7412 today so we can discuss your available options.1
I Don’t Feel Comfortable Providing My ITIN or SSN Online. What Other Alternatives Do I Have to Submit My Information for a Title Loan?
If you have a smartphone, you can use the LoanMart Mobile App to submit your information. The app is just as safe as the website, and we do not store your information on our web server computers. LoanMart always encrypts data, which means your information is kept safe and secure.
Can I Do Whatever I Want with the Funds I Borrow Through a Title Loan?
Generally, you can use your title loan funds however you’d like! If you need to cover an emergency expense or pay for a vacation, you can use your loan proceeds to handle those costs.1
Here are a few examples of how you can use your title loan money:
- Pay for Overdue Bills
- Consolidate Your Debt
- Cover Urgent Medical Expenses
- Pay for Rent
Click here for more information on what you can do with your funds from an auto title loan.
Once I Pay Off My Title Loan, When Can I Apply for Another?
Once your loan is completely paid off, the lien will be removed from your title and sent back to you. You can apply for a car title loan as soon as you have your car title back! If you have enough positive equity in your vehicle and can provide proof of income, you may be able to apply for another title loan.1 Apply online or call us at 855-422-7412 if you want to prequalify for another title loan.
Am I Able to Receive an Increase on My Title Loan?
Yes! It is possible to receive an increase on your title loan. Call 855-422-7412 to learn more about the requirements and find out if you’re eligible to take out more money. Typically, to qualify for an increase on your title loan, your loan must not be in default, and you must have a consistent history of paying your loan on time.1
What Payment Methods Does LoanMart Offer?
With a car title loan serviced by LoanMart, you could choose between several different methods to repay your loan:
- Set Up Automatic Payments from a Checking Account
- Mail a Check to the Payment Center
- Pay via Phone
- Pay Online Through the “Customer Login” Tab
- Visit a Participating Money Transfer Location Nearby to Pay in Person
Click here to learn more about the available payment methods.
How Can I Find out the Due Date for My First Payment?
Your contract (Promissory Note and Security Agreement) will clearly state your first due date. The first payment is typically due one month after you signed your loan contract and every thirty days after that date until you repay the loan in full.
Will I Get a Bill Every Month?
Yes! We want to keep you updated on your payments, so we will send you a monthly billing statement. The statement will include your account information, payment history, billing information, and any other messages. Click here to learn more about the title loan billing cycle.
How Long Do I Have to Pay Back My Loan?
Our loans typically range from 12 to 36 months, but some can go up to 48 months. Unlike some of our competitors, we never penalize you for paying extra or paying off your loan early.5
Click here to learn more about obtaining and paying back a title loan.
Is there a Prepayment Penalty if I Pay My Loan Early?
Never. Unlike other title loan options, you won’t be penalized for paying a car title loan serviced by LoanMart early. In fact, you’re encouraged to repay your title loan early if you can afford it!5
What Will Happen if I Don’t Make My Payments on Time?
If you don’t pay your title loan on time, you will be contacted by our collections department. If you don’t handle your payments and end up defaulting on your title loan, your vehicle could be repossessed. However, vehicle repossession is the last thing we want to happen to you. Financial hardship can happen to anyone, and it’s understandable if you can’t make a payment on time. But if you’re in that situation, we ask that you contact us on or before your due date. Please call us at 888-700-2239 if you’re having trouble paying for your auto title loan.
Will there be a Tracking Device on My Car?
In most cases, no, your car will not have a tracking device. However, for borrowers that receive a significantly high loan amount ($10,000 or more), a GPS locator device may be installed in your car until the loan is paid off. Click here for more information about GPS tracking devices and title loans.
Can I Still Drive My Car During the Repayment Process?
Yes! As long as you make your monthly payments on time, you can continue to drive your car throughout the repayment period.
How Do I Get My Title Back After I Have Paid off My Title Loan?
After your loan is funded, a lien is placed on the title to your car or truck. The lien will be removed from your car’s title once you have repaid your loan in full, and it will be shipped back to you! After the repayment process is complete, it may take up to 15 days (or more) to receive your car title. Click here for more information about obtaining the title to your vehicle after your last loan payment.