A LoanMart auto title loan allows you to borrow money against your car, even if you have bad credit.
If you have bad credit and find yourself in a financial emergency, you might be looking for an alternative to traditional bank loans. If a payday loan doesn’t appeal to you, an auto title loan could be the solution you’re looking for. These loans give you a simple way to borrow money without worrying about the typical hurdles associated with borrowing from a bank or the quick repayment schedule of a payday loan.
LoanMart specializes in providing auto title loans. If you own a car, you can take advantage of their services and get funds as soon as the next business day.
Product Information
- Product Name: LoanMart title loan
- Loan Term: 12 to 36 months
- APR: 60% to 180% (varies by state)
- Borrower Maximums: Up to 120% of your car’s equity
What is an auto title loan and how does it work?
An auto title loan is a secured personal loan that uses the title of your car as collateral.
The amount you can borrow is based on the appraised value of your vehicle and your ability to repay the loan. LoanMart keeps the title of your car, but you continue driving while you repay.
Auto title loans are typically repaid more quickly than traditional bank loans and come with much higher finance charges. Payments are done in installments, and like a payday loan, an auto title loan is not a long-term financial solution.
Because you use your car title as collateral, if you are unable to repay for any reason, you could risk losing your car. Weigh the pros and cons carefully before you decide to make sure you make the right financial decision for you.
Here’s what else you should know about auto title loans before you apply
How do LoanMart auto title loans compare?
What are the benefits of a auto title loan from LoanMart?
- Quick and easy. Applying for a loan is easy and takes about 5 minutes. You can apply online, over the phone or in person at a LoanMart store.
- Apply with bad credit. Unlike most mainstream banks and lenders, LoanMart doesn’t require you to have a perfect credit history. You can apply even if you have a low credit score as long as you show an ability to repay.
- Large maximum amount. You might be able to borrow as much as 120% of your car’s equity through a LoanMart auto title loan. The amount you’re approved for depends on your vehicle, your financial situation and your state of residence.
- No early repayment penalties. LoanMart doesn’t charge any penalties for early repayment. By paying the loan off ahead of time, you can save money by reducing the amount of interest you accumulate.
- Multiple ways to receive funds. You can receive your loan as cash, check or through a wire transfer.
- Available in multiple states. LoanMart conducts business in Alabama, Arizona, California, Georgia, Illinois, Missouri, New Mexico, South Carolina and Utah.
What are the costs of a LoanMart auto title loan?
How much you end up paying depends on the amount you borrow and your state of residence.
LoanMart presents you with a loan agreement document that outlines the total costs of your loan as well how long you have to repay. Like all auto title loans, you will have to sign the loan agreement in order to receive your funds, and you should be prepared to repay the principal and interest of your loan, which usually has an APR from 60% to 180%.
Once you have signed the agreement, the fees and interest come into effect–even before you get your funds–so be sure to review all associated costs before agreeing. Late or missed payments could result in more fees, a lower credit score and possible repossession of your vehicle. Always be sure you are able to repay a loan before you borrow.
Is it safe to apply with LoanMart?
All LoanMart auto title loans are made in accordance with loan, lender and finance license laws in each of their states of operation.
LoanMart guarantees your transactions under the Fair Credit Billing Act and protects all the information you provide from misuse, loss, alteration, destruction and unauthorized access or disclosure.
How to tell if a short-term lender is legit
How to apply for a auto title loan from LoanMart
You can complete and submit an application online or over the phone, and if you need help, customer service is available via online chat.
Eligibility criteria:
- Be at least 18 years old (varies by state)
- Be a citizen or permanent resident of the US
- Fully own your car
- Have a regular monthly income
Required information:
- Your complete name, phone number, email address and residential address
- The year, make and model of the vehicle you wish to use as collateral and its mileage
- Proof of income (paycheck stubs, invoices or bank account statements)
- Proof of residence (a piece of recent mail like a utility bill)
You can provide these documents by fax, email or by sending pictures.
Are payday loans available in my state?
Compare payday loans in your state
Frequently asked questions
How long does it take to apply?
If you have the required information close at hand, you can complete the application in a matter of minutes.
How soon can I get my money?
Upon approval, you can expect funds to transfer into your bank account as soon as the next business day.
Does LoanMart keep my car until I repay my loan?
No, can keep driving your car as long as you keep making timely repayments. LoanMart only keeps the car’s title as collateral.
Can I pay the loan off early?
Yes, you can pay the loan off as quickly as you want. You don’t have to worry about paying any penalties for early repayment.
Can you get a title loan on a financed car?
Many lenders require you to own your car outright, meaning you aren’t making repayments on it. The equity you have on your car–the current market value of the car minus whatever car payments you own–determines how much your car is worth and how much a lender is willing to trade.
Can I borrow more money after my loan term is set?
Yes, but you’ll have to contact LoanMart. This process will likely result in you paying more interest.
What if I can't pay on time?
If you know you won’t be able to make a scheduled payment, contact LoanMart and try to find a solution. Missed or late payments add up and could result in repossession of your car.
Will a title loan go on my credit report?
LoanMart reports your payment history to Experian and Equifax. Timely payments will raise your credit score. Late payments will lower it.
