LoanMart Auto Title Loans – Fees and Rates Explained | finder.com

LoanMart auto title loan review

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.

State Availability

  • LoanMart offers auto title loans in the following states: Alabama, Arizona, Illinois, Missouri, New Mexico, South Carolina and Utah.

If you don’t reside in one of those states, check our short-term loan directory to see what loans are available where you live.

Min Loan Amount$1,000
Max. Loan Amount$50,000
Loan Term1 to 5 years
Loan SecuritySecured
Turnaround Time1 business day
CostsBased on the value of the car and your ability to make regular payments on time.
RequirementsMust live in AL, AZ, IL, MO, NM, SC or UT. Must have verifiable income and have a vehicle that is paid-off or close to being paid-off.

Pros

  • Easy to qualify
  • Can apply with bad credit
  • No early repayment penalties

Cons

  • Maximum loan amount depends upon state limit
  • Loan may not available in all states
  • Late fees may apply
  • Live in Alabama, Arizona, Illinois, Missouri, New Mexico, South Carolina or Utah
  • Verifiable income
  • A vehicle that is paid-off or close to being paid-off

What is an auto title loan and how does it work?

An auto title loan is 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

What are the benefits of an 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, 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 60-222%.

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.

How do LoanMart auto title loans compare?

Rates last updated February 21st, 2018
Unfortunately, none of the short term loan providers currently offer loans in your state. Learn more about short term loans in your state to find an alternative.
Name Product Product Description Maximum Loan Amount Term of Loan Turnaround Time Requirements
Slam Dunk Loans
Potentially get approved for a short-term loan through this lender-connection service, even with poor credit history.
$2,500
Varies by lender
As soon as next business day
Must be employed, receive regular income, earn at least $800 a month, have a checking account, be 18+ yrs old and a US citizen.
BadCreditLoans.com
With straightforward, simple qualifications, these loans offer easy approval for people with poor credit.
$5,000
3 to 36 months
Varies based on lender
Depending on lender requirements, people from all 50 states may not be eligible for a personal loan.
TriangleCash Payday Loans
If you have bad credit or no credit history, apply to be connected to a network of lenders for funding at rates that vary by state.
$1,000
Varies based on lender
As soon as next business day
You must be a US citizen, at least 18 years old, and have a valid bank account.
SWIFT Payday Loan
Access multiple lenders with a 5-minute application for a cash advance on your paycheck.
$1,200
Varies by lender
Next business day
Must be at least 18 years old and employed or have regular income.
LendYou Payday Loans
Apply online with this loan-connection company offering unrestricted short-term loans at high maximums — fast turnaround.
$15,000
Varies
1 business day
You must be a US citizen or permanent resident, age 18+ and have a regular income.
LoanSolo.com Payday Loans
Potentially get connected with a legit lender offering convenient payday loans and quickly get funds.
$1,000
Varies by lender
As soon as one business day
You must be 18+ years old, legally work and live in the US, have a bank account in your name and be employed with sufficient income.
ExtraLend.com Installment Loans
This free and simple service could connect you with online lenders offering installment loans.
$3,000
Varies by lender
As soon as one business day
Must be at least 18+ years old, legally work and live in the US, have a bank account in your name and be employed with sufficient income.
iCashLoans.com Short Term Loans
Potentially get a loan through a network of 100+ lenders. One simple online application.
$1,000
Varies by lender
Varies by lender
Be employed, have a bank account in your name and income of at least $1,000 per month.
CashAdvance.com Payday Loans
Whether for emergencies or unexpected expenses, this broker may be able to connect you among its nationwide network of lenders.
$999
Up to 12 months
1–2 days
You must be at least 18 years old with take-home monthly income of at least $1,000 after taxes.

Compare up to 4 providers

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:

  • Live in one of the following states: AL, AZ, IL, MO, NM, SC or UT
  • Be at least 18 years old (varies by state)
  • Be a citizen or permanent resident of the US
  • Have a vehicle that is paid-off or almost paid-off
  • Have verifiable 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?

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