LoanMart auto title loans review

First, am I eligible?

To qualify for an auto title loan from LoanMart, you must meet the following criteria:

• Reside in a state LoanMart services
• Vehicle value of at least $1,500
• Vehicle is paid off or almost paid off
• Verifiable income
• At least 18 years old
• US citizen or permanent resident

What is LoanMart?

LoanMart is an auto title loan provider that offers short-term loans up to $50,000. Terms last between 12 and 36 months, but like all short-term lenders, interest rates are extremely high. This means you may pay double or even triple the amount you borrow in interest and fees. And if you default, your car may be repossessed.

What are the benefits of an auto title loan from LoanMart?

From its large maximum amounts to its multiple funding options, here are a few perks of borrowing from LoanMart:

• Can still owe money on your car. While most auto title loan lenders require vehicles to be fully paid off — known as being lien-free — LoanMart allows you to use your vehicle as collateral even if you’re still making payments on it.
• Large maximum amount. You may be able to borrow as much as 120% of your car’s equity through LoanMart. The amount you’re approved for depends on your vehicle, financial situation and state of residence.
• Bank account not required. Unlike other title loan providers, you don’t need to have a bank account to qualify.
• Multiple ways to receive funds. You can receive your loan funds as cash, check, through MoneyGram or directly into your bank account through ACH or a wire transfer.
• Mobile app available. You can manage your account and check the status of your loan through the LoanMart mobile app.

What to watch out for

Consider these potential drawbacks before taking out an auto title loan from LoanMart:

• Limited state availability. LoanMart only offers auto title loans in seven states. If you don’t live in a serviced state, you’ll need to compare your other short-term loan options.
• High rates. Depending on your state, LoanMart may charge an APR between . Before you borrow, make sure you can afford the total cost of your loan to avoid falling into a cycle of debt.
• Not transparent about fees. LoanMart is required by law to provide a fee schedule in Utah. But in its other serviced states, you’ll have to apply to see what fees you might be charged.

How do LoanMart auto title loans compare?

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Name	Product	Filter Values	Max. Loan Amount	Turnaround time	Requirements
Max Cash Title Loans			$50,000	Same business day to 1 business days	Must be a US citizen or permanent resident, 18 or older with a regular source of income.	With a quick online application, Max Cash could help connect you with a lender, finding you options in minutes.	Go to site More Info		loading Fetching your data...
AutoTitleLoans.com Car Title Loans			$10,000	Varies by lender	Have a regular source of income, not be involved in any bankruptcy proceedings, be a US citizen or permanent residence, be at least 18 years old (varies by state).	Quickly find a lender and potentially borrow up to $10,000 by using this auto title loan connection service.	Go to site More Info		loading Fetching your data...
LoanMart Car Title Loans			$50,000	1 business day	Must live in AL, AZ, IL, MO, NM, SC or UT. Must have verifiable income, car value of at least $1,500 and a vehicle that is paid-off or close to being paid-off.	A LoanMart auto title loan allows you to borrow money against your car, even if you have bad credit.	More Info		loading Fetching your data...
Finova Financial Auto Equity Loans			$5,000	as little as one business day	Must live in AZ, CA, FL, NM, SC or TN. Must own your car outright, have a valid car insurance policy and be a US citizen or permanent resident.	Short-term loans secured by your car title. Repayments accepted through MoneyGram if you don't have a bank account.	Go to site More Info		loading Fetching your data...

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Is it safe to apply with LoanMart?

In general, yes — LoanMart works in accordance with lending and finance laws in each of the states it lends in. It also 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 an auto title loan from LoanMart

LoanMart allows borrowers to apply online, over the phone or at a LoanMart location. To get started online, follow these steps:

1. Click the Go to Site button to be redirected to LoanMart’s website.
2. Select your vehicle’s year, make, model and mileage. Then select your state of residence.
3. Review your preapproval offer.
4. Enter your full name, phone number, email and ZIP code.
5. Read LaonMart’s disclosures, then click I Want My Cash.

LoanMart will provide you with an appointment number and instruct you to call for next steps. If you’re able to provide all the required documents and visit a branch, LoanMart may be able to fund your loan on the same day you apply.

What documents do I need to apply?

To complete your application, have these documents ready:

• Year, make, model and mileage of your vehicle
• Proof of income
• Proof of residence

You can provide these documents by fax, email or by sending pictures.

How do repayments work with LoanMart?

LoanMart offers multiple repayment options, including paying by ACH transfer, check and through MoneyGram. You can keep track of your loan through LoanMart’s mobile app, and you’ll receive monthly billing statements to remind you when your payment is due.

Keep in mind that your loan may be costly and that your payments will mainly go toward interest. If you’re unable to repay your loan, you risk having your vehicle repossessed. Contact LoanMart if you have any questions or concerns about your title loan.

Not sure about LoanMart? You can browse other short-term loan options to find the best solution for your needs.

Are payday loans available in my state?

Frequently asked questions

• 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 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.

• 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.