LoanMart Explains How Auto Title Loans Work
Auto title loans are a type of borrowing that allows customers to dip into the equity of their vehicle. Approvals are based primarily upon the vehicle value and the consumer’s ability to repay the loan, rather than the customer’s credit score, which gives LoanMart the freedom to offer funds to most potential borrowers.
Since the vehicle’s title acts as collateral, this significantly reduces the risk, which, in turn, lowers the interest rates. This makes title loans an appealing alternative to fast-cash and payday loan advances.
Ideal Candidates for Auto Title Loans
Auto title loans are especially ideal for borrowers with a less than perfect credit score, an urgent cash need or anyone unable to borrow based upon their income. If a low credit score or unfortunate financial situation has caused traditional lenders and banks to turn you away, LoanMart may still be able to find you the money you need.
How Title Loans Work
With LoanMart, there’s no need to give up your car! You may be able to get the cash you need, keep your vehicle and continue to use it on a regular daily basis as long as you make your scheduled payments. LoanMart only holds the title while you’re repaying the loan. This means there’s no change or disruption added to your day-to-day life and when the loan is repaid, your title is returned to you.
To get an auto title loan you typically only need to have a vehicle in your name that’s either paid off or is close to being paid off. There are a few other requirements; for example, the vehicle must have enough value and be in good condition, but most borrowers are approved for the money they need.
Fortunately, by selecting an experienced lender like LoanMart, the process is relatively straightforward. If the vehicle qualifies, we will need to confirm you’re the rightful owner and from there we can move forward with the borrowing process. Processing and Payment
Once the car has been assessed and the application completed, the loan can be finalized for funding. Once approved, loans can be processed the same day and the money issued as cash or overnight via direct deposit or check. Auto title loans are processed quickly and with little stress or complications, making it an ideal choice for emergency costs that require immediate payment.
The repayment terms of the loan are agreed upon during the application process. Borrowers are typically given anywhere between 2 to 4 years to repay the loan, allowing you to come up with a repayment plan that suits both your budget and your needs.
The first payment is due one month from the date of funding, with subsequent payments being due on a monthly basis until the loan is repaid. There are no penalties for paying the loan off early and you’re able to change the due date if it’s inconvenient to your payment schedule.
After the loan is repaid, the title is returned to you and you maintain full ownership of the vehicle. No stress, no hassle, just fast, affordable funding solutions to satisfy your urgent cash needs!