Both of these tactics can help lenders repossess your car if you default on the loan. While title loans may seem like a good idea when you need a short-term loan, they have serious drawbacks. This new loan again adds more fees and interest to the amount you already owe.
Unfortunately, borrowers on average pay more in interest and fees than the amount they borrow. A study from the Consumer Finance Protection Bureau found that, for people who have to roll over their title loans, one out of every five loans end with the car being repossessed. Title loans may be tempting as a quick way to access cash, but there are other options you should consider to avoid taking out, or rolling over, a car title loan. Title loans provide fast access to cash, but they can create serious problems for borrowers.
Before getting a car title loan, explore other options that can help you get the money you need. Read this post in Spanish. Our agents are here if you need help submitting these documents. You can fax or email them, or use your smartphone or tablet to snap pictures and send. After we get your documents, you sign the loan paperwork and choose how to get paid — electronically, with a check, or by visiting one of the participating store locations in your neighborhood.
In some cases you can even go to your Walmart money center and pick up the funds through MoneyGram. LoanMart has grown as a company to be able to offer things that the others can't — like the most competitive rates and online account access.
We even have our own DMV processing team, so you don't have to waste time waiting in long lines. We will do all we can to help you get the money you need quickly. Choosing LoanMart is a great first step in paying off your urgent expenses. You can have peace of mind knowing we are only holding on to your vehicle's title. The next step is choosing which car we will work with. If you already own a car, it just makes sense. Take advantage of the value on your vehicle.
You bought a car and now you have a valuable asset that you can use to get a fast loan. We are usually able to work with a wide variety of cars.
Cars that typically receive the most with LoanMart's auto title loans are newer, have limited damage and are connected to a clear car title. A slightly used Honda Civic, for example, would probably get you more than a Toyota that has been in multiple accidents. We want to make sure that we are able to provide you with a fair and respectable loan amount no matter what kind of car you own.
If you have any questions about your car or need some assistance during the submission process , our loan specialists are standing by to help you: call us or visit our FAQ page. Unconventional rides like motorcycles, trucks or classic cars can qualify for an auto title loan with LoanMart too. We recommend that you call us directly directly to better judge the equity of your unique vehicle.
If you own more than one car, it is important to choose the right one in order to get the specific loan you need. Although there are other factors, the main thing that determines the amount of money you could qualify for is the equity in your vehicle. With that in mind, we recommend that you first decide how much you wish to receive from LoanMart. If you think your car's market value matches the amount you hope to receive, it is a good fit.
If you have multiple vehicles, consider the amount you need, and then choose the car that is closest to that number. Choosing the most valuable car could qualify you for an amount that is greater than what you need or can afford.
In the same way, a car that is worth less may not give you enough funds. If a customer is unable to make the payments, we will do our best to work with them to avoid repossession of their car.
Our goal is to help our customers out of a financial jam without making them lose their car. This is a level of understanding that would be hard to find with auto pawn loans. We do. Our process has been streamlined to be quick and easy. Begin now so we can help get you the money you need as fast as one business day from submission. Your car can qualify for an auto title loan even if there are multiple names on your car's title.
As long as you are noted as a legal owner of the vehicle, you can submit the title for an auto title loan. A more detailed answer:. Unsecured loans are their own category of loan. We will need photos of your car to help determine its condition. Most smartphone cameras will do. Take the pictures outside in bright natural light. The clearer they are, the easier it is for us to judge the value and the condition of your vehicle. This will help us process your loan faster. Hold the camera steady and wait for it to focus well.
Make sure that reflections don't wash out the image. Make sure it shows the entire side of the car from top to bottom and front to back. Make sure the car is not too far away in the photo.
You may need to turn off your flash to avoid reflections. Take a picture of the number wherever you find it and make sure we will be able to read it. Monthly fees can be costly. Some lenders charge as much as 25 percent of the borrowed amount. The annual percentage rate APR informs borrowers how much it costs to borrow money for one year.
The lender must tell you the APR and the overall cost of the loan. Lenders issue car title loans for an amount of money over a short period of time. Borrowers obtain car title loans when they give the title of their vehicle, such as their car, truck, or motorcycle, to the lender as collateral. The borrower generally agrees to pay a fee.
Lenders usually give borrowers 30 days to repay the loan. Once you understand how title loans work, you can begin to apply for one online or at a store. How do title loans work? When you arrive at the store or contact the lender online, you show the lender a few documents.
These documents generally include an application, title of the vehicle, and a photo ID. Many lenders ask to see photographs of the vehicle or look it over in person.
Some lenders require borrowers to provide them an extra set of keys or make them buy a roadside service plan. Once the borrower agrees and signs the agreement, they must repay the loan. Look no further than TitleMax! We make getting a car title loan easy. The entire process takes as little as 30 minutes to complete. Our friendly employees assist you every step of the way. We will conduct a quick car or truck appraisal and determine the loan amount. Using this appraisal value, you could obtain the money you need while still being able to drive your car.
We will release the lien on your vehicle once you repay the loan. Our customer service representatives work with you to ensure that you receive as much cash as possible.
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