The economic crisis resulting from the COVID-19 pandemic has put a strain on many people’s finances. If you’re short on cash and own a car, a car title loan is a fast and easy way to get cash quickly to deal with an emergency.
Car title loans allow you to use your car as collateral to secure a short-term loan. Unlike many other loans, a title loan doesn’t require a lengthy approval process—often, you can get a loan in one day. Also, because you’re offering your car as collateral, you don’t need a good credit rating.
If your car value is more than the requested loan and you have proof of income, you’re likely to get a title loan. You can continue to use your car during the time you’re paying off the loan.
Nearly 2 million people take out a title loan every year. And yet, with more than 8,000 title loan companies available, how do you review the field and choose a safe and reliable service? LoanMart, which hundreds of customers have given 5-star ratings on review sites, is our pick for one of the best auto title loan companies.
What LoanMart Offers
- What LoanMart Offers
- Benefits of Using LoanMart as a Service
- How Do I Apply Through the Company?
- Eligibility and Required Information They Will Need
- States and Locations Where They Operate
- Summary of Our LoanMart Title Loans Review
LoanMart, a highly rated lender with deep industry experience, offers secured car title loans. LoanMart can provide competitive rates because you secure the loan with your vehicle. You can apply for a loan online, review the offer, and get cash on the same day.
LoanMart offers short-term personal loans that you must repay within 36 months, or within 48 months under some circumstances. The amount of the loan for which you’re eligible depends on your car’s value, where you live, and your credit rating. A loan from LoanMart is based more on the value of your vehicle than on your credit history.
LoanMart, headquartered in Van Nuys, CA, started its auto title loan service in 2002 as one of the industry’s first lenders. It now is one of the largest online platforms for people with poor credit to secure personal loans. More than 250,000 satisfied customers in the 26 states it serves have secured a loan from LoanMart.
LoanMart will review a vehicle’s age, type, and condition when determining the amount of a loan. Newer cars that are in good condition and have a clear title typically qualify for the highest loans. Other factors considered in the loan review include:
● Equity of the vehicle
● Modifications made to the interior and/or exterior of the car
● Overall wear and tear
The average auto title loan amount from LoanMart is $4,140. The average mileage of vehicles used to secure a personal loan is 153,457. LoanMart’s online process allows people to quickly review what loan amount they’re qualified to receive.
LoanMart offers interest rates ranging from a 30% annual percentage rate (APR) to a 200% APR on personal loans. Interest rates vary depending on where you live and your credit history. Loan amounts differ by state, but typically the amount ranges from $2,500 to $5,500.
Benefits of Using LoanMart as a Service
One of LoanMart’s unique features is that it gives customers up to 3 years to repay a loan. Most auto title loan companies require borrowers to pay the money back within a month. In our LoanMart review, we found the following other benefits of the business:
● Doesn’t charge a fee to review your qualification for an auto title loan
● Offers fast application approval and release of funds within 24 hours
● Provides streamlined application and transparent offer review system
● Offers assistance in securing an auto title
● Considers applicants who haven’t yet fully paid off their vehicle
● Extends loans to people with bad credit
● Allows browsers to use trucks, motorcycles, and classic cars as collateral
● Assists in processing DMV paperwork
● Considers unemployed and self-employed people for loans
● Allows co-signers
● Amortizes payments over 12-36 months with no hidden fees or balloon payments
● Doesn’t charge a fee for paying a loan off early
● Offers years of experience lending
● Allows customers to apply for loans and manage their account through the LoanMart app
Consistently excellent reviews are another reason to trust this business. Customer reviews consistently rate the company 5 stars for personal loan customer service, industry experience, and its ability to rapidly get customers their money. In an industry that often gets slammed with 1-star reviews, LoanMart has the distinction of earning an AAA+ rating from the Better Business Bureau.
● Review on Consumeraffairs.com: 4.5 stars
● Review on LendingTree.com: 4.1 stars
● Review on Trustpilot: 4 stars
● Review on US Reviews: 5 stars
● Review on Birdeye Reviews: 5 stars
How Do I Apply Through the Company?
You can apply in three ways:
● Online at www.800loanmart.com
● By making a call to customer service at telephone number 855-277-4847
● In-person at a LoanMart branch office
The loan process involves the following steps and takes less than an hour:
Step 1: Submit vehicle details and review your money offer. LoanMart’s easy online form allows you to type in your vehicle’s details, or you can call customer service for helpful assistance. You will submit the make, model, and year of your vehicle. In an instant, LoanMart will provide you with an estimated money offer.
Step 2: Provide financial info. Next, LoanMart will ask you for personal and financial information that will allow the company to calculate your interest rate. You’ll type in your income, employment history, and credit history, including your current credit score if you know it.
Step 3: Review business terms. After reviewing your financial details, LoanMart will make an offer. The personal loan offer will include:
● APR rate
● How many months you will have until the money needs to be paid back
● What, if anything, you will pay in one-time origination fees
● Late payment charges
● Policy on repossession of your auto in the event of payment default
Once you review the business terms and decide that you like the offer, you’ll sign a contract. If you’re going through this experience online or by calling customer service, it usually takes less than an hour from application to approval.
Step 4: Select payment method. LoanMart offers several ways to get your cash. It’s easy for LoanMart to transfer money into your checking or savings account. You also can get a check or have LoanMart wire the money to a MoneyGram or Walmart agent. In most cases, your money will be available within a day.
Step 5: Access your account. Once LoanMart completes your loan, you can set up your account online or through the LoanMart app.
Eligibility and Required Information They Will Need
LoanMart makes it easy for you to apply for a loan and get paid whether you have excellent, good, or bad credit. You are eligible if you own a vehicle and the title is in your name. You also have to demonstrate that you can pay back the loan.
During the application process, you’ll need to submit the following information:
● Your car’s title or registration: You’ll need to submit your car title, which LoanMart will hold for the period you have the title loan. If the car title is in someone else’s name, you’ll need to transfer the title through your local DMV. LoanMart might be able to help you get a title transfer or help get additional information if you can’t find your title.
● Pictures of your car: Instead of an in-person car inspection, LoanMart requires you to submit photos of your vehicle. The images will help the company assess the condition of your car.
● Income proof: You’ll need to submit proof of income through bank statements, paycheck stubs, Social Security statements, or other forms of proof. You might be eligible for a loan if you’re unemployed, but you’ll need to demonstrate that you can repay the loan.
● Proof of address: To prove where you live, you can submit a rental bill, mortgage statement, utility bill, credit card statement, or any other type of official document that lists your name and address.
● Photo identification: The car title loan process requires that you submit a type of photo ID. You can use a copy of your driver’s license, state ID, or passport.
Make sure you have everything needed before you start the application process. For the process to work quickly, you need to submit everything at once. If you run into an issue, call the customer support team, who will work promptly to help you complete your application.
States and Locations Where They Operate
Title loans are available only in certain states. States that allow such businesses regulate them differently. Some states provide considerable oversight that prevents lenders from charging overly high interest, while others only loosely regulate the industry.
You can get access to LoanMart’s easy online service in the following states:
- New Mexico
- South Carolina
- South Dakota
Summary of Our LoanMart Title Loans Review
In a crowded field of lenders, LoanMart is among the first you should turn to for help. Customers give LoanMart a 5-star rating for its easy application and approval experience. It’s also an industry leader when it comes to getting customers their cash fast.
A title loan typically has a high-interest APR, so it’s not for everyone. However, if you own a car and would like to get money fast to deal with an emergency expense, LoanMart is a reliable lender choice. If you would like to know more, contact LoanMart online or call 855-277-4847.