Due to the recent inflation rise, many Americans are feeling their wallets tighten more than they can afford. When the cost of living drastically increases but your paycheck remains the same, paying for rent, groceries, or utilities can feel impossible.
You risk lowering your credit score when you start missing bills and other scheduled payments. A lower credit score means applying for traditional loans, jobs, housing, or cars can be much more challenging. You may face huge interest rates or hidden fees if you obtain approval. This result can cause more stress in a person’s life than it ends up helping!
With an online car title loan, you can inquire about funding from the comfort of your home using the online portal through LoanMart! The amount of cash a qualified borrower may receive can depend on several factors, including how much value is in your vehicle and if you have the income to repay the loan.
Learn more about how loan amounts are calculated during a title loan serviced by LoanMart. Start your inquiry today by filling out the pre-approval or calling to speak with a representative. But, you might be wondering- how much cash can I get with a LoanMart title loan? What are the options for title loans near me? Keep reading to learn more!
How Do Online Title Loans Work?
Before understanding cash amounts with online title loans, it’s essential to understand precisely how this financing option works. With a title loan, borrowers can leverage the available equity in their vehicles in exchange for funding from a lender. Using the car’s title as collateral for money, people can access a percentage of the car’s equity to obtain quick cash.
Lenders will place a lien on the vehicle title if you meet the initial requirements and obtain approval. The lien is removed after repayment is complete. This option is secured because an asset is on the line if the money isn’t paid back. Unsecured loan options do not handle physical collateral– instead, they look at a person’s credit history when determining approval.
Your credit score will be looked at during an inquiry for a title loan, but there are other focuses of approval. Instead, lenders care about how much equity is in your vehicle and if you have the income to pay the money back.
Why Is Car Equity Important During a Title Loan Inquiry?
Your car’s equity can be a significant factor in your approval and possible loan amount during a title loan serviced by LoanMart. That’s because car equity is what lenders look at when determining how much your vehicle is worth and how much cash to give out. They can legally repossess the car to make up for lost profit if you don’t repay your loan.
If you are still wondering how much cash you can get with a LoanMart title loan, the answer is it depends! When it comes to loan amounts, this number can vary depending on your circumstances. In some cases, qualified borrowers can receive anywhere from 25-50% of their vehicle’s equity in cash. That could be anywhere from $1,000-$10,000, depending on your state, income, and vehicle value.
Determining your car’s equity can be simple. First, you must figure out how much your vehicle is worth overall. You can use websites like Kelley Blue Book to receive an estimation. Next, you must subtract how much you still owe on the vehicle in payments. If your car is being financed and you owe more than its total worth, you may have negative equity and not qualify for a title loan.
How Quickly Can I Receive Cash With a Title Loan From LoanMart?
One of the great things about a title loan is that you can receive access to cash within the same business day as inquiring! However, you need more than just a qualifying car title in your name to obtain approval. You must meet the initial requirements and submit the necessary documentation via email or fax.
The requirements involved can be simple to meet, making this option accessible to people from all walks of life! For a title loan, you must:
- Be an Adult at Least 18 Years of Age or Older
- Have a Qualifying Vehicle Title in Your Name
- Have a Qualifying Vehicle Title With Some Positive Equity
- Submit Consistent Income Proof
If you can meet these criteria and submit the correct paperwork, obtaining approval and cash for a title loan can be quick! The final step is determining how you want to receive the money. You can choose to:
- Have the Money Directly Deposited Into Your Bank Account
- Receive a Check in the Mail
- Visit a Participating Money Transfer Location in Your Area
The best way to determine how much cash you can get from a LoanMart title loan is by beginning the inquiry process! Start today by filling out this pre-qualification form or calling to speak directly with a title loan agent.
You may be interested in: Importance of Life Insurance Calculator
