If you’ve found yourself in a difficult financial situation, a car title loan through a reputable title loan service company like LoanMart might just be an option that can alleviate some of your urgent cash needs.

While considering your borrowing options, you might be wondering what the benefits of car title loans are. Continue reading to find out about the potential advantages that car title loans can offer, and how they may apply to you.

What Are The Primary Car Title Loan Benefits?

Car title loans can benefit their customers in many different ways to help them get over that financial hump, and get their life back in order. Here are the most common ones:

  • Fast access to cash: Auto title loans are designed to be quick. Whether processed online or offered through title loan stores, title loans are known for having a short application process, fast underwriting and fast loan closing. This means that title loans can be particularly beneficial for borrowers who have an urgent or almost immediate need for cash, for example an urgent medical bill or a past-due utility bill that would soon result in a shutoff of services.
  • Continued use of the vehicle: While title loans are secured by an asset – the vehicle – the borrower can continue using the asset while making payments on the loan. Having continued access to the vehicle is an important advantage over other secured loan options that require the borrower to surrender the asset.
  • Potential for higher loan amounts: Since auto title loans are secured by the equity value of the vehicle, title loan borrowers may qualify for larger loan amounts than they would when using other borrowing options such as unsecured loans or payday loans. A vehicle with substantial value can allow title lenders to offer larger loan amounts as the use of the car as collateral lowers the lender’s risk. This feature is particularly valuable for borrowers who are looking for a loan to help with larger expenses.
  • Flexible approval terms: Many title loan approvals come with an approved loan amount range, rather than a simple approval for just one specific amount. Being approved for a loan amount range allows the approved applicant to customize their loan to best meet their needs.1
  • Widely available: Title loans are available in numerous states, are are therefore a potential resource for a large part of the population. For example, title loans serviced by LoanMart are available in more than 20 states, including Arizona, Florida, Louisiana, Texas, and Wisconsin.

Now that you have a good understanding of the key potential benefits of title loans, let’s take a look at some of the key advantages that a title loan serviced by LoanMart may offer to you!

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What Are Advantages of Title Loans Serviced by LoanMart

In addition to the title loan benefits mentioned above, title loans serviced by LoanMart can offer some of the following additional advantages:1

  • High approval rates: title loans serviced by LoanMart offer high approval rates, giving applicants with less-than-perfect credit a good chance to qualify. While we can’t guarantee loan approval, there is never a cost of obligation to apply to find out what you qualify for.1
  • Competitive interest rates: Auto equity loans serviced by LoanMart are competitively priced. With industry-competitive interest rates, you can look forward to saving money compared to other higher-priced loan options.
  • Manageable payments: Loan serviced by LoanMart are structured with your budget in mind. Reviewing the applicant’s income and ability to make loan payments is part of the underwriting process, which is in your interest as much as it is in the lender’s interest. Title loans serviced by LoanMart are designed to keep your payment manageable and affordable.
  • No onerous bank account or store requirements: Unlike other loan options, including some auto tile loan options, title loans serviced by LoanMart do not require that the borrower has a bank account. Also, borrowers are not required to visit a loan store to apply and complete their loan!1

What Do You Need to Qualify For Title Loan Benefits?

As mentioned above, title loan are built for ease of use and convenience. In order to qualify for the advantages that a title loan can offer, you should expect to meet the following requirements:1

  • A free and clear title to the drivable motor vehicle. The equity of the vehicle is one factor that will determine your loan amount. If your title is not free and clear, don’t worry! You may qualify for a title loan refinance if there is enough equity in your vehicle.
  • A valid form of identification, such as a driver’s license, ID card, or passport, so that your identity can be confirmed as well as your legal age.
  • A proof of residence is needed to show that you live in one of the states that we service. This will usually be something like a phone or electric bill with your address on it.
  • A proof of income is needed to show that you are able to make your monthly payments without overstretching your budget.

Apply for a Car Title Loan Serviced by LoanMart Today!

So, what are you waiting for? LoanMart’s been a trusted leader in the title loan industry since 2002, having served more than 250,000 customers.2 Apply today to get qualified, and see for yourself if the advantages of an online title loan serviced by LoanMart can be of use to you!1