LoanMart

Please understand that we don’t give loans on the retail value of a car. In terms of an auto title loan, equity is the current market value of your vehicle minus any total balance on your car payments that you may have. Title loans use the percentage of the value of the vehicle and that varies based on many factors.

Interest rates vary based on credit determination, state law and loan terms. Utah Residents: The annual interest rates can be anywhere between 80% and 204%. For example, a typical loan of $2500 at 90% interest with an average term of 18 months would have a monthly payment of $257.57. The total interest on this loan would be $2136.26. The interest on a loan could also change depending if payments are late.

Auto title loans are processed a lot faster and have fewer requirements compared to traditional bank loans. Not everyone can meet a bank’s requirements or spend so much time waiting. LoanMart understands that an emergency means “now”, not a week from now. That’s why our loan process is quicker and easier.

A payday loan amount typically ranges from $100 to $300 in California. Some other states have different amounts or they may even ban payday loans all together. It is a short-term loan and has to be completely paid back in less than 31 days. Payday loans rely on specific income for their repayments (such as your next paycheck or a pending tax refund). On the other hand, an auto title loan is designed to give much larger loan amounts (thousands of dollars), and can be paid back over a longer period of time (usually 12 to 36 months). In other words, a payday loan can be seen as a temporary fix, whereas an auto title loan is designed to fulfill your longer financial needs. Title loans from LoanMart are also fully amortized. That means you have a scheduled loan payment, where if you make payments according to schedule, the loan is fully paid-off by the end of the set term. Part of your payment goes to repaying the original amount borrowed and part goes to the interest each month. Payday loans are simply one lump sum that you have to repay all at once.

They are all the same type of loan. Car Title Loans are also known by several other names including: Pink slip loans Auto title loans Automobile title loans Car equity loans Auto equity loans Cash for car title loans Title loans Auto collateral loans Title loans with bad credit

An auto title loan is a personal loan that is based on your ability to repay it and the value of your vehicle. An auto title loan is secured when a lender places their name (known as a lien) on your car title as collateral. You get to keep driving your car while paying off your loan amount. When you no longer owe any money, you get your car’s title back. An auto title loan is different from an auto pawn loan, which requires the customer to leave their vehicle at a pawn shop until their loan is paid off.