In three easy steps you can get a car title loan at 800LoanMart.com. You are able to keep driving your car and they will hold the car title as collateral until you pay off the loan. You can also obtain a Signature Loan without having to use your vehicle as collateral. 800LoanMart is one of the largest auto title loan companies in California servicing California, Arizona, Utah, Illinois and New Mexico.
You can get a loan quickly by applying online or by phone and with no additional processing fees and they will help you get an auto title loan regardless of your credit history. If your car is not paid off and you wish to obtain an auto title loan, they will assist you in paying off your car with a portion of the loan. If you apply for a Signature Loan, you must have a FICO score of 620 or higher.
After submitting an application they will contact you and request faxed documents based upon the loan selected. These documents include a photo id, income verification, a bank statement (if you are self-employed), a voided check, and six personal references. Once approved, the final contract can be sign electronically and they can wire you the money that same day or pick up the money at one of their locations. If for some reason you are not able to use the internet or are not close to any of their locations, they will come out to you and provide you with the help to get a loan.
The amount of the loan depends on if you have applied for an auto title loan or a “Signature Loan”. Auto title loan amounts vary depending on the state in which you reside as well as the current value of your car at the time of the loan. They can lend up to 85% of the value, including equity, of your vehicle. For a Signature Loan, they will lend $2,600.00.
Because state loan regulations are different, the amount of a loan and the interest rate for the loan will vary. In Utah and Illinois loans the minimum loan amount is $1500.00, in California the minimum is $2510.00 and in Arizona and New Mexico loans start at $750.00. The interest rate applied to these loans can range from 60%-180%. 800LoanMart typically offers loans that can be paid off in 12-36 month and there are no prepayment penalties.
There are some benefits if you decide to borrow money from 800LoanMart. One benefit is that they report to credit bureau agencies. If you make timely payments it can boost your credit rating. Another benefit of getting an auto title loan, in comparison to a payday loan, is the length of time you have to pay off the loan. Since payments are distributed over a longer span of time, monthly payments are lower and are more affordable. In addition they also send you a bill every month so you don’t forget to make a payment.
There only seems to be a few drawbacks, all of which can be avoided. First off, if you don’t opt-out of their marketing program they may share your information with other companies who solicit financial products and services to you. The second drawback is that if you don’t make your payments, you are likely to be reported to the credit bureau agencies which will reflect negatively on your credit. In addition, if you don’t make your payments they have the right to repossess your car.
If you are in desperate need of cash this can be a viable option as long as you make your payments on time. You have the potential to increase your credit score, pay off your car and receive the money you need, an all-in-one package deal.
Within the last three years 800LoanMart has had 170 closed complaints with the Better Business Bureau which means they are in decent standing.