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As part of Wheels Financial Group LLC, LoanMart provides car title loans in the states of California, Arizona, New Mexico, Utah, Missouri, Illinois, Alabama, South Dakota, and Wisconsin. Founded at a pawn shop in Sherman Oaks, CA in 1999, LoanMart is now the top car title loan provider on the West Coast, with more than 150,000 customers throughout the country. We were pleased to see that their "A" rating with the Better Business Bureau is further evidence that LoanMart is a reputable source for car title loans.
As with most car title loans, interest rates are high at LoanMart, ranging from 60% to 180% APR. Further fees were harder to determine, but from what we were able to find on specific state disclosures, you can expect additional fees of approximately 5% of the total of your loan, to cover application and origination costs.
LoanMart allows you to apply for your car title loan online or in person at a local participating store. Whichever route you choose, you should expect the application process to take around five minutes and to get your cash in 24 hours or less, via cash, check, or wire transfer. You can borrow up to 120% of the equity in your vehicle, more than any other auto title lender in our review.
We also like LoanMart's unique "Five Day Peace of Mind Guarantee". If you change your mind within five days of taking out your car title loan, you can return the funds at no cost (LoanMart waives the application fee and any other charges).
LoanMart is a great choice for your car title loan - if you happen to live in one of the nine states they serve. We would gladly increase their rating if LoanMart expands into more states, to better serve a wider range of customers.
Loan Auto Title, at first glance, looks like a good choice to begin the process of applying for an car title loan. The site is simple to use, attractive, and gives easy-to-understand information on how car title loans work.
Unfortunately, that's where the helpful information stops. On the Rates & Fees page, the sum total of the disclosure consists of "it depends", in essence. Without disclosing your personal information, including your phone number and email address, you will have no way of knowing even a range of possible interest rates charged by Loan Auto Title. Most competitor lenders at least tell you a minimum and maximum range to expect.
Digging further into the fine print, we also found that Loan Auto Title is a referral service only, with loans sent to an LLC under the name of Nesmetaju. According to the site, this LLC is based in California. However, as we researched it more deeply, it appears to be a business located in St. Kitts and Nevis, not in the United States. Nesmetaju LLC is affiliated with several other lending sites, many of which have an "F" rating with the Better Business Bureau.
We like that Loan Auto Title claims to offer late fee forgiveness, provided that consumers communicate openly with the lender to ask for a limited waiver of fees under certain circumstances. But, given the other issues we found, we were left wondering if that perk would actually be offered to customers who went through and got an car title loan with Loan Auto Title.
With so little information available - and such discouraging information about the background of Loan Auto Title - this company earns low marks. We recommend looking at one of our higher rated companies for your car title loan needs.
Car Title Loans
To help you find the Best Car Title Loans, TopConsumerReviews.com provides you with an in-depth comparison of Loan Mart and Loan Auto Title.
Car title loans help millions of people to quickly access cash in times of need. In today's economy, not everyone is fortunate enough to have money in savings or a generous friend or relative from whom to borrow. When unexpected bills arise, such as an expensive car repair or visit to the emergency room, it can be challenging to find the funds to pay them. Car title loans use your vehicle's title as collateral for a short-term loan, while still allowing you full use of the car for all of your everyday needs. When you repay the loan, the title is returned to you, hassle-free.
Why do some people choose car title loans over other ways to borrow money? First, most car title loans are available to customers who don't have high credit scores. Also, the amount of an car title loan is based on the value of the vehicle, so some car owners can get more money than with other types of loans, if they have a car that's worth more.
However, car title loans have some disadvantages that you should consider. The main caveat is that if you do not repay the loan, you will lose your car as the lender will effectively be the new owner. This can jeopardize your ability to get to work, school, or other important destinations. Equally disadvantageous are the high interest rates charged by most car title lenders. Obviously, car title loans are a last-resort way to borrow money, given the high fees and the risk of losing your vehicle.
Still, being able to get the cash you need to pay overdue bills or for other pressing needs is important. When evaluating different car title loans, make sure to keep in mind the following:
TopConsumerReviews.com has reviewed and ranked the best Car Title loans available today. We hope these reviews help you find the right title loan for your short-term financial needs!
Car Title Loans In The News
In life, a financial emergency can arise in many ways. Whether you are late on bills, facing an unforeseen expense from a medical emergency or damage to your home or other property, or need money for ...
Published: Tue, 15 Jan 2019 08:39:00 GMT
Car title loans can have a pretty bad reputation depending on who you ask. They are often compared to payday loans when it comes to high interest rates, predatory nature, and the fact that they are pr...
Published: Sun, 13 Jan 2019 07:57:00 GMT
An auto loan is a contract in which a lender agrees to finance your new or used vehicle purchase, and you agree to pay them back with a set monthly payment for a certain number of months. The lender r...
Published: Fri, 11 Jan 2019 12:10:00 GMT
The National Motor Vehicle Title Information System ... repair shop Mahoney said he needed to sell the car and pay off the loan so he could qualify for a home mortgage. He says the field office ...
Published: Thu, 17 Jan 2019 18:29:00 GMT
First-time Registration - If you have a new purchase and you have a loan on the vehicle, once we have the title work in the computer you can go on line and register your vehicle and plates will come i...
Published: Tue, 15 Jan 2019 20:38:00 GMT
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