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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
The woman also took out a loan on the title to the family car and borrowed from other short-term lenders. By the time she came to the Valencias for help, the debt had ballooned to more than $10,000.
Published: Tue, 13 Nov 2018 08:08:00 GMT
Among them, there could be a lien on the vehicle for a car loan that would need to be paid before the car ... Also, there could be delays if there's trouble getting a duplicate title because the old t...
Published: Tue, 13 Nov 2018 06:45:00 GMT
When you refinance, the lender writes you a check to pay off your old loan at a lower rate, and you begin making payments to your new lender. Your car's title is transferred from the old lender to the ...
Published: Wed, 07 Nov 2018 00:27:00 GMT
Yesterday, the court reversed course in the lawsuit filed by two industry trade groups challenging the CFPB's final payday/auto title/high-rate installment loan rule (Payday Rule). On its own initiati...
Published: Wed, 07 Nov 2018 11:15:00 GMT
With over 20 years in the business of providing financial credit deals to residents of California, Fast Money Car Title Loans provides you with that back-up option to make sure that your plans stay on ...
Published: Fri, 09 Nov 2018 07:09:00 GMT
If you find yourself in a financial bind, you may want to think about taking out a car title loan. Assuming that you have enough funds to quickly pay off the loan without straining your budget, they c...
Published: Tue, 30 Oct 2018 10:19:00 GMT
We took our time to look into plenty of hidden ways to save money for our customers on a day by day savings LOS ANGELES, Oct. 29, 2018 /PRNewswire/ -- As of 2018 there are millions of people having to...
Published: Sun, 28 Oct 2018 17:00:00 GMT
The Los Angeles-based lender says that, in a city where people often spend more than half of their paychecks on rent, long-term financial plans are often trumped by immediate needs. LOS ANGELES, Oct. ...
Published: Mon, 01 Oct 2018 14:05:00 GMT
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