LoanMart Car Title Loan Review

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Written By

Updated on Wednesday, January 15, 2020

LoanMart
APR

30.00%
To
199.00%

Credit Req.

Not specified

Terms

Up to 60

months

Origination Fee

Varies by state

LEARN MORE Secured

on LoanMart’s secure website

LoanMart auto title loan details

Terms

Fees and penalties

  • Term lengths: Up to 60 months
  • APR range: 30.00% - 199.00%
  • Loan amounts: $2,600 - $50,000
  • Time to funding: As soon as 24 hours after submitting required documentation
  • Credit check:Poor-credit applicants will be considered
  • Origination fee: Varies by state
  • Prepayment fee: None
  • Late payment fee: Varies by state
  • Other fees: DMV charges possible in some states

LoanMart product details

LoanMart offers auto title loans at a lower interest rate than most of its competitors, but they are still an expensive form of credit. To secure your loan, you will have to sign over the title of your vehicle as collateral. It’s easiest to do this if your car is paid off, but you may still qualify if you have a few payments left depending on your vehicle’s equity.

The APR you are charged will include any origination fees, as well as possible Department of Motor Vehicle fees, though these do not appear to be excessive. If the title is in your name and you’re looking to get a loan, LoanMart will contact the DMV on your behalf.

One of the most noteworthy things about LoanMart’s auto title loans is its terms. While many auto title loans require you to pay back your loan within a month, LoanMart gives you up to five years. Its term lengths are more in line with what you would find with an unsecured personal loan. And your car can be repossessed with an auto title loan, which makes unsecured personal loans preferable. Not everyone will qualify, though.

Eligibility requirements

  • Minimum credit score: Not specified, though LoanMart says almost anyone can qualify for its car title loan
  • Minimum credit history: You can still qualify if you have poor credit or a bankruptcy on your record, but it will most likely to impact your APR
  • Maximum debt-to-income ratio: Not specified

The primary thing you’ll need when applying for a car title loan from LoanMart is a vehicle. While your credit history will be evaluated, a bad credit history won’t necessarily disqualify you like it does with other lenders.

You must also be a resident in one of the states in which LoanMart issues auto title loans:

  • Alabama
  • Arizona
  • California
  • Missouri
  • New Mexico
  • South Carolina
  • Utah

Applying for an auto title loan from LoanMart

  • Fill out an application: You can apply online, via phone (855-422-7412) or at a LoanMart location.
  • Receive a quote: Within an hour of submitting your application, you should receive a quote — if you’ve been approved — with the amount you are able to borrow.
  • Submit documentation: If you move forward, you will need to submit documentation to support your application. This includes a government-issued ID, your car title, proof of income and proof of residence.
  • Sign and cash: After you submit your documentation, you will sign the final paperwork. You can then choose to receive your money electronically, via paper check or in person at a LoanMart location. You may also be able to pick up your funds through MoneyGram at select Walmart locations.
Pros and cons of a LoanMart auto title loan

Pros:

Cons:

  • Longer loan terms: LoanMart loans can be repaid over up to 60 months. Many car title loans are extremely short, ending within 15 to 30 days.
  • Lower APR: LoanMart’s APR offerings can be notably lower than other auto title lenders.
  • Quick turnaround: LoanMart will provide funding in as few as 24 hours if you submit the necessary documents and signatures by 2 p.m. Pacific time on a business day.
  • Credit reporting: LoanMart reports your payments to two of the three major credit bureaus: Experian and Equifax. This can help you rebuild a positive credit history.
  • Expensive form of borrowing:  Even the lowest APR available through LoanMart is higher than what you’re likely to be offered via an unsecured personal loan with another lender.
  • You could lose your car: If you can’t repay your loan, you could lose your vehicle.
  • Limited availability: LoanMart only issues title loans to residents in 7 states.
  • Amount you can borrow depends on your car: Newer cars with a clean title will yield a higher offer from LoanMart than a vehicle of an earlier model year with a rusted-out bottom. That’s good news if you have a newer vehicle, but potentially disappointing for everyone who does not.

Who’s the best fit for a LoanMart auto title loan?

If you have no other options and are determined to take out an auto title loan, LoanMart is one of your better options:

  • APRs are clearly advertised
  • APRs for qualified applicants can be lower than the competition depending on the state in which you live
  • Your credit history plays less of a role; if it’s poor, though, you’re likely to end up at the higher end of the APR range

Auto title loans are an expensive form of borrowing. While LoanMart can be preferable to other lenders in its space, that doesn’t change the fact that you should explore all other options before putting up the title of your car as collateral for fast cash.

LoanMart consumer reviews

Borrowers have ranked LoanMart a 4.3 out of 5 (53 reviews) on LendingTree, which owns MagnifyMoney. That ranking does include customers that have used its other products, such as personal loans or auto refinance.

Borrowers praised the ease of the application process with LoanMart, and the assistance provided by loan officers. Dan from Tucson, Ariz., wrote: “They were all very nice and the process moved very quickly. I had my loan in less than 24 hours. I would use them, again.”

Negative reviews cite not being approved after submitting documentation or rising APRs after documentation was reviewed. If you are applying for an auto title loan from LoanMart, be aware that your quote is not set in stone until after your loan officer has reviewed your documentation.

LoanMart FAQ

Yes. You don’t need to have to have a job to qualify for an auto title loan from LoanMart, but you need income. This income can potentially come from retirement, disability or Social Security benefits. You can also qualify with a cosigner.

If there is an “or” between the names on the title, you can apply like normal. If there is an “and” between your names, both of the owners will need to be on your LoanMart application. If your title reads “and/or,” you will need to contact LoanMart to guide you through the process.

You don’t need a bank account unless you are trying to prove self-employment income or you would like your funding deposited directly into your account.

Typically, your first payment is due 30 days after your funds are disbursed.

You can pay via the mobile app, online, with Automated Clearing House (ACH) auto payments, paper check via mail, over the phone or in person at a LoanMart location.

Worst-case scenario, your car is repossessed. But if you can’t make an on-time payment, LoanMart encourages you to contact them right away to work out an alternative.

Besides auto title loans, LoanMart offers high-interest, unsecured personal loans. LoanMart personal loans do not offer competitive terms.

You can spend this money on whatever you’d like. However, with the lowest possible APR at 30.00%, the bill or circumstance has to be dramatically dire to justify the costs of financing.

One may be requested if you take out a loan for $10,000 or more.

LoanMart subtracts the remaining balance on your traditional auto loan from the current market value of your vehicle if you still owe car payments.

Alternative loan options

LendingPoint

APR

9.99%
To
35.99%

Credit Req.

585

Minimum Credit Score

Terms

24 to 48

months

Origination Fee

0.00% - 6.00%

SEE OFFERS Secured

on LendingTree’s secure website

LendingPoint is an online lender that targets borrowers with fair credit, and allows borrowing up to $25,000.... Read More

LendingPoint offers personal loans rather than title loans. These loans hands-down beat LoanMart loans, whether you’re considering a LoanMart personal loan or title loan.

LendingPoint’s APR offerings are substantially lower, and you can borrow a larger amount of money when compared to LoanMart’s unsecured personal loans — up to $25,000.

However, you do need to have a credit score of at least 585 to qualify for a loan from LendingPoint, where LoanMart’s credit requirements are more flexible (at a cost).

Upstart

APR

8.69%
To
35.99%

Credit Req.

620

Minimum Credit Score

Terms

36 or 60

months

Origination Fee

Up to 8.00%

SEE OFFERS Secured

on LendingTree’s secure website

Upstart is an online lender created by ex-Googlers.... Read More

Upstart connects borrowers with partner lenders for unsecured personal loans.

Again, unsecured loans are usually preferable to title loans, and Upstart’s rates are superior to LoanMart’s. It also allows you to borrow outside of the range offered by LoanMart. With Upstart, you can potentially borrow as little as $1,000 and as much as $50,000.

Upstart’s credit standards may be higher than LoanMart’s, but it does strive for some flexibility. Besides your credit score, Upstart looks at your:

  • Education
  • Area of study
  • Career history

LendingClub

APR

10.68%
To
35.89%

Credit Req.

Not specified

Terms

36 or 60

months

Origination Fee

2.00% - 6.00%

SEE OFFERS Secured

on LendingTree’s secure website

LendingClub is a great tool for borrowers that can offer competitive interest rates.... Read More

LendingClub’s most comparable product to LoanMart’s auto title loans is its unsecured personal loans, which come with lower rates but higher credit standards.

LoanMart can get you your money in one day, while LendingClub will take at least four. LoanMart can also loan you up to $10,000 more than LendingClub. Regardless, there will be very few circumstances where it wouldn’t be worth applying with LendingClub for its competitive APRs.

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