Most Frequently Asked Questions about Auto Title Loans in California
Q. What is an auto title loan?
An auto title loan is a secured loan that uses the equity value of one’s qualified vehicle as collateral to secure the loan. When someone gets an auto title loan, the lender adds their name to the customer’s vehicle title. This is called a “lien.” The amount that is borrowed is based on the equity of the qualifying vehicle, the customer’s ability to pay the loan on time each month and several other factors. The lender will immediately remove their name from the customer’s vehicle title when the auto title loan is paid in full.
You keep your vehicle and drive it exactly as you normally would as long as you make regular monthly payments on time.
Q. What do I need to apply?
Customers will need to meet these criteria in order to apply for an auto title loan in California:
- Own a qualifying vehicle with a free-and-clear title.
- Be a California state resident.
- Have sufficient income to cover payments. This could be from employment, pension, disability, retirement, self-employment or Social Security.
- Have a valid driver’s license or state-issued photo ID.
More information may be required from a customer depending on the amount they wish to borrow and the customer’s individual situation.
Q. How much money may I be able to borrow?
In California, our qualified customers are able to borrow between $2,510 to $50,000 based on multiple factors, the main two being the equity value of the qualifying vehicle and the ability of the customer to pay the auto title loan on time each month.¹ ⁵ There is no obligation to accept your maximum approval amount. If you qualify, one of our helpful auto title loan agents will provide you with information so you may make an informed choice on the amount of money to borrow.
The minimum and maximum amount that customers may receive from an auto title loan in California is determined by state and federal regulations.
Q. What if I have poor credit?
You may still be able to receive funding if you have poor credit.¹ We do check your credit, but we do so to make sure you are not in active bankruptcy, credit counseling or in danger of defaulting on the auto title loan. To find out if you qualify, you may apply for free by using the online information request form on our website or by calling us toll-free at 888-578-5449.
Q. Can I get an auto title loan if I have filed for bankruptcy?
You may still be eligible for an auto title loan through our services if you have filed for bankruptcy in the past. However, you may not be eligible if you are currently filing for bankruptcy.
Q. Can I get an auto title loan if my vehicle isn’t fully paid off?
Possibly, but there are determining factors. The best way to find out if your vehicle qualifies is to apply for an auto title loan and speak to one of our auto title loan agents.
Q. May I pay off my auto title loan early?
Absolutely! In fact, we encourage it. LoanMart does not charge penalty fees for early payments on your auto title loan.
Q.What happens if I default on my auto title loan?
Defaulting on your auto title loan may result in your vehicle being repossessed; however, we will do our absolute best to work with you in order to keep you on track with your payments. The best thing to do is call us if you ever think you will be late on a payment, so that we may work with you to find a suitable solution. Just as with any loan, you are required fulfill your obligations as stated in the loan terms.
Q. My question is not on this list. . .
If you have any additional questions or concerns about auto title loans in California, feel free to ask one of our knowledgeable auto title loan agents who are ready to assist you Monday through Sunday. Just call our toll-free number at 888-578-5449.