Learn More About How Title Loans Work in Louisiana
There are many different types of loans available to you as a resident of Louisiana. When your budget can’t be stretched this month, you may be considering all of your financial options. One such option you may have come across is a title loan! If you are looking for a way to make ends meet, a title loan could be just the right solution for qualified borrowers.1
But, how do title loans work? If you happen to have a valuable car in your name, you may be able to qualify for a car title loan in Louisiana!1 Keep reading to learn more about title loans and your chance to be eligible for one today online or over the phone.
Find out How Title Loans Work in Louisiana Today
Car title loans can allow a qualified applicant to utilize the equity in their car and turn it into cash. The more available equity you have to borrow from, the more you can potentially access through a loan amount with a title loan! In terms of vehicles, equity is just the difference between what the market value of your car is and what you potentially owe on it, if at all.
Title loans are secured loans, making the application experience different for borrowers with subprime credit. The title of a qualifying car is the collateral for the loan, which allows a borrower to access their car’s equity. Since collateral is used, the risk of lending to a borrower without perfect credit is minimized! That can make title loans accessible to borrowers from all kinds of financial backgrounds.1
When most residents of Louisiana explore a title loan, they often wonder-how do title loans work? Do you lose access to your car? While you are using your car’s title to secure the cash and a lien is placed on it, you do not necessarily have to give up your normal driving privileges. Just make your payments on time each month to avoid relying on Uber! The lien on your title will be removed once the loan has been paid off in full. Until then, be a responsible borrower and make your title loan payments on time! It can be that simple.
Learn More About How Title Loans Work and What Documents You Need to Qualify
Applying for a loan can seem like a stressful process. Typically, when you think of applying for a loan, you think about gathering up the right paperwork and heading off to the bank. But what if there is an easier way to inquire about the cash you need? With a title loan from ChoiceCash, you can conveniently submit your documents from the comfort of your home. These documents may be ones that you already have lying around the house!
It is essential to know how title loans work in Louisiana to qualify for a car title loan. These documents are required, but they do help verify your information and speed the approval process along. As a resident of Louisiana, you can expect to need these documents handy during the inquiry process for a car title loan:
- Proof of a Louisiana Address: While title loans can be a great financial resource to utilize, they are not available in every state. You can use a recent utility bill, bank statement, or even a recent credit card statement to prove your Louisiana address.
- Proof of Valid, Government-Issued Identification: A driver’s license, passport, or even a military ID can be used to prove your identity.
- Recent Photos of the Vehicle: One of the requirements for a car title loan is a vehicle inspection. While some title loan options will require the inspection to be performed in person, others do not. With a ChoiceCash title loan serviced by LoanMart, you can access an in-person inspection during the inquiry process! That can save a ton of time and money and gas. Just submit a few photos of your vehicle to bypass an in-person vehicle inspection! Take clear pictures of the car’s back, front, sides, and odometer, as well as the VIN.
- Vehicle Title: At the time of the inquiry, the car title must be in your name. This is because you aren’t able to leverage an asset that isn’t yours! If the car is close to being paid off, you may still be able to use it as collateral for a title loan.1 If the vehicle title is not in your name or it has been misplaced, make sure that you notify a title loan agent with ChoiceCash. They may be able to help you find out how to transfer the title to your name or request a duplicate title at your local Office of Motor Vehicles.
- Proof of Income or Alternative Income: To qualify for a car title loan, you must be able to show that you can meet the payments each month. However, you do not need a 9-5 job to do that! Alternative forms of income can also be accepted. Just provide recent bank statements, pay stubs, or even disability benefits to prove your income.
One of the most convenient aspects of a title loan with ChoiceCash is that you can submit these documents online! Just snap a few photos of them with your smartphone, or fax them in. There is no need to gather your paperwork up and head to a bank to apply for the cash you need.
What are the Requirements for a Title Loan in Louisiana?
Are you thinking of applying for cash through a title loan? If so, you may be wondering- how do title loans work in Louisiana, and what are the requirements? Luckily, the initial requirements for a car title loan in Louisiana with ChoiceCash are simple and straightforward1:
- Age Requirement: A loan is a huge financial commitment and decision. The initial requirement for a title loan is that an applicant must be at least 18 years of age or older. Even if you are 17 turning 18 in a month, you will need to wait until your birthday to apply for a car title loan in Louisiana.
- Income Requirement: While a 9-5 job is not required to apply for a car title loan, some steady income source is. There are many different ways to earn a living, so there are many types of income that can qualify as proof of income for a car title loan.1
- Vehicle Requirement: To qualify for a car title loan in Louisiana, you must have a qualifying car. Typically, a qualifying car just means a vehicle that is paid off or close to paid off with a considerable amount of equity to borrow from.
Do I Need a Specific Car to Qualify for a Car Title Loan in Louisiana?
It is common knowledge that newer cars will have more value than most older cars in the car industry. But, you don’t need a new vehicle to qualify for a title loan in Louisiana! There is no all-inclusive list of cars that make the cut for a title loan, and since many different kinds of makes and models have equity, there can’t be!
The term equity in reference to a car is just the difference between the market value of a vehicle and what is currently owed on it. The less of a difference there is, the more potential there is for your car to have positive equity! There are a few factors that will contribute to your car’s current equity:
- The Year the Car was Manufactured
- The Mileage on the Odometer
- Any Modifications or Alterations to the Vehicle
- The Condition of the Vehicle
- The Make, Model, and Style of the Car
Not sure how to calculate the equity of your car? Don’t worry! You don’t have to do the hard work yourself. ChoiceCash has an online calculator tool available for title loan borrowers to find an estimate of their car’s equity. If you have any questions about your eligibility for a title loan or your vehicle’s equity, call a title loan agent today at 855-277-4847.
How Do the Title Loan Benefits Work in Louisiana?
If you are stuck in a tough financial situation, your primary concern is about the cash you need. With a title loan from ChoiceCash, however, did you know that you can access more than just quick funding?1 While qualified borrowers can get their funds in as little as 24 hours, there are more benefits to take advantage of1:
- Payments That May Decrease2: This loan option comes with exclusive financial rewards for you to take advantage of!2 By simply being a responsible borrower and making your loan payments on time, you can take advantage of this chance to get rewarded.2 Each month, your interest rate and monthly payment may decrease if you qualify for this reward.2
- Competitive Rates1: The interest rates with a ChoiceCash title loan serviced by LoanMart are competitive right from the start!1 Interest rates are the cost of borrowing money, and they are one of the most important aspects of your loan.
- Transparency: With a ChoiceCash title loan, serviced by LoanMart, you can expect transparency throughout the process. Therefore there are no hidden fees or balloon payments to be wary of.
- Quality Customer Service Agents: You can expect compassionate and helpful service with a title loan from ChoiceCash. Title loan agents are available six days a week for extended hours to answer any and all questions you may have about the title loan process!
How Does the Approval Process for a Title Loan Work in Louisiana?
Now that you have learned more about how title loans work in Louisiana, it’s time to find out how to inquire about one! Fortunately, the process does not have to be complicated. A title loan from ChoiceCash can be convenient and simple to inquire about online or over the phone.
Take a look at the simple, three-step process to inquire about a car title loan with ChoiceCash:
- Choose to Inquire Online or Over the Phone: Ready to get started? The first step is to complete a prequalification form online or over the phone with a title loan agent. Either step can take no time at all to complete!1 The approval process has been streamlined for your convenience.
- Submit the Right Documents: If you are prequalified, the next step is to submit a few documents. A title loan agent will reach out and request a little bit of paperwork from you. These documents will help verify your information and speed up the process further!1
- Find Out How Much Money You Qualify For1: This is the last step of the approval process! If you are qualified for a car title loan, the next step is to sign your title loan agreement and collect your cash.
How Does the Repayment Process for a Car Title Loan Work in Louisiana?
Now that you know how to apply for a car title loan in Louisiana, you may be curious about the repayment process. There are a few different ways for you to repay your title loan. Pick the repayment method that is most convenient for you!
Through a ChoiceCash title loan, serviced by LoanMart, there are multiple options for repayment, such as:
- Pay Over the Phone Using A Credit Or Debit Card
- Pay Online Through the Online Account Portal
- Sign Up For Automatic Payments Using Your Bank Account
Want to repay your title loan quickly? There are a few things you can do to become a financial pro and make your payments on time. The first thing to do is set up autopay on your accounts. This can help you avoid late payments as much as you can, outside of other circumstances. Additionally, another method you can use to keep yourself on top of your finances and pay your loan down quickly is to implement the 50/30/20 rule into your budget. This type of budget allows you to prioritize your spending and focus on the necessities. If you do not already have a budget in your life, check out how to make one here.
Don’t Wait to Learn More About How Title Loans Work in Louisiana
Now that you know more about how title loans work in Louisiana, the last step is to find out if you qualify for the cash you need! With a title loan from ChoiceCash, it can take no time at all to see if your income and vehicle meet the criteria for cash.1 Get started on your car title loan in Louisiana by visiting the website today. Or, give a title loan agent a call at 855-277-4847!