What LoanMart is and how it operates
LoanMart is a title loan lender that lends money based on the value of your vehicle. You give them the title to your car, truck, or motorcycle as collateral, and they lend you cash. If you repay the loan on schedule, you get your title back. If you do not repay it, LoanMart can take and sell the vehicle to recover what you owe.
LoanMart operates in multiple states — the exact list changes, so check their website or call to confirm your state is included. The company handles the entire transaction in person at one of their physical locations or, in some states, online. You do not explore through a bank or government program; you work directly with LoanMart's staff.
The loan amount depends on what your vehicle is worth. LoanMart appraises the car during your visit and offers a loan based on a percentage of that value — typically 25 to 60 percent, though the exact amount varies by vehicle condition, mileage, and local demand. You keep driving the car while you repay the loan; LoanMart holds the title but does not take possession of the vehicle.
Key Takeaways
- LoanMart lends money using your vehicle's title as collateral, and you keep driving the car while repaying the loan.
- The loan amount is based on your vehicle's appraised value, typically ranging from 25 to 60 percent of what the car is worth.
- Interest rates and fees are set by LoanMart and vary by state, loan amount, and repayment term — these costs can be substantial.
- If you miss payments, LoanMart can repossess your vehicle without court involvement in most states.
- You will need your vehicle title, proof of identity, proof of residency, and proof of income or insurance to complete the transaction.
What documents you need to bring
Before you visit a LoanMart location, gather the documents they require. You will need the original vehicle title — not a copy, and it must be in your name or jointly in your name. If someone else's name is on the title, you cannot use that vehicle as collateral unless they are present and agree to the loan.
Bring a valid government-issued photo ID, such as a driver's license or passport. You will also need proof of residency — a recent utility bill, lease agreement, or bank statement showing your current address. LoanMart requires proof that you live where you say you do.
Have proof of income or insurance ready. This can be a recent pay stub, bank statement showing regular deposits, or proof of insurance on the vehicle. LoanMart uses this to assess whether you can repay the loan. If you are self-employed, bring tax returns or bank statements covering several months.
Bring the vehicle itself so LoanMart can inspect and appraise it. They will check the mileage, condition, and mechanical state. Bring keys and any maintenance records you have — these can affect the appraised value.
How the appraisal and loan offer work
When you arrive at LoanMart with your vehicle, a staff member will inspect it inside and out. They check the odometer, look for damage, test basic functions, and may run a vehicle history report using the VIN. This process typically takes 15 to 30 minutes.
Based on the inspection, LoanMart assigns an appraised value to your car. This is not the same as what you could sell it for privately or what a dealer would pay — it is the value LoanMart uses to calculate how much they will lend. The loan amount is usually 25 to 60 percent of the appraised value, though LoanMart may offer more or less depending on the vehicle's condition and local market demand.
LoanMart will then present you with a loan offer. This offer includes the loan amount, the interest rate, the repayment term (how long you have to repay), and the total cost including interest and fees. Read this offer carefully before signing. The interest rates and fees vary significantly by state and by individual loan, so two people in the same state may receive different offers.
You are not required to accept the offer on the spot. You can take time to review it, ask questions, or decline and leave. If you accept, you will sign loan documents and receive the cash that day or within one business day.
Interest rates, fees, and total cost
LoanMart charges interest on the loan, and the rate varies by state because each state sets its own limits on how much a lender can charge. Some states cap interest rates at 36 percent per year; others allow much higher rates. The rate you receive also depends on the loan amount, the repayment term, and LoanMart's assessment of the risk.
In addition to interest, LoanMart may charge fees. These can include an origination fee (a one-time charge to set up the loan), a processing fee, or other costs. Some of these fees may be rolled into the loan amount, meaning you borrow more money to cover them. The loan offer will itemize all fees, so you can see the total cost before you sign.
The total amount you repay will be significantly more than the amount you borrowed. For example, a $2,000 loan at a high interest rate over 12 months could cost $500 to $1,000 or more in interest and fees, depending on your state and LoanMart's terms. Always calculate the total cost, not just the monthly payment, to understand what this loan will cost you.
Repayment terms and what happens if you miss a payment
LoanMart offers different repayment terms, typically ranging from a few months to several years. A shorter term means higher monthly payments but lower total interest. A longer term means lower monthly payments but higher total interest. You and LoanMart agree on the term when you accept the loan offer.
You make payments on a schedule — usually monthly, though the exact schedule is in your loan agreement. Payments can often be made online, by phone, or in person at a LoanMart location. Set up a reminder or automatic payment so you do not miss a due date.
If you miss a payment, LoanMart will contact you about the missed payment. Depending on your loan agreement and your state's laws, they may charge a late fee. If you continue to miss payments, LoanMart can repossess your vehicle — meaning they take it back without going to court in most states. Once they repossess the car, they can sell it to recover what you owe. If the sale does not cover the full loan balance, you may still owe the difference, called a deficiency.
If you are struggling to make a payment, contact LoanMart when ready. Some lenders offer payment deferrals, extensions, or restructuring options if you communicate before you miss a payment. Waiting until after you miss a payment makes these options less likely.
Alternatives to consider before taking a title loan
Title loans carry significant risk because you can lose your vehicle if you cannot repay. Before committing to a title loan, explore other options. A personal loan from a bank or credit union typically charges lower interest rates and does not put your vehicle at risk. A credit card cash advance, while expensive, may be cheaper than a title loan depending on your state's interest rate caps.
If you need money for a specific expense, look for programs that address that need directly. If you need help with utilities, food, or rent, local nonprofits and government programs may offer information without requiring a loan. If you need a car repair to keep working, some nonprofits offer emergency car repair grants or low-interest loans.
If you have family or friends who can lend you money, a personal loan with a written agreement may be safer and cheaper than a title loan. If you are behind on bills, contact your creditors or a nonprofit credit counselor to discuss payment plans or hardship options.
State-by-state differences in title loan rules
Title loan laws vary significantly by state. Some states cap the interest rate a lender can charge; others do not. Some states require lenders to offer a payment plan if you cannot repay in full; others do not. Some states limit how quickly a lender can repossess a vehicle; others allow repossession almost when ready after a missed payment.
Before you take a title loan from LoanMart, research your state's title loan laws. Your state's attorney general's office or consumer protection agency publishes this information. Knowing your state's rules helps you understand what rights you have if something goes wrong and what protections exist if you fall behind on payments.
LoanMart operates in some states but not others. If you are in a state where LoanMart does not operate, other title loan lenders may be available, though they will follow the same state rules. Check LoanMart's website to confirm they lend in your state before you visit a location.
Frequently Asked Questions
Can I get a title loan if my vehicle has a lien on it?
No. The title must be free and clear, meaning you own the vehicle outright and no lender or creditor has a claim on it. If you still owe money on a car loan or lease, you cannot use that vehicle as collateral for a title loan. You must pay off the existing loan first.
What happens to my car insurance while LoanMart holds the title?
You remain responsible for insuring the vehicle. LoanMart will likely require you to maintain comprehensive and collision coverage, not just liability. If you let your insurance lapse, LoanMart can purchase insurance on your behalf and add the cost to your loan balance.
Can I pay off the loan early without a penalty?
Many title lenders allow early repayment without penalty, but this varies by lender and state. Check your loan agreement or ask LoanMart directly before you sign. If early repayment is allowed, paying off the loan ahead of schedule can save you money on interest.
What if I cannot repay the loan and LoanMart repossesses my car?
After repossession, LoanMart will sell the vehicle. The sale proceeds go toward what you owe. If the sale does not cover the full balance, you may owe the difference. Some states require lenders to give you a chance to reclaim the vehicle within a certain period by paying the full loan balance plus repossession costs.
How quickly can I get the money after I am approved?
If you are approved and sign the loan documents in person, you typically receive the cash the same day or within one business day. Online applications may take slightly longer, depending on your state and LoanMart's process.