Lombard Title Loans
Frequently Asked Questions

How do I get started?

The first step is to fill out the online application. It is only a few questions and will tell us about you and your vehicle. Once we know this, we can get you an amount for your loan. Once we know that you can decide if you want the loan.

What is a Car Title Loan?

This is a secure loan based on the equity value of your vehicle. You still get to drive the car but you also get the cash.

What are the qualifications for a car title loan?

• Your valid drivers license or state ID.
• The original title to your vehicle.
• Your vehicle.
• Proof of income.
  

How much can I borrow?

You can borrow as little as $1,500 and as much as $4,000.

I have two cars. Can I get one loan based on both?

No. One loan, one car, one person.

Do I have to have the car titled in the same state as where I live?

Yes. If you are traveling out of state, you will need to sign the paperwork in the state of which you live.

Does my car need to be paid off?

Well that's a maybe. We can incorporate the last couple payments into a car title loan but this is only done on newer cars.

Do I need to have a good credit score?

Not at all. That is one of the great things about a car title loan. You can have little, bad or even no credit at all.

Do I need to be employed?

We are more concerned about the fact that you have a way to pay the loan than the question if you are employed. You can be self- employed, or even receive income from some source other than an employer but we will require that you show there is some income to cover the payments.

Can I be in retirement?

Yes. You can even be on disability. The key issue is that you have a source of income to pay the loan.

Is there a pre-payment penalty?

None whatsoever, and this is a key reason why you should use us. Other companies may not disclose this fact, and you need to know because if you elect to pay the loan off early, the pre-payment penalty could be as much as your regular interest payment multiplied by the remaining life of the loan.

How fast does the process take to get the loan?

We will have you pre-approved in a matter of minutes. Then the paperwork is about 15 minutes of your time. Of course, plan on spending some time picking up your money.

Do I have full use of the vehicle?

100% yes. We do not hold your vehicle at all.

Do I need a bank account for a loan?

No. You may be thinking about a payday loan which does require this but we do not require a bank account at all. There is only one exception to this rule; if you're self-employed you must have a bank account.

I am concerned about putting my information on your site. How do I know my information is safe?

Our application process is 100% secured. We are like you on this issue. We care a great deal about your privacy. You should know that we will never sell or distribute any information you give us to anyone other than the direct lender. We will not do business with a lender that sells or shares your information with anyone other than themselves.

Additionally, your information is safe because we do not distribute your private information to multiple lenders, only one at a time based upon your okay that the first lender was not the car title loan company you wanted. We will then take the information and send it to another lender but only upon that condition.

What factors do you use to determine the value of the vehicle?

We use the standard and the enhanced information. The standard information is the vehicle mileage, year, make and model but we go further with our enhanced process and add to it the color of the vehicle, the condition, the edition of the model, the engine size and the options that the vehicle has installed like a sunroof or if it has leather seats. The more you tell us about your vehicle the greater we can give you a loan amount to the max.

What if I lost my title, what do I do?

You will need to apply at the Secretary of State for a duplicate title. There are exceptions to this rule so let us know that this situation exists.

What if the vehicle title is in someone else's name?

If it is a spouse then whomever the title name is will have to sign the loan documents but if it is someone you do not know or a friend, then that will not work.

When do I get my title back?

You will get a release of the lien upon paying off the loan and you can then attach this to your title or send it in to the Secretary of State to have a fresh title without us on there.