Accessing Cash Quickly Could Help You During Car Impoundment

Nothing is worse than searching for your car and discovering it’s gone. The laws around car impoundment and towing can vary depending on which city you park, but it can cause tremendous inconveniences. Besides losing your mode of transportation, getting your car out of impound can cost a lot of money.

If you’re strapped for cash and can’t find the resources to pay for car impoundment, finding help can feel stressful. Bad credit scores can mean traditional loan options may deny you, and asking family or friends for money can be uncomfortable.

You have an option available, though! If your car is impounded, you can inquire about car title loans from LoanMart, and they can be a quick and straightforward option for accessing money when experiencing an emergency!

Learn how to use title loan funds to get your car out of impoundment!

What Does Car Impoundment Mean?

By definition, car impoundment means placing a vehicle into a tow yard because the legal owner somehow violated the law.

There are many reasons a car can get impounded. Perhaps you left your car in the wrong spot and didn’t see warning signs around, or maybe you have too many unpaid parking tickets. Whatever the reason, having your vehicle towed can cause severe problems in your everyday life.

You must pay fees to get your car out of impound, and they can vary in amounts depending on where you are. Your vehicle can only stay in the impound lot for a few days before the price for holding it increases. If you don’t have money to retrieve your vehicle immediately, it can cost you more money the longer you wait.

If you need help paying to get your car out of impound, applying for a title loan could be the solution!

How Do Online Title Loans Work?

Title loans work by allowing a person to use the available equity in their vehicles in exchange for money. If you obtain approval, lenders place a lien on the car title and remove it after repayment. They are considered short-term loan options because they can offer people funding quickly with short repayment periods, unlike traditional bank loans.

You can have a poor credit score when you apply for a title loan because lenders care less about your history and more about two other factors:

  • How Much Available Equity Your Car Has
  • If You Can Repay the Loan

Traditional bank loans are unsecured because they do not rely on physical assets during approval. Instead, they look at a person’s credit score to determine their eligibility for funding. Lenders may think you’re too irresponsible to handle a loan if your score is too low.

With a title loan, your credit score will be considered during the inquiry process, but lenders care more about car equity and income. Car equity means the value your vehicle has with the amount you still owe on it subtracted. If you owe more than your car is worth, you may have negative equity and not qualify for a title loan.

You also must show proof of steady income to inquire about title loans. This requirement is a federal law to prevent predatory lending practices! However, you don’t need to work a traditional career to apply for title loans. Alternative income sources may be acceptable! Some examples include workers’ compensation, Social Security benefits, and alimony/child support payments.

How Can I Use Title Loans to Get My Car Out of Impound?

Applying for a title loan to get your car out of income can be useful if you’re low on funds. Inquiring about online title loans can be quick and straightforward, unlike traditional financing. As long as you meet the requirements and produce the necessary documentation, obtaining approval can be easy.

Having your car towed is never convenient, and the longer it sits in the impound lot, the more money it can cost to release. If you need help getting your car out of impound, applying for title loans could be an option for obtaining quick cash when you need it most.

You can begin the process online from the comfort of your home! Find out if you qualify for a title loan by filling out this pre-approval form or calling to speak directly with a title loan agent.


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