Frequently Asked Questions

What is a title loan?

A title loan is a convenient way for someone, who owns their car without any liens, to access credit using the equity in their vehicle. It allows consumers to use an asset they own (their vehicle) to solve short-term cash flow problems without having to sell their car.

How does it work?

Take your vehicle and lien-free title to a LoanMax location or one of its affiliates. We will appraise your vehicle and request you fill out an application. Based on the appraisal of your vehicle and your ability to repay, LoanMax will determine the cash amount for which you may qualify. LoanMax will hold your title while you keep your vehicle and get the cash you need.

What if I have bad credit?

Your credit history has no effect on the approval process, nor will it be affected by applying for a title loan. We at LoanMax believe credit scores aren't always a true reflection of a person's credit-worthiness.

How long does it take to receive the cash I need?

Most of the time the transaction will take 20 minutes or less if you are approved.

How do I get my title back?

Your title will be returned to you after paying back the full amount due on your account.

Aren't title loan rates considered high?

When stated in annual terms, title lending services do charge a higher percentage rate than some other financial services. However, when used for short-term needs as intended, a title loan may cost a lot less than other alternatives such as, late fees, overdraft fees, missing work, a negative credit report, a lost job opportunity, moving expenses because of a missed rent, mortgage or tax payment, and selling your vehicle.

What if I cannot payoff my account balance?

We will do everything we can to work with you toward paying off your balance as quickly as possible. If you need more time, we do not charge late fees, over the limit fees or capitalize interest. You are charged simple daily interest for each day you hold an outstanding principal balance. Additionally, you always have the right to sell your vehicle to another party, pay off your account and the keep the excess proceeds from the sale.

What if I am late with a payment?

If you are significantly late and non-responsive or uncooperative in resolving your account, vehicle repossession could occur. However, LoanMax considers repossession a last resort because repossessions are expensive, time-consuming and not in the best interest of the company or the customer. In the unusual case repossession occurs, LoanMax returns excess proceeds from vehicle sales to the customer.

What happens if my vehicle is stolen or is involved in an accident?

If your vehicle should become totaled in an accident or stolen while your title is being held as collateral, you keep your money, and if you don't have collision insurance, LoanMax gets nothing.

Where is the nearest LoanMax or LoanMax affiliate?

Call 1-877-511-CASH or our Spanish toll free number, 866-858-8567, for the location nearest you.

Rod Aycox Title Loans provides many services. LoanMax Title Lending, a Rod Aycox company, can be contacted for further questions about title lending, LoanMax, Rod Aycox, or Rod Aycox Title Loans.