FAQ

The Basics

Car Title Loan FAQWhat services does Lighthouse Financial offer?

In New Mexico, Utah, and Illinois: Lighthouse offers car title loans and installment loans.

In Arizona and Nevada: Lighthouse offers car title loans.

How long does it take to get the money?

The entire loan process, whether a car title loan or installment loan, generally takes 25 minutes from start to finish and the funds are issued immediately.

How are the loan proceeds given to me?

Lighthouse will provide you with a check that can be deposited into your bank account, cashed at any Bank of America, or provide you with an additional check which will pay for the fee at a nearby check cashing company. Additionally, Lighthouse offers clients the ability to have the funds loaded onto a prepaid debit card, serviced by CashPass MasterCard; this option is excellent for those without a bank account! On the larger loan amounts, we will provide the opportunity to have the funds wired directly to your bank account, free of charge!

What is the maximum I can borrow on a car title loan?

In NM, UT, AZ and NV the maximum we lend is $25,000. In IL, the maximum we lend is $4000.

My car is worth more than what you can lend me, why?

We realize your vehicle is worth more; however, we loan only a percentage of the vehicle’s value.

Do I have to give Lighthouse a key to my car?

Absolutely not. We are hassle free!

Do I have to bring in the car?

Yes, we need to appraise your vehicle. The loan amount is dependent upon the condition.

Do I keep my car to drive?

Absolutely!

How Do I Get Approved For a Car Title Loan?

Car Title Loan AnswersIn UT, NV, and IL:

We will evaluate the market value of your vehicle and your gross monthly income; then provide you with the maximum Lighthouse would be able to lend.

In NM and AZ:

We will evaluate the market value of your vehicle; then provide you with the maximum Lighthouse would be able to lend.

What do I need to bring for a car title loan?

  • The vehicle
  • Free and clear vehicle title
  • Government issued photo ID (i.e. DL, State ID, Passport)
  • Social Security Card or (or a document with your name and SSN both listed)
  • Three references not related to you
  • Proof of Income
    • a. Applicable in NV, IL and UT
    • b. Not applicable in AZ or NM
  • Proof of Insurance
    • c. Applicable in AZ
    • d. Not applicable in NV, IL, UT, or NM

Installment Loans

Car Title Loan FactsWhat is the maximum I can borrow for an installment loan?

We lend up to $500.

How do I get approved for an installment loan?

You must live in IL, UT or NM in order to be eligible for an installment loan.

We require that:

  • You have been at your job for 1 year
  • You have been at your current residence for 1 year
  • You have had an active checking account for 1 year

What do I need to bring for an installment loan?

  • Government issued photo ID  (i.e. DL, State ID, Passport)
  • Social Security Card (or a document with your name and SSN both listed)
  • Three references not related to you 
  • Two most recent paystubs
  • Most recent bank statement
  • Voided check

Repaying Your Loan

How long are the loan terms?

  • New Mexico and Arizona = 8 months or 18 months
  • Illinois and Utah = 18 months
  • Nevada = 30 days or 7 months

What if I can payoff my loan before the loan term expires?

You can payoff at anytime without a pre-payment penalty, which means if you have your loan for 5 days, you will pay 5 days of interest plus the amount you borrowed.

What if I am late?

It is important that you make your payments on time, just as it is to keep open communication with our office. Make sure we have a current phone number and address for you at all times and call us; we will make every attempt to work out payment arrangements with you.