Arizona Title Loans - How To Qualify & Get Approved

If you're recently been turned down for a personal loan because of poor credit a car title loan in Arizona may be an option to consider. It doesn't have to be difficult to borrow money in Arizona, and Car Title Loans 123 has some good news for you: You can get approved for a secured loan that uses your vehicle as collateral, and applicants can qualify with a vehicle valued at $4,000 or more.

Qualified borrowers can now cash out equity from their vehicle with a same day title loan in Arizona. Apply with Car Title Loans 123 to see your estimated interest rate and payment options. There are very few credit requirements when you apply online. Borrow $2,000 or more, and lien free vehicles have the best chance of qualifying.

Requirements For Car Title Loans In AZ

In addition to owning a 2015 or newer vehicle, there are a few additional requirements for a title loan in Arizona. You need proof that the car is titled in your name and has no other cosigners or lienholders. We need a physical copy of the car's title, which will be signed over to the lender upon loan approval. You'll keep driving the vehicle for the entire lending term, but the lender will be added as a lienholder to the car's title before the funds are disbursed.

We need government-issued ID, and you must show proof of income, such as employment records or bank statements showing consistent monthly income or deposits. Expect to show proof of valid vehicle registration and documentation of full vehicle insurance coverage. Additionally, some companies in Arizona may request that you bring your car to a local retail location in Phoenix, Tucson, or another area where they have a physical presence.

Funding Amounts For Title Loans In AZ

Loan amounts with a car title loan in Arizona range from $1,000 to $20,000. Expect to borrow 40% to 65% of a car's equity, which means a $5,000 vehicle can result in a title loan of $2,000 to $3,250. The more your car is worth, the more you can borrow, and some lenders in Arizona offer higher percentages with title pawns, where they keep the actual vehicle as collateral.

Borrowers who need a smaller loan amount or don't have a clear title may want to consider a registration loan instead. Unlike a car title loan, you use your registration documents as collateral, with loan amounts that start at $1,000. Many borrowers in Arizona turn to these loans when they need less money than what they'd get from a title lender or if they don't have documentation of the title to their vehicle. To obtain a registration loan, you need the car's registration documents from the MVD to secure funds for your vehicle. There's far less risk with a registration loan versus a title loan, as you're not risking a repossession if you default. However, you'll have trouble renewing your registration if you fall behind on the payments and the loan amounts are less than what you would get with a car title loan.

Credit Requirements For An Arizona Title Loan

Remember that title loans do not have the stringent credit requirements typical of personal loans or mortgages. You don't need a decent credit score; most lenders won't even run a standard credit check when underwriting your loan. Title loans use the equity from your car as security, and there's less worry if someone with poor credit applies for a secured loan because equity backs up the loan amount.

There are hundreds of lenders offering bad credit title loans in Arizona. Many are in Phoenix, but direct lenders offer title loans and registration loans in smaller cities like Flagstaff and Prescott. They will likely run a soft credit check to confirm your identity and personal information; however, the most critical requirement is the equity in your car. Other than that, issues like your credit and payment details will be secondary to the value of your car or truck.

What To Do If You Live In Arizona And Can't Make The Title Loan Payments

You should always contact the lender if you can't make your title loan payments and fear a default. Even though they can repossess your vehicle after a default, that's not something they want to do, and they'll likely help you restructure the loan with a lower payment or better interest rate.

If you're seriously behind on your title loan payments, contact your lender about a formal surrender or voluntary payoff before considering other options. Be aware that since the lender has a lien on your car's title, you cannot sell the vehicle on your own without first taking care of the outstanding balance.

Finally, if you can't catch up on your loan payments, you could consider a title loan refinance or buyout, where you get new rates and payoff terms with another title loan company in Arizona. A title loan refinance is possible for anyone who's behind on their payments, and we may be able to reduce your monthly payments by negotiating a lower interest rate or a smaller loan amount. Some customers can even qualify for a loan buyout, where another lender in Arizona offers to buy out their existing title loan even if it is in default. You'll get a fresh start with a new title loan repayment term, and most buyouts have lower interest rates than you initially had.

Title Loans In Arizona With Car Title Loans 123

Title loans are available to anyone in Arizona who can show proof of income and owns a lien-free vehicle. Car Title Loans 123 can get you approved in one business day for a title loan using your car or truck as collateral. Loan amounts can reach $20,000 for some high-value trucks and SUVs.

There's no shortage of lending options in Arizona, and it's best to find a company that matches your requested loan amount and repayment period. Apply online with Car Title Loans 123 or contact us at 844-567-5011 to get the best rates on a car title loan. We can provide a quote in under an hour, and all we need is your contact information, vehicle details, and the requested loan amount to get started.