If you’re in need of quick cash and have a vehicle with a clear title, then a title loan in Arizona may be right for you. A title loan is a type of short-term loan that uses your car as collateral. Any lenders that offer title loans in AZ will use that vehicle equity to determine a loan amount that’s often between $2,000 and $6,000. The more valuable the vehicle, the more cash you can access. You can typically borrow up to 50% of the value of your car, and the terms of the loan are usually around 30 days.
There are a few things to keep in mind if you’re considering a title loan in Arizona. First, you will need to have a clear title to your vehicle. This means that you must own your car outright and there can’t be any liens or loans against it. Also, you have to physically possess the car title. Even though you be able to keep driving your car for the lending term, you will need to hand over the car title to your lender as collateral.
Second, you will need to have proof of income and residency in Arizona. This is typically acceptable in the form of a driver’s license and document that shows you live within the state and your car is registered in AZ. And finally, you may have to show proof that you have employment. This can be in the form of a pay stub from work or a letter from your employer which shows you work for them and also make sufficient money each month to afford the loan payments.
The amount of money you can borrow with a title loan in Arizona will depend on the value of your vehicle. As mentioned, you can typically borrow up to 50% of that value. So, if you have a car worth $10,000 then you may be able to borrow up to $5,000 if everything checks out with the vehicle inspection. Keep in mind that the terms of the loan are usually around 30 days, so if you only need a few hundred dollars for a short period of time, title loans may not be the best option.
Another way to get cash in Arizona is with a car registration loan. Unlike a car title loan, you can use a vehicle’s registration information as collateral. These types of loans are popular in Arizona and many borrowers turn to them when they need less money than what’s common with a title loan or if they don’t have documentation that shows they have the car title. In this situation, all you need is the car registration to get money for your vehicle.
When considering any type of title loan in Arizona, it’s important to weigh all of your options and make sure you fully understand the terms and conditions before signing anything. If you’re not quite sure what an online title loan is or how it works, be sure to ask the lender for more information. They should be able to explain everything clearly and help you decide if this type of loan is the best option for you.
One thing to keep in mind is that title loans are not as stringent when it comes to credit requirements for personal loans or mortgages. That’s because online title loans are based on the value of your car, not your credit score or recent payment history. So, even if you have bad credit or no credit at all, you may still be able to get a title loan in Arizona.
There are literally hundreds of finance lenders in AZ that offer some form of secured loans and most won’t even check your credit score. Many are in Phoenix, but there are still direct lenders in rural areas like Flagstaff and Prescott. They will likely run a soft credit check to confirm your identity and personal information but again, the most critical requirement is the equity in your car. Other than that, issues like your credit and payment details are going to be secondary.
Consider many of the companies that offer bad credit title loans online in Arizona and also look for firms that provide vehicle equity loans in Phoenix or Scottsdale. Many of these lenders allow you to apply online and then complete everything in person, and again the best part is they won’t run a traditional credit check!
The process for getting a title loan is relatively simple and can be done entirely online. First, you’ll need to fill out an application with some basic information about yourself and your car. Once you submit the application, a lender will contact you to discuss your loan options and answer any questions you may have. If everything looks good, they’ll schedule an appointment for you to bring in your car so they can inspect it and verify it has sufficient value. There are numerous inspection offices in Maricopa county where you can not only complete the inspection but sign off on your loan contract and get your cash within just a few hours.
If you find yourself in a situation where you can’t make your title loan payments, there are a few things you can do. First, contact the lender and explain your situation. Many local lenders in AZ are willing to work with borrowers who are having trouble making payments and may be able to extend the terms of the loan or give you a temporary break on payments.
Another option is to sell another vehicle and use the money from the sale to pay off the high APR loan. This is often not ideal since it means selling a car, but it may be better than missing payments and getting hit with late fees and penalties. Of course, it avoids the worst scenario which is losing your car to a title loan repossession(Always check on the updated laws and consumer protections that cover repossessions in AZ, as well as those in cities like Tucson and Peoria). Finally, you could consider a consolidation loan or borrowing from a friend to cover emergency expenses and avoid having to work with a local title loan lender in Arizona.
This is a question that can only be answered by you, after considering all of the factors involved. title loans are available online in Arizona from numerous lenders, but you may prefer to deal with a local company that can answer your questions in person and helps you through the process at your own speed.
Be sure to do your research before selecting any title loan company and read reviews from past customers to get an idea of how they operate. Also, make sure the title lender has all the necessary state licenses.
When it comes to title loans, there’s no shortage of options in Arizona. Whichever option you end up choosing, make sure you have made an informed decision and take your time choosing the financing terms and payment options. Feel free to apply directly online with Car Title Loans 123 or contact us at 844-567-5011. We’ll do our best to match you with a local lender in AZ!