If you currently live in Arizona and are in need of some quick cash, you may want to consider a car title loan. These loan offers are a form of short-term lending that allows borrowers to use the title of their vehicle as collateral for the amount borrowed. Auto title loans are easy to qualify for if you have a lien free car title and most people can access up to $20,000 in AZ. This can be a great option if you need money urgently, but it’s important to understand the requirements and benefits before you apply.
Requirements To Qualify For Car Title Loans In AZ
– Be a resident of Arizona. Some larger companies in Phoenix may allow applicants from other states, but you need to be living in Arizona with a car titled here.
– Be at least 18 years old with a valid id or driver’s license.
– Have a lien free car title that shows you as the current owner. Most lenders will require you to sign over the pink slip into their name as that’s what’s used as collateral for title loans in AZ.
– Have a steady income. This is probably the second most important requirement behind a paid off car title. Your income and employment history will show a lender that you have sufficient means to make future loan payments.
– Have a checking account. A checking account or savings account is often required as any title loan lender in Arizona will want to be able to send you the loan funds. They will also need an account to withdraw the monthly payment.
The application process is simple and can be done online. You will need to provide some basic information, including your name, address, contact information, and vehicle information. The lender may run an intro credit check to ensure you are eligible for the loan. It doesn’t matter if you’re applying for registration loans in Flagstaff or title loans in Tucson. The amount of time it takes to get a title loan is entirely dependent on how quickly you can get the required documents in order and submitted. Many of the large lenders in AZ can get things processed quickly as long as you get them the required qualifying information.
Online Title Loans In Arizona With Bad Credit
One of the advantages of a title loan is that they are available to people with bad credit. This can be a great option if you need money urgently but have been unable to get a traditional loan from a bank. Finance companies that offer secured loans in AZ know that you likely don’t have a great credit score and most will use the credit check to verify your identity and nothing more.
There may be issues however if you’re currently bankrupt or in the process of declaring bankruptcy. In these cases, most title loan lenders will not work with you as they consider it too high of a risk. Other concerns with bad credit title loans can involve a situation where you’re currently in default with another online title loan lender in Arizona as you would not qualify because that lender has your car title.
How Much Can I Borrow With A Title Loan In Arizona?
The amount you can borrow will depend on the value of your vehicle. Lenders in AZ typically offer online title loans for between 40% and 60% of the wholesale value of your car. So, if your car is worth $10,000, you could expect to borrow between $2,000 and $5,000. The actual amount you’re offered will also depend on factors like your income and employment history.
Other factors that influence the loan amount can include the car’s condition or other problems that come up after the inspection. Even though you’re quoted a resale value of a certain amount, that number can change drastically if the car is not as described or doesn’t run well during the title loan inspection.
Another loan option in Arizona is a vehicle registration loan. With this financing offer, you can use your vehicle registration as collateral for the amount borrowed. The amounts available for this type of loan are far lower than what we see with title loans and are typically around $500 to $2,000.
Benefits Of Taking Out Arizona Title Loans
There are several benefits that make Arizona title loans decent alternatives to bank loans and personal loans that often are hard to qualify for. These benefits include the fact that title loans are:
– Do not require a credit check and most people with no credit history can see a quick approval without much of a hassle.
– Can be done quickly and easily online or at any location near you in Maricopa County.
– Provide cash within hours of approval.
Car title loans in Arizona also offer the benefit of longer terms than payday loans. While payday loans need to be paid back in a few weeks or months, title loans can often have terms as long as 24 months. This gives you more time to pay off the loan without having to worry about an excessive APR like you would with a payday loan. The extended payoff term also allows you to make extra payments every month and you have the luxury of paying off the entire amount up front or at any time during the loan contract. By doing that you can save a huge amount of money by reducing the total interest payoff.
What Are The Drawbacks Of Car Title Loans In Arizona?
Car title loans in Arizona do come with a few drawbacks that should be considered before applying. These include:
– The fact that title loans are not available in parts of the state. This includes those on certain Indian Reservations in AZ and people who are in the military.
– The high interest rates when compared to traditional personal loans. The APR for vehicle title loans in Arizona can reach 100% in some scenarios.
– The need to have a car title to secure the loan. If you don’t have a paid off car you won’t be able to give a lender your car title.
– The possibility of needing to renew the loan if you can’t pay it off in full. Most auto title loan companies in Phoenix do not allow a loan renewal, but some companies may consider it if you’re in default.
– The risk is that the lender could take your car if you can’t make payments. A title loan repossession is not something to take lightly.
Overall, title loans in Arizona can be a good option when you need cash quickly and have bad credit. Just be sure to understand all the financing terms and payoff conditions and use our car title loan calculator before signing any contract. Get in contact with the helpful team at Premier Title Loans to either apply online or over the phone for a title loan in AZ.
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