By now, you likely know you can tap into any available equity in your car and use it as collateral to get a loan. This type of funding is called a title loan, and these offers are popular in Phoenix. These equity loans come with advantages and drawbacks. Benefits include that you can get funding quickly, often within 24 hours, and you don’t need perfect credit to qualify. The main drawback is that if you default on the loan, you could lose your car.
If you’d like to apply for title loans near me in AZ, you need to know the requirements to pre-qualify and get approved. Again, we are not saying this information is standard with every vehicle equity lender in PHX. But for the most part, you can expect the following requirements when applying online or in person with a company in Maricopa County.
Apply For Car Title Loans In Phoenix
The process for applying for a title loan in Phoenix is quite simple. You can either visit a secured lending office near you or apply online. If you apply online, you will likely start by filling out a short application that asks for general information about your vehicle and how we can contact you. Next, you may need to upload documents such as your ID, income, residency proof, and car title. The car’s title is the main requirement, as it’s used for a typical collateral loan. There can’t be any other people on the pink slip or lenders claiming there’s still money owed.
Once you have submitted your information, a loan representative will contact you to discuss your options and answer any questions you may have. If everything looks good and you are approved for a loan, they will give you instructions on how to get your cash. In most cases, you can either pick up the money at the office or deposit it into your bank account.
Some Phoenix title loan companies will require you to complete a vehicle inspection. During this evaluation process, they will assess the value of your car to determine if it matches the current resale value of your make and model within the area. A vehicle inspector may also want to ensure no hidden damage or undiagnosed mechanical issues could affect the loan amount. The inspection process from start to finish takes less than 30 minutes, and after this, you can sign the documents and get your money!
Getting Cash In PHX And Repaying A Car Title Loan
Once you get approved for online title loans in Phoenix, you will be given instructions on how to get your cash. You can either pick up the cash at a local office or deposit it into your bank account. The time it takes to get the cash is not determined by your lender but instead comes down to when you apply and how you want the money. For instance, if you apply on a Sunday or holiday, it may take a few business days to process and underwrite the application.
Once you receive the cash, you can use it for any purpose. There are no restrictions on how the funds can be used, and you should be allowed to drive the car as you usually would. Please don’t allow a company that provides title loans in PHX to tell you they need to hold the vehicle as collateral. That may be the situation with an auto pawn, but the car’s pink slip will work fine as security while the monthly payments are made.
Title Loan Repayment Terms and Payoff Options In Phoenix
When it comes time to repay the loan, you will need to make sure you have the total paid amount plus any interest and fees due. You can typically do this by running the numbers through a title loan calculator and setting up a payment plan that works for your budget. If you are short on cash or have other financial obligations, you may be able to extend the loan for another month by paying the interest and fees owed. This can help give you some breathing room, but keep in mind that it will also add to the overall cost of the loan.
In general, title loans must be fully paid back by the original due date, anywhere from 2 months to 3 years, although some lenders may give you more time to work out a payment plan or payoff amount. If you cannot repay the loan on time, you may be charged additional fees, and your car could be repossessed.
Auto Title Loans Near Me In Phoenix With Bad Credit
If you have bad credit, you may think your only option for borrowing money is to go through a payday lender or work with a company offering personal loans with a cosigner. While secured loans don’t require a credit check, they can still be difficult to obtain if you’ve had financial troubles.
– Gather all of the required documents and MVD paperwork. This includes things like proof of income, residency, and vehicle ownership.
– Find a company in PHX that specializes in assisting borrowers with bad credit histories. There are many companies out there that are willing to work with people with low FICO scores. Premier Title Loans is a leading provider of equity loans for poor credit, and we can get you approved in the same amount of time as someone with little to no issues with their credit score.
– Prepare to pay a higher interest rate for no income verification car title loans if you can’t show a decent credit report and can’t verify any main income sources. Because you have poor credit or no past credit history, underwriters will charge a higher interest rate to offset your lending risk. However, collateral loans are still an excellent way to get the money you need when you have bad credit and can’t qualify for other unsecured loans.
What Else To Know About Auto Title Loans In Phoenix, AZ
Here are a few more things to keep in mind if you’re deciding between a title loan or a registration loan:
– Make sure you understand the terms and conditions before signing any loan documents. This includes the interest rate, repayment schedule, and any fees associated with the loan.
– Don’t work with a company that doesn’t have a good reputation. Many companies will try to take advantage of people in financial distress, and it’s always advisable to look for recent reviews and recommendations from friends and family. Please do your research and only work with a company that has a good reputation and is known for being fair and reasonable with their customers.
– Be prepared to have your car inspected by a representative from any loan provider in Arizona. While some loan providers may offer equity loans for your vehicle, the amount they offer will probably be low and not on par with what you can expect from a company that does a full inspection.
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