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Registration Loans – How They Work And What To Know

Registration loans are a little-known way to borrow money in Arizona without dealing with the need for a paid off car with a title loan or good credit with an unsecured loan. With these loans, your vehicle’s MVD registration documents serve as collateral for a loan of $100 or more. Unlike a title loan, you don’t need to own your vehicle, and you can even have a cosigner or lienholder listed on the car’s pink slip. Excellent credit is not often required for a registration loan, and some customers can be approved and funded within one business day!

Once approved for a registration loan, you can continue driving your car while paying off the loan with a set monthly payment. If you fall behind on the payments, you won’t be able to register your vehicle with the MVD. Pay off the loan in full, and you can register the car without issues.

Premier Title Loans can help you get pre-approved for a registration loan quickly. We offer a straightforward online application on this page. Alternatively, you can submit your vehicle and contact information by phone at 800-250-6279. Once you submit the required documentation, our team will get you a quote for a registration loan in Arizona.

How Registration Loans Differ From Title Loans

Both registration loans and title loans are good options to borrow money when you can’t qualify for an unsecured personal loan. However, there are differences between these types of loans that are helpful to know before you apply. Here’s what makes registration loans different:

No Vehicle Ownership Required: To qualify for a car title loan, you must own a paid-off vehicle. However, with a registration loan, you can be approved even if the car or truck is not titled in your name. If the vehicle is registered under your name with the MVD, you have a better chance of qualifying.

Loan Amounts: Car title loans allow you to borrow against the equity in your vehicle, and loan amounts are much higher than you get with a registration loan. Loan amounts on car title loans range from $1,000 to $25,000, while registration loans in Arizona typically range from $100 to $1,000.

Interest Rates: Registration loans are riskier for lenders than typical car title loans, as they lack the security backingof  a typical car title loan. Interest rates on a registration loan can approach 100% in Arizona.

What’s Required For A Registration Loan?

We need a few documents before you can get approved for a registration loan. These include:

• Proof of income, such as employment records, disability, retirement, self-employment, or another income source
• Your vehicle registration documents from the Arizona MVD
• Verification of the vehicle’s mileage and VIN
• Valid driver’s license (In Arizona, licenses often have an expiration date of 30 years or more.)

Some lenders in Phoenix may require additional documentation and verification, including proof of a checking or savings account with direct deposit, references, and proof of insurance.

Loan Amounts With A Registration Loan

Registration loans are typically funded for $100 to $1,000, depending on your lending profile and the vehicle information provided. The average registration loan in Arizona is funded for approximately $300, with higher amounts available to customers with good credit and no recent unpaid title loans. Funding amounts are less than those of a typical title loan, but that’s mainly because there’s “less secure” collateral backing up your loan.

Are you trying to refinance an existing registration loan? Or perhaps you’d like to replace your registration loan with a title loan for a higher loan amount? Refinancing is not common with registration loans because the loan amounts are so small. But you can sometimes apply for a registration loan buyout if you have a paid off vehicle to use as collateral for a title loan. Contact Premier Title Loans at 800-250-6279, and we’ll see if you qualify for a registration loan buyout!

Is An Inspection Always Required For A Registration Loan?

Whether you need an in person inspection with a registration loan depends on your requested loan amount and underwriting profile. At Premier Title Loans, we understand that a vehicle inspection can be time-consuming and may not be necessary if you are seeking fast cash with a registration loan. We may be able to pre-approve your application without a vehicle inspection, and that’s often the case for registration loans of $400 or less. A registration loan doesn’t use your car’s title as collateral, and because of that, the underwriting shouldn’t be a hassle. We will work to process your loan in just a few hours.

Can You Get Multiple Registration Loans & How Long Do I Have To Repay My Loan

Depending on the lender, getting multiple registration loans out in one name simultaneously is possible but not recommended. Remember, most companies offering registration or car title loans in Arizona will check your credit report and they could deny your application if multiple loans are outstanding.

Regarding repayment, most registration loans in Arizona are repaid within 30 to 60 days. This repayment term is much shorter than that of a title loan, which is typically repaid in 12 to 48 months. The payoff time is often faster for a registration loan because the loan amount is much smaller.

What Happens If I Default On My Registration Loan?

No one applies for a registration loan with the intention of not repaying it. But defaults do happen, and it’s best to work with your lender if you fall behind on payments. If you fail to repay your registration loan, a lender may attempt to collect on the loan themselves or assign the account to a third-party bill collector. The lender may also take additional action and sue you in civil court for the amount owed. If you ignore the lawsuit or lose the case, your lender will end up with a judgment, and they can garnish your wages to collect the amount owed. In Arizona and most other states, a lender can garnish 25% of your disposable income on a weekly basis. While this is not an ideal situation, it pales in comparison to what happens if you fall behind on a title loan, where your vehicle can be repossessed due to non-payment.

In addition to your lender taking you to collections, you’ll also have trouble renewing your vehicle’s registration if you fall behind on the payments. Remember, your car’s registration documents are required for registration loans, and you must repay the loan to register your vehicle in Arizona.

Apply For A Registration Loan In Arizona With Premier Title Loans

Are you still paying off your vehicle and need urgent cash? If you live in Arizona and have a car registered with the MVD, Premier Title Loans can get you pre-approved for a loan of $100 or more in no time! Complete our online application for a registration loan and receive your cash today. Registration loans come with the following benefits:

• Limited Focus On Your Credit History: Your credit history is not a significant factor in the pre-approval process for registration loans. Registration loans are designed for people with poor credit or no credit history!
• No Prepayment Penalties: There are no charges or extra fees to pay off your registration loan early. Repay your loan at your own pace and take advantage of reduced finance charges by paying off your loan at any given time.
• Fast Pre-Approval: With Premier Title Loans, you can apply online 24/7 and receive a pre-approval estimate in under 30 minutes. Once approved for a registration loan, you can receive your funds within one business day via ACH or direct deposit.

Premier Title Loans offers auto registration loans in AZ for qualified applicants with a registered vehicle. Contact us at 800-250-6279 to start the approval process!

Applicants with valid vehicle registration documents can qualify for $100 or more!