A title loan Arizona is an opportunity to take an amount of up to $2,500 secured by a title. After registration, you continue to use the vehicle, all documents remain with you. This is the main advantage of the loan: you get the required amount, leaving behind the property and documents for it. Money is issed for any consumer needs. For application, you only need an ID or a driver’s license and documents for a car: a vehicle passport, a car registration certificate.
How to get a title loan?
- Choose a convenient way to apply for a loan – online or by a visit to the office;
- Discuss with the operator by phone or the manager the terms of the loan, provide the car’s number to verify the data;
- After preliminary approval, arrive at the office with a full package of documents;
- Submit documents for verification and a car for assessment;
- Wait for approval;
- Receive money on a card.
Title loan: frequently asked questions
When I apply for a loan, will my title be taken away from me?
No, it won’t. You provide documents only for contract execution and verification. The entire package of documents and the car remain with you.
After applying for a loan, I no longer own a car?
You remain the owner of the car for the entire loan period. There is no transfer of ownership.
I was overdue, can I get a new loan?
Bad credit history and current debt in other credit institutions are not a reason for refusing to sign a loan agreement. You must submit an online application and wait for the result of its consideration. The decision on each application is made individually.
Features and benefits of title loans Arizona
This type of loan is intended for car owners who find themselves in a difficult financial situation, and is often confused with a similar financial product – a title loan Arizona. In the latter case, the car is located on the territory of the creditor until the debt is repaid. In the case of a loan secured by title, the car remains with the owner, who is almost unlimited in actions, except for the sale and exchange of a car before the full amount of the loan is paid off.
Thus, a title loan is the most attractive against the background of other financial products. At the same time, the risks for the lender are quite high, because during the operation of the car by the owner, it may fall in market value as a result of damage in an accident, and even its complete destruction.
Where can you address to get a title loan Arizona?
Banks provide both loans and borrowings, and accordingly, to issuin a loan, you will need to provide an extended package of documents, including a certificate of income, confirming the official experience in the last place of work for at least one year. In addition, the bank can request car, as well as life and health insurance.
Application processing takes up to 8 business days, and the client’s credit history significantly affects the success of the approval. If the bank made a positive decision, the borrower can count on such advantages as a long repayment period and an attractive interest rate.
Credit unitions and consumer cooperatives
The credit unions can be compared to a kind of mutual aid fund. These organizations are an association of people or companies with a similar field of activity or social status that contribute to a fund from which they themselves can borrow funds at a certain rate.
Accordingly, the opportunity to get a loan secured by title is available to members of credit and consumer cooperatives, subject to regular contributions.
The main activity of such organizations is lending secured by a vehicle, but sometimes title can also act as collateral. The loan amount in the latter case will be significantly lower than when pledging a car, which is at the same time in the company’s parking lot, for which a daily fee is charged from the borrower.
MFOs, like car pawnshops, are ready to provide a loan secured by title for one year, while the client is given the opportunity to prolong the agreement. The main advantage of such organizations is the possibility of issuing a loan online, without visiting a bank branch or company office.
Issuing a title loan Arizona can be a way out of difficult financial situations. In conditions of limited time, when an operative solution of the problem is required, the possibility of contacting organizations that provide loans and do not require the collection of a large list of documents will help out. It is important to take a responsible approach to the choice of a lender in order to avoid fraud and get a loan on the most favorable terms.
What criteria should a car meet?
There are no mandatory requirements for the car. The vehicle can be of domestic or foreign production. The condition is serviceable. You will be able to take advantage of the company’s offer if the car is on the move. Body type, as well as the year of manufacture are minor values that are considered upon processing the loan application.