Car Title Loans in Fountain Hills
Have you been struggling to make ends meet from month to month? Are you digging through couch cushions for coins, looking for dropped cash on the street, or scrounging whatever money you can get from your friends or relatives who can’t really afford to give you any money? Despite all your efforts, are you still falling short on bills, mortgage or rent payments, or finding yourself without any extra cash after you’ve made all your necessary payments?
You don’t need to struggle through these difficulties any longer. If you are the owner of a vehicle, you can qualify for title loans in Scottsdale.
How Title Loans in Fountain Hills Work
A title loan is a type of secured loan where you take a lien out on your vehicle. To qualify for a title loan, you must be the full owner of your vehicle, meaning you must not have any other loans or liens on the car, truck, or motorcycle you’re hoping to take the title loan out on.
The best comparison for a title loan that you may be familiar with is a mortgage. Like a title loan, a mortgage is a type of secured loan that allows you to borrow money by using an item as collateral. With a mortgage, that item is your house, but in a title loan, the item is your vehicle.
Using an item as collateral can give your loan provider an extra layer of protection in the deal, so they can feel comfortable lending you more money or allowing you to borrow money regardless of your credit score. By eliminating the risk that the money will not be returned through a collateral item, secured loans, like title loans, give you to responsibility and freedom you may not be able to get from a standard bank loan or other unsecured loan.
Inside the Fountain Hills Title Loans Borrowing Process
The process for borrowing with title loans Scottsdale is also different than a standard bank loan. Because you are using your vehicle as collateral for the deal, you must make an exchange of the vehicle’s title for the loan money.
The provider of your title loan will keep the vehicle’s title until you are able to repay the money that you borrowed. Once you have made all the necessary payments on your title loan, your vehicle’s title will be given back to you.
To get an estimate for a title loan with Approved Money, you can fill out an application online. This basic application will ask you for a simple overview of the vehicle’s make, model, mileage, and year. Gathering this information can help give Approved Money a better idea of how much your vehicle is worth and what the resale value of that vehicle may be.
Because your title loan is given based on your vehicle and not your credit score, the money that you receive will typically be a fraction of your vehicle’s overall worth. As collateral for the deal, your loan will need to stay under the overall price of the car so that the automobile is able to cover your entire debt if necessary.
After you have submitted your online application, Approved Money will give you a free estimate of how much money you may be able to receive with your title loan. Keep in mind that this number is not finalized until you talk the logistics of the loan with a loan representative.
To complete your title loan application process, a loan representative will call you. You will want to cover the following basics of your title loan with them before agreeing to the deal:
- How much money you will be borrowing in the loan
- What interest rate will be tacked on to the title loan money
- When you will be required to make your first loan repayment
- How your loan repayment should be paid
- How much money you will owe on this due date
- When your final loan repayment will be due
- What will happen if you miss a payment
- How you can exchange your title loan for loan cash
These pieces of information will be crucial for staying on top of the money that you owe. When you have a clear idea of when you will owe money and how much you will need to pay, your title loan process can run smoothly.
Are Title Loans in Fountain Hills Right for Me?
Title loans can be extremely helpful for many people, but they don’t fit the needs of each individual. If you are looking for a quick and easy way to get extra money between paychecks or while you’re waiting on a bonus check to come in, a title loan can be a great option for something to tide you over.
Because the application process for a title loan is simple and can be completed in just a few minutes, a title loan can be a great option for borrowing money if you’re not looking to go through all the hassles of applying for a loan from the bank. The minimal requirements for title loans also make it easy to qualify, so you can move through the title loan application process with ease.
A quick application and approval process puts you ahead of any bank loan in getting your money. For payment due dates that are quickly approaching, getting your money in time is crucial for preventing more interest or late fees. If you’re already struggling to make ends meet, you don’t want to accumulate additional expenses to dig you further in your hole of debt.
Title loans may not be the best option if you’re looking for something long term. Most title loans are only given for a few weeks or months, so you may want to consider other loan options if you do not already know where you will get the money to repay your title loan. A title loan may also be the wrong choice if you are looking for a loan without strict guidelines on repaying the money that you have borrowed.
At Approved Money, we offer more than just title loans. If you are looking for other loan options that you may qualify for, we also offer AZ registration loans. Contact us today to discuss the various loan options available to you and what each can do for your financial situation.