Car Title Loans in Marana
Almost all of us will come to a time in our lives when we struggle to make ends meet financially. The need for additional cash is not always an easy struggle to overcome, but with title loans, it can be a little easier.
Title loans in Tucson and and Marana are a loan option that people have been turning to for years, but if you don’t understand how they work, you may not be sure if they are right for you and your financial situation.
A title loan may fit your loan needs if you identify with any of the following statements:
- I need extra money, but my credit score is preventing me from getting a loan from the bank.
- I could receive a loan from the bank, but my payment is due before the money would be available.
- I have credit cards, but I am in need of cash.
- I need a loan, but I don’t want to deal with the hassle of applying for one from the bank.
- I am looking for an easier way to receive additional cash between paychecks.
If you found yourself agreeing with any of the above statements, a title loan may be the right step for you to take.
Marana Title Loans: How They Work
The title loan process looks different from a standard bank loan because it isn’t a standard bank loan. Everything from the application to the repayment process will look different for a title loan.
To begin, we’ll take a look at a basic overview of how title loans work and what the different requirements for a title loan will look like.
When you go to apply for a title loan, you will not need to submit information about yourself or your history repaying debts. Instead, you will apply using information about your vehicle. That is because a title loan is given on the basis of your vehicle, including how much the car, truck, or motorcycle is worth.
A title loan doesn’t use your credit score because it uses your vehicle as collateral instead. Rather than the threat of damaging your credibility if you don’t repay your debt, a title loan holds the vehicle as a cover for the debt you haven’t been able to repay. For this to work, you must exchange the vehicle’s title for the loan money.
When a title loan is used appropriately, you make a simple swap of the title of the vehicle for the loan cash. Both parties recognize that this swap is only temporary and both the title and the cash will be returned on a set date if both parties uphold their end of the deal. That means if you pay off your title loan on time, you will get your title back without hassle.
But problems may arise if you do not repay your debt. As a type of secured loan, a title loan uses the vehicle to guarantee the loan money will be returned to the lender. If you should miss payments on your loan, your loan provider may take possession of the vehicle to cover the money that you owe. If you hold up your end of the title loan deal, you won’t need to worry about that happening.
How to Apply
The application process for a title loan is one of its biggest benefits over a standard bank loan, especially when getting an estimate with Approved Money. As a process that only takes a few moments, you can sit down in the comfort of your own home to fill out your title loans Marana application whenever you have the time.
The beginning of the application will only ask for some basic information about you and the vehicle you’re looking to pawn. This introduction allows Approved Money to get a clear picture of who you are and how much money you may be able to borrow. You will need to provide the make, model, mileage, and year of your vehicle. You will also want to give Approved Money some contact information so they can get in touch with you to complete the next step.
After submitting the online application, you will be given a free estimate of how much loan money you may be able to receive. This number gives you a better perspective of how a title loan can help you financially and can also help you better prepare for the final step of the application process.
To complete your title loan application, a loan representative will contact you using the phone number you gave in the online form. This call is meant to give you the opportunity to ask questions about your title loan and to solidify the loan terms before the money and title are exchanged. You can best prepare for this call by doing research about title loans and developing a list of questions you may want to ask.
It is very important that you give your call with your loan representative your full attention. While you may be excited to receive your loan money, you and your loan representative will be discussing crucial information about your loan, including the loan amount, what the interest associated with the loan will be, and when you will need to return your loan money.
In most situations, a title loan is considered a short term loan. This means that you may be expected to make payments on your loan in just a few weeks after you receive the cash. Knowing this date upfront allows you to plan to repay the money in time and in full, which can prevent you from accruing more interest or running into trouble with a repossessed vehicle.
To ensure that your title loans Marana process runs as smoothly as possible, you will want to write down any important dates – such as repayment due dates – and keep them in a place you can see. This practice can help you remember when you need to make a payment and will keep you on top of your repayment schedule. Other important things to remember are how much money you will owe on the due date, so you will want to make a clear note of the interest rate on the loan.
If you believe that a title loan may not be the right choice for you, you can find additional loan options from Approved Money. In addition to offering title loans, we also offer registration loans in Arizona.