Car Title Loans in Surprise
How often do you find yourself low on cash? Do you struggle to pay your rent or go weeks without making a trip to the grocery store? Or are you planning a big event, like a vacation or a wedding, that is leaving you tight for cash? Do you wish you could apply for a short-term loan to help you get through these financially difficult times, but your credit score prevents you from qualifying?
Well, if you’re the owner of a vehicle, you may be in luck.
Title loans in Arizona are available to car owners looking to receive a short-term loan without having their credit score or financial history checked.
How Do Title Loans in Surprise Work?
A title loan is a kind of loan that you can take out on your vehicle. Whether you’re the owner of a car, truck, boat, motorcycle, SUV, RV, or more, a title loan may be an option for you.
The title loan process works similar to that of a standard bank loan. When you’re in need of some additional cash, you can fill out a title loan application with a loan provider. If you meet the requirements that the loan provider has established, they will provide you with a set amount of money based on your credentials. You and your loan provider will then establish a schedule for returning the money and agree on an interest rate for the loan. It is then your responsibility to ensure payment due dates are met and paid in full.
But while the overall process may look similar to a standard bank loan, the details of a title loan are actually much different. When you apply for a standard bank loan, the credentials that are considered are usually your credit score, your past experience paying off loans, and whether you have the income to make your payments. But with a title loan, your loan provider will simply look at the vehicle you are looking to pawn.
With title loans in Phoenix and Surprise, the money you are given is based on the overall value of your vehicle. As a kind of secured loan, the vehicle you use in the deal will be used as collateral if you are unable to make your repayments. Because the vehicle acts as a guarantee that they money will be returned, your loan amount is typically a fraction of the vehicle’s worth.
What Are the Benefits?
A title loan can give you the cash you need to meet a payment due date, buy food, or pay off a credit card bill. It can help you to cover a debt or purchase something you’ve always dreamed of owning. But a title loan also has benefits that you won’t be able to find from another loan provider.
First, the application for a title loan is simple. You won’t need to fill out form after form or go through interviews to prove that you deserve the loan money. In most circumstances, you can fill out your entire title loan application online and get approved before even speaking to your loan provider.
The requirements for qualification for a title loan are also minimal and you will not be judged based on your credit score. If you are the owner of a vehicle, you can qualify for a title loan – regardless of how low your credit score. With standard bank loans, they have high expectations and guidelines that you must consistently prove you meet. If you do meet their expectations, you will be given a sum of money based on your credit. Having a low score can make it nearly impossible to receive the money that you really need.
The minimal expectations and easy application process also means that the entire title loan process moves quickly. If you need cash to make a payment in a few days, you will never get your money in time with a standard bank loan. Getting a loan from a bank can take days or even weeks. With a title loan, you can get the money you’ve applied for in just a few hours. Most deals are finalized in less than 24 hours.
How Do I Apply?
Applying for a title loan quote or registration loan in Phoenix is a simple process that can be completed in only a few minutes. Before you can begin your application for an estimate, you’ll need to gather some basic information about your vehicle.
The start of your title loan application, which can be found right here on the website, will ask for the make, model, year, and mileage of the vehicle you’re looking to take the title loan out on. This will give Approved Money an idea of how much your vehicle may be worth and how much money they may be able to provide you through your loan. To finish the online application, simply provide some contact information.
Immediately following your application submission, you will be given a free title loan estimate from Approved Money. While this number is not set in stone, it does let you know how much you can expect to receive from title loans in Surprise.
If this number suits your needs, you will finalize your application with your loan provider. Using the contact information you provided in your online application, a representative will reach you by phone. Here are a few things you will want to be sure to cover with your loan representative:
- How much the loan will be for
- What the interest rate of the loan will be
- When your first payment will be due
- When your last payment will be due
- How much money will be in each payment
- When and where you can pick up your loan money
Each of these components are essential to ensuring the loan process runs smoothly. If you have any questions about your title loan, be sure to ask them before the deal is solidified.
Legal Regulations of Title Loans
Although title loans may appear to be completely different than a standard bank loan, there are still regulations in place to protect both parties involved in the deal. To help ensure you do not get taken advantage of, companies that provide title loans must meet a strict set of guidelines laid out by the state. If the company does not meet these expectations, they will be penalized and given a steep fine.
To ensure that you repay the money given to you, your vehicle title will be held as collateral through the duration of the loan. Once you make all the necessary payments on the loan, including interest, the title will be returned to you without problems or complications. If you are forced to default on the loan and are unable to make the payments expected of you, the vehicle may be repossessed and potentially sold to cover the cost of your debt. To avoid these kinds of consequences, do not enter into a loan agreement that you aren’t sure you will be able to repay.