Car Title Loans in El Mirage
You may have heard of title loans, but are unsure of exactly what they are or how they work. Well within the United States, the government allows the title of a car to be used to obtain a loan. These loans are called title loans in most states. It’s a vehicle loan that allows owners to use their vehicles as collateral to secure a loan. In order for borrowers to qualify, they must first own the vehicle that is free of all liens. Borrowers are then allowed to use their vehicle’s title to secure the loan. The hard copy of the title will be provided to the lender in exchange for the amount of the loan.
A vehicle title loan in El Mirage is a convenient way for vehicle owners to obtain short-term cash when they need it the most. This helps people out by making cash available should they face an unforeseen emergency – allowing the vehicle title loan to provide a fast, convenient, short-term solution. And the great thing about these loans is that you get the title back to your vehicle once the loan is paid in full.
Applying for Title Loans in El Mirage is Fast and Easy
If you find that you are currently facing a situation that requires immediate short-term cash, then you may be interested in a vehicle title loan from Approved Money. We at Approved Money understand the circumstances that you may be facing and your need for immediate cash relief. That’s why we have taken the time to make applying for vehicle title loans fast and easy. The online application process allows you to apply for a vehicle title loan in El Mirage quickly and easily, using your laptop, tablet or smartphone. To apply for a title loan estimate, simply fill out our online application with the following vehicle information nearby, including the year, make and model of your car along with the mileage.
You will also need to provide us with your personal contact information as well, including your name, phone number and ZIP code. It’s basically that simple. Once the online application is complete, you’ll be provided with a free vehicle title loan quote, followed by a phone call from one of our friendly and professional representatives. Calls are made at our earliest opportunity and most loans are approved in as little as 24 hours.
You’ll be amazed at how simple the process is for obtaining title loans in El Mirage, Arizona. Located in Glendale? No problem! Approved money also has title loans in Glendale as well. Just complete our online application and enter your information as indicated above, and one of our representatives will get back to you.
As an alternative to title loans, we also offer registration loans in Arizona, which also provides short-term cash relief to those who may be faced with situations requiring immediate cash, just apply online for an estimate using our online application.
Legal Regulations Surrounding Vehicle Title Loans
You may be wondering how vehicle title loans work in the state of Arizona and whether there are any legal regulations involved in the process of obtaining title loans in El Mirage. Well, you’ll be happy to know that according to the Consumer Federation of America, each individual state authorizes whether or not car title loans are permitted in their state – and the state of Arizona has authorized the service in their state.
Based on information provided by the Consumer Federation of America, some of the legal regulations associated with the state of Arizona consist of the following:
- Citation – Motor Vehicle Time Sales Disclosure Act (Ariz. Stat. 44- 281 et seq.)
- Cost Limits – 17%/mon. $500 or less; 15% per mon. $501- $2,500; 13%/mon. $2,501- $5,000; 10%/mon. more than $5,000
- NSF/Fees – Late fee up to 5% of unpaid balance of installment if not paid in full on the tenth day after due date
- Cost $500 – $85/204%APR
- Right to Cure – May extend payments, defer payment(s), renew unpaid balance or restate the unpaid balance.
- Surplus/Deficiency – Lender gets deficiency balance, the borrower gets the surplus.
- Title Required – No. [Indicates which state laws require that lenders physically hold the borrower’s vehicle title to secure the loan. Although Arizona’s laws are quiet on this issue, state regulatory basic understanding is that a “title loan” can be issued to a borrower who does not necessarily hold the title to the vehicle in question.]
With that being said, you can rest assured that you’re in good hands when you get a title loan from Approved Money. We provide services based on regulations set forth by the state of Arizona and we are in compliance at all times. So whenever we render title loan services, every aspect of our work is in alignment with the current state laws.
The Benefits of a Vehicle Title Loan
Vehicle title loans have become very popular over the years and a lot of people are turning to this method of obtaining cash fast. If you’re still wondering if obtaining a vehicle title loan is the best option for you, consider some of the key benefits associated with these loans.
- Easy, Fast and Convenient
One of the main benefits of getting a vehicle title loan is its convenience. The turnaround time is relatively fast and it’s very easy to process. Cash can normally be received within 24 hours after submitting the online form.
- No Credit Check Needed
Bad credit? No problem! At Approved Money, having good credit is not an issue or a requirement for getting title loans in El Mirage.
- Your Vehicle Qualifies You
Regardless of what type of vehicle you may have, it qualifies you for an auto title loan if you hold the title to the vehicle. Whether you own a car, RV, SUV, motorcycle or truck, the title can be used as collateral to obtain the loan.
- You Don’t Have to Stop Driving Your Car
Another great benefit of getting a vehicle auto loan is that you can still drive your car while it’s being used as collateral. Because it’s the title that’s transferred and not the physical vehicle itself, the vehicle is not physically factored in at the time of the transaction. The car title is only used as collateral just in case the borrower is unable to repay the loan.
- Lower Rates Than Typical Cash Advance Companies
Since auto title loans are used as collateral, lenders have more of a guarantee that they will be repaid for their loans. Thus, they have lower rates than typical payday advance companies, which results in lower interest rates for their customers.
- Various Repayment Options
Another benefit of obtaining a vehicle title loan is the repayment options. You will have the opportunity to determine the best repayment option based on the optional loan repayment schedule.
- Reduced Stress and Immediate Relief
Since life can sometimes be tough with unexpected cash emergencies that cause unneeded stress, a vehicle title loan can address such emergencies by providing immediate access to the cash you need, while reducing stress during times of financial hardship.