Car Title Loans in Gilbert
A title loan is a loan made against the title or registration of a motor vehicle. Because the loan is secured by collateral, a title loan generally does not require a credit check or personal history for approval. A lien is put on the title of the vehicle used as collateral and the physical copy of the title is kept by the lender. Once the loan is repaid, the lien is removed and the title is returned to the borrower.
Who Qualifies for a Title Loan?
Arizona is one of twenty states in which title loans are legal, so title loans in Gilbert are relatively easy to obtain. Anyone who holds the title to a motor vehicle can be eligible for a title loan, even if that vehicle is not completely paid off- you cans till get a phoenix registration loan. All equity built into the vehicle can be borrowed against.
If you are the co-owner of a car and your title is not solely under your name, you need only obtain a signatory from the other party to be approved for a title loan. The other co-owner’s consent is necessary, and your intentions must be made clear to the other party.
If you do not currently hold the title to your vehicle but are its legal owner, we can help you file the necessary paperwork to obtain that title so that you may get the cash you need now.
How Do I Apply for a Title Loan in Gilbert?
Approved Money offers an easy way to apply for a title loan estimate online at approvedmoney.com.
Simply click ‘Apply’ at the top of the screen and submit the necessary information for a free, instant quote. We ask for the make, model, style, and estimated mileage on the vehicle you wish to use as collateral so that our automated system can place a monetary value on your vehicle. You should receive an estimated loan amount instantly.
Once you have received a free, instant estimate, you can schedule a consultation with one of our friendly and professional representatives who will guide you through the next few steps of the process and help you to make an informed decision about your finances.
If you decide to pursue the loan further, you will schedule a time and date to drive your vehicle to an title lender location where your vehicle will be verified and inspected. This is the final step of the loan approval process. If your vehicle checks out, you will be able to leave with cash in hand.
You will leave the physical registration for your vehicle with us, but drive off in your own vehicle. There is no need to arrange for transportation from the location because we never take your car, truck, or SUV during the loan. You will, however, be able to leave with the total amount of your approved loan.
Once the loan has been repaid, you will be able to retrieve your title or registration at the same or other title lender location. Approved Money will never hold onto your vehicle during your loan repayment period.
What Are My Rights as a Borrower?
Title loans are regulated on both a federal and a state level for your protection as a borrower. They are therefore subject to some restrictions.
- A title loan is limited to $4,000 as mandated by federal law.
- Title loans in Arizona for under $500 are capped at a maximum of 17% interest per month.
- A car can only be repossessed if the borrower is complete unable to repay his or her loan.
- Once a car has been repossessed it must be sold in a manner that is deemed commercially reasonable.
- Once a car has been repossessed, the borrower has every opportunity to buy his or her vehicle back by repaying his or her loan in full.
What Are the Benefits of Title Loans in Gilbert?
Title loans are unique in that they are secured by the lender through the use of a motor vehicle as collateral. In this way, it offers a number of advantages that traditional loans through banks cannot.
- Title loans are much faster. For emergency situations, there are few options faster than title loans. You may be approved and given cash within 24 hours of your application online. Because a credit check is usually unnecessary and much of our loan process is automated, we can get you cash as quickly as possible.
- Title loans usually do not require a credit check. This is especially advantageous to those of us with bad credit or no credit history at all. Banks rely on credit history to determine whether or not somebody is eligible for a loan. Because we can secure title loans with collateral, this is not necessary.
- We do not ask embarrassing personal questions. We all need money for different reasons, and because title loans are secured, we do not need to ask prying questions about the reason for your loan.
- The amount a borrower is eligible for is determined by the value of his or her vehicle. Banks generally limit the amount you can borrow based on income or credit history, but title loans base their loan amounts almost entirely on the value of your vehicle. You can instantly get 30-50% of the value of your car, truck, or SUV instantly.
- You retain the use of your vehicle. Because we only hold onto the title of your vehicle, this means you do not need to worry about lost wages due to an inability to get to work or the loss of your primary mode of transportation. We know how important it is to get to and from the places we need to go and would never hold onto your vehicle.
- Title loans are cheaper than cash advances or payday loans. Because we can secure title loans, we do not need to charge the same interest rates at those offering payday loans. Our interest rates are often up to 50% lower. For emergency situations that require quick cash, few options are as economical as title loans.
- Title loan repayment plans are extremely clear. There will be no surprises during your repayment of your title loan. Title loan companies will often even draw up an entire repayment plan so that you know exactly what you owe each month upfront. Hidden fees and extra charges will never hit you without you seeing it beforehand.
Act Now for Instant Cash
Phoenix title loans might be your best option if you need a quick infusion of instant cash to pay off an upcoming bill. Maybe you owe your school back tuition or a hospital for medical bills. Whatever the reason is, if you own a motor vehicle, you can get some bit of independence for a while through a title loan. The process usually takes 24-48 hours from application to obtaining the actual cash, so act now for the quickest possible results.
Regardless of your bad credit or a prior bankruptcy, you may be eligible for a loan today. It is easy to check with our online system, so act as soon as possible. We look forward to helping you in the best way we know how.