Car Title Loans in Maricopa
Trying to make ends meet when you’re constantly handed another bill or expense can be stressful. If you don’t have savings to dig into and your paychecks aren’t enough to cover all the money that you owe, you’re going to need to borrow cash.
But what do you do if you don’t have a credit score that allows for borrowing from the bank? Well, in that case, you can apply for title loans in Casa Grande.
Title Loans Maricopa: What Are They?
To really understand what a title loan is, you need to compare it to a standard loan you may get from the bank. Through each step of the process, a title loan and a standard bank loan are different.
We will begin comparing by looking at the application process. When attempting to get a bank loan, you need to fill out an application detailing your credit score, lending habits, and what money you have in the bank. You may also be required to disclose your salary and if you have any other loans or liens out. Depending on the amount of information you need to provide, this process can take hours.
But with a title loan, you only need to provide some brief information about a vehicle that you own.
After submitting your application comes the approval process. For a bank loan, an approval committee will look at the personal information you provided and determine if you are responsible enough to pay off any money that may be given to you. Their decision will be based on your credit score and if you have successfully met the demands of loans given to you in the past. If you made poor choices in the past or you just haven’t had the time to build up a credit score, this could prevent you from receiving loan money.
But a title loan approval process looks differently. With title loans Maricopa, your only requirement is that you are the full owner of the vehicle you submitted.
Once you are approved for a loan, the bank will use that same information to figure out how much money you can responsibly pay back. Again, this number is determined by your history repaying loans and your income. If your history and credit score are low or you don’t make much money, you probably won’t get a lot of money in your loan.
The money you can borrow from title loans is determined by the overall value of your vehicle. The amount that they offer to you will usually be a fraction of the car, truck, or motorcycle’s resale value.
Missing a Payment
Bank loans have such high standards for qualification because they are usually unsecured loans, meaning the only thing preventing borrowers from defaulting on their loans is damage to their credit score. This means that banks are taking a risk each time they lend money and they must determine what risks are worth taking.
But title loans in Maricopa can be given so leniently because they are secured loans, which use an item as collateral for the deal. The collateral item in a title loan is your vehicle that you used in the application process. If you miss a payment or default on your loan, your loan provider has the ability to repossess the car to encourage payment.
Title Loans Maricopa: What Are the Benefits?
There are a few unique benefits that you can get from a title loan that you won’t receive from borrowing money from the bank or when using a line of credit.
To start, the application process is much easier. As we already mentioned, applying for a bank loan can take hours and there is no guarantee you will even meet the bank’s requirements. When filling out loan applications, you could waste days trying to find a bank that will approve your application only to come up empty handed. But the application process for title loans only takes a couple of minutes and you quickly find out if you’ve been approved.
Title loans are also beneficial because you get the money associated with your loan extremely quickly. Even if you’ve spent the time applying for a loan from a bank and were able to get approved, you may still need to wait days or weeks until you get the money associated with the loan. With a title loan, you can get your loan cash in as little as 24 hours in most situations. That means if you’re looking to receive the money before a due date or you otherwise can’t wait weeks for the loan cash, you don’t need to worry.
Many people have the misconception that they aren’t able to drive their car while the title loan is out, but this is completely false. Although the provider of your loan will need to hold onto the title while you are still working to pay off your debts, the vehicle is still yours to drive whenever and however you need to.
Title Loans Maricopa: How Do I Apply?
If you’re ready to fill out your title loan estimate application with Approved Money, you can get started online. Keep in mind that at Approved Money, we also offer registration loans in Arizona.
The first step in your application will be to fill out information about your vehicle. Be ready to provide Approved Money with the vehicle’s make, model, mileage, year and style. To complete your online application for a title loan estimate, you will need to give your contact information.
Contact information for your title loan includes your name and phone number. This information will be added to a call list for loan representatives, who will reach out to you as soon as they can.
With the help of your loan representative, you will get a better understanding of if a title loan is right for your situation and how much money you can receive. You will also discuss a repayment schedule for the loan and the interest rate that is associated with the loan. If you still have questions about how the title loan process works, you are able to ask your loan representative during this call.
Once your questions have been answered and you are clear about the title loan procedure, you and your loan representative will develop the terms of the loan and start to put the plan into motion. You will solidify a borrowing amount, a final payment due date, and when and where you can pick up the money from the loan.
While you may be excited to finally be able to borrow some cash, play close attention to the conversation you’re having with the loan representative. Write down any and all important dates and number and ensure that the agreement you are entering into is something you will be able to maintain. As with any loan, you will be responsible for paying back the entirety of what you’ve borrowed and knowing all the ins and outs of your loan agreement is the best way to stay on top of the deal.