Car Title Loans in Oro Valley
For anyone that has struggled to make ends meet or to afford necessary items like groceries between paychecks, a loan may seem like something you could only dream of. Whether you don’t qualify for a bank loan or the process would take too long, standard loans don’t always solve financial problems.
But fortunately, a title loan can come in where a standard loan lacks.
What are Title Loans in Oro Valley?
To understand what a title loan is, you need to understand what it is not. A title loan is not a loan given by the bank based on your credit score or past history paying off debts. It is not something you must fill out application after application for or something that requires you to prove yourself worthy of borrowing money. Instead, a title loan is given on a different kind of standards.
Title loans in Tucson and Oro Valley are a form of secured loan, meaning the provider of your loan has a sense of security that their money will be returned to them. As a secured loan, you are required to use a piece of property or an item as collateral for the loan. For title loans, that piece of collateral is the title of your vehicle and the actual vehicle if you find that you are not able to repay the money.
When you apply for a title loan, your loan provider will determine if you qualify based on evaluating your vehicle. You can take a title loan out on a car, truck, SUV, RV, boat, or a motorcycle – as long as you are the sole owner of the vehicle. Rather than using your credit score to determine how much money you are capable of borrowing, a title loan allows you to borrow a portion of the sales value of the vehicle. In many situations, you can receive about a fourth of the car’s value. In other situations, you may receive more or less.
The title loan process works first by exchanging the title of the vehicle for the set amount of money you’re looking to borrow. While the loan is out, your loan provider will hold on to the title of your vehicle, although you are still free to use your vehicle as you need. Once your loan due date comes, you must pay off the loan in full, including the interest that accumulated while the loan was out. If you are able to successfully pay off the loan, your vehicle’s title will be returned to you without issue.
Being a secured loan, loan providers can give title loans more freely than a bank may give away a standard loan. This means that the requirements are typically lower, the application is shorter, and the process can move quickly.
What are the Benefits of Title Loans in Oro Valley?
The benefits of a title loan can vary greatly from person to person and family to family. For some, a title loan can help them put food on the table or stay in their home. For others, a title loan can bring a much needed vacation to an overly stressed couple or help pay for a wedding. We all need money for different reasons and title loans can help us get it.
But title loans have additional benefits that a line of credit or traditional loan from the bank won’t give you. When you apply for these kinds of loans, you can be trapped in the application process for days or even weeks. While applying for a credit card may be quick, you still need to wait weeks for it to arrive in the mail. With bank loans, you could spend weeks just finishing your application.
Here are some of the benefits you can get from a title loan that you won’t be able to get from a traditional loan from the bank:
- The application process is simple.
In a little bit, we’ll look deeper into the application process for title loans in Oro Valley, but for now we’ll just talk about how simple the application process is. The entire application can be completed online, so you don’t need to worry about finding a babysitter for the kids or taking time off work to apply for the loan.
- The requirements are minimal.
We’ve also mentioned this point before, but unlike a standard bank loan, you don’t need to submit form after form showing that you qualify for the loan. Title loan providers trust that you will return the money to them, so they don’t need you to constantly prove you are capable.
- Your credit score doesn’t count.
With a standard bank loan, everything is riding on your credit score. It doesn’t really matter if you have a great job with strong income or that you have your finances under control. Your credit score, which can be very difficult to bring up after some bad financial choices, will dictate whether you qualify for a standard loan and how much money you can receive. But with a title loan, your credit score isn’t considered. You can qualify for a title loan even with a horrible credit score.
Approved Money makes the title loan application process as easy as possible. As we mentioned, the title loan application can be filled out entirely online. To submit your title loan application, you’ll want to follow the following instructions.
- Fill Out the Online Form: The online form, which can be found right here on the Approved Money website, will be the first step in filling out your title loan application. To complete the form, you will need to give the vehicle’s make, model, year, and mileage. You must also include your contact information in the application.
- Get Your Free Estimate: After your application has been submitted and approved, you will get a free estimate of how much money your title loan might be worth.
- Talk with Approved Money Representative: Your title loan is not official until you cover the loan details with a loan representative. With the contact information that you provided in the online from, a representative will call you to finalize the loan process. In this call, you may need to answer additional questions or provide more information about the vehicle.
- Exchange Title and Money: After you and your loan representative have talked through the details of your new title loan, you can set up a time and location of where you can exchange your vehicle’s title for money. In many cases, you can visit this location in just a few hours.
Approved Money makes the title loan estimate application process as simple as possible. We understand how stressful it can be when you’re looking for additional cash and we want to help remove some of that tension as quickly as we can. If you’re looking for other kinds of loans, we also offer registration loans in Arizona.