Car Title Loans in Tempe
A title loan is a loan based on the value of your car, truck, or SUV. A borrower makes an estimate on the value of your vehicle and lends 25-50% of its value as instant cash while putting a lien on the title of the vehicle. Once the loan is repaid, the lien is removed and the title is returned. The vehicle remains in possession of the lender for the entire duration of the loan. Its use and maintenance are up to the discretion of the borrower.
Who Qualifies for Title Loans Tempe?
Anyone who holds the title or registration to a motor vehicle can be approved for a title loan in Tempe. A title loan may not require a credit check or personal history, so the loan amount depends only on the value of the vehicle. Some companies require a minimum of a $1,000 loan, however. The federally mandated maximum is $4,000. Title loans in Tempe are also subject to regulation by the state of Arizona.
If you are someone with a bad credit or no credit, title loans may be a suitable alternative to traditional bank loans. You do not need to provide a reason for taking out the loan–just the title to your vehicle.
How Do I Apply for a Title Loan Estimate?
Applying for a title loan estimate with Approved Money is easier than ever with the advent of the internet. We have automated as much of the process as possible so that you can access the application at your own convenience.
The website for Approved Money is accessible any time of day, seven days a week. Simply click www.approvemoney.com to reach our homepage.
Once you have reached our website, click ‘Apply’ at the top to start your application for a title loan quote. We ask for the year, make, model, style, and estimated mileage of the vehicle you wish to put up as collateral in order to put a value on it. Once you submit your information, you will receive an instant, free estimate on the loan amount you will most likely be eligible for.
After you have an estimate, we will schedule you for a consultation with one of our friendly and professional representatives to discuss further options for your loan. We like speaking with you personally over the phone, and we know customers appreciate talking to a real person.
We will establish a good time and date for you to drive your vehicle down to an Approved Money location so that it can be inspected. If your vehicle is approved, your loan is also approved.
The day of your inspection, you will be able to pick up the total amount of your approved loan in cash and drive away, keeping your vehicle. You will also drop off the hard copy of the registration for your vehicle for the duration of your loan. We hold onto the title rather than the vehicle.
Your vehicle will be yours to use as usual for work, family, and errands. This makes title loans a convenient way to get a quick injection of cash without losing your primary mode of transportation.
What Regulations Are Title Loans Subject to?
Title loans are regulated on both a state and federal level to protect you as a borrower as well as us as lenders.
- Title loans cannot exceed $4,000 as regulated by the federal government.
- Arizona is one of twenty states in which title loans are legal.
- Title loans in Arizona are subject to a 17% cap for loans under %500.
- Cars can only be repossessed if the lender is completely incapable of repaying their loan.
- Repossessed cars can only be sold in a manner that is commercially reasonable.
- Lenders whose vehicles have been repossessed always have the right to buy their vehicles back by making repayments.
What Are the Benefits of a Title Loan?
Because a title loan is secured by collateral (your car, truck, or SUV), it offers a number of advantages over other conventional means of obtaining loans
- Title loans are QUICK. Title loans can be usually be processed in one or two days, so if you need money instantly, a title loan can be a solution to a financial problem that has suddenly arisen. As they say, time is money, so the time you save by taking out a title loan just may be the difference.
- Title loans may not require a credit check. People who have bad credit or no credit are eligible for title loans. Because the loan is partially guaranteed by the value of your vehicle, it is not necessary for lenders to have perfect credit. Some lenders even have multiple bankruptcies on their records. This is none of our business.
- No personal questions are asked when applying for title loans in Phoenix. Your reason for borrowing are for your eyes and ears only. We do not pry into your personal life because it does not affect our ability to collect repayments.
- You keep your car, truck, or SUV. We understand that a lender’s vehicle is probably his or her primary mode of transportation. We do not want to prevent our lenders from being able to run errands or to get to and from work. While you are repaying your title loan, we will never be in possession of your vehicle.
- Title loans are much cheaper than cash advances or payday loans. Our interests rates are up to 50% lower than those of payday loans because our loans are backed by collateral. This makes it a much more economical way to get cash in emergency situations.
- Title loan repayments are transparent and upfront. We tell you as soon as you accept your loans how much you will be expected to pay. Most title loan companies will also give you an explicit repayment schedule, so no surprises or hidden fees and charges will hit you unexpectedly.
Act Now for Financial Independence
Whether you need money for medical bills or legal fees, tuition or debt repayment, taking out Phoenix title loans might be your solution. A title loan allows you to get money almost instantly without compromising your ability to work or get to places you need to go. It also does not have the same barriers that traditional bank loans put up for people who are newer lenders or for those who have bad credit histories. If you have already been denied a loan from your bank, registration loans and title loans in Tempe might be your last option.
Get financially independent with a quick cash infusion from the equity of your car, truck, or SUV. It is your money, and you deserve it now.