Registration Loans in El Mirage
If you own a car, there are two fast cash loan options in Arizona: car title loans or registration loans in El Mirage, AZ.
It’s important to understand the basics in these types of loans, as well as knowing the difference between them. If you are confused between title loans and registration loans you’re not alone. This article will help you know the difference.
A Title Loan Could be Your Best Fit
A title loan is guaranteed by your car’s title. That’s simple enough–the name describes this type of loan. To get cash in this type of loan, you have to leave your car’s title with the lender as a guarantee or collateral before you get the loan. Once you pay your loan back, you get your title back.
The biggest deal breaker to getting the cash you need from title loans is in the details of how you own your car. Your car’s title must be free and clear.
This means that in order to get title loans in Arizona, you must NOT:
- Owe any car payments on your car.
- Have any liens placed on your vehicle.
- Hold title as salvage.
- Be in anyone else’s name. The title must be in your name.
If you pass these rules, a lender will want to set a value on your car in order to give you a loan. They will look at your car’s age, condition, make and model. Using resources like Kelley Blue Book, they’ll make you a loan offer based on your car’s value.
How Registration Loans in El Mirage Differ
Unlike title loans, Phoenix registration loans do not require that you have a clear title on your car. Even if you are still paying car payments on your car, you will be approved for a car registration loan. There’s only one deal breaker to registration loans in El Mirage, AZ compared to the many deal breakers in getting Arizona title loans. The main criteria is that the car must be registered in the borrower’s name.
There are many benefits to this type of registration loan. You can continue to drive your car and make your car payments while you borrow and pay back the registration loan. There are no credit checks with this type of loan, so individuals with no or bad credit can get a registration loan.
Regardless of what type of loan package you choose, be sure that you can afford to your pay your loan back in the set time limit. Usually these loans are set up to be short term and must be paid back on schedule. Loan advisors will help you in setting up the best loan package for you. Feel free to call us. We’d be happy to answer any other questions and help you set up the registration or title loan that works best for you.