If you’re in a bind and need cash fast, a car title loan is a great option. Car title loans are quick and easy to get, and you can borrow up to $10,000. There are no credit requirements in Tempe, so even if you have bad credit, you can still qualify.
The typical person that applies for title loans in Tempe, AZ is looking to use their car’s equity as security or “collateral” for a loan. In other words, they are willing to put up their car to secure the cash they receive. The lender will confirm the applicant qualifies, inspect the vehicle, and then place a lien on the car title and hand over the cash to the borrower. The borrower can then use the cash for whatever they need.
Know The Title Loan Lending Requirements In Tempe Before Applying
When you apply for title loans or registration loans in Tempe, there are a few things you’ll need to bring with you:
-Your car title – The pink slip must be paid off and the lender will take possession of the title (not the vehicle) while you pay off the loan.
-Your driver’s license or state ID – You should be good to go with an active driver’s license from the State of Arizona
-Proof of income (pay stubs, bank statements, etc.) – Any type of document or paperwork which shows you make enough cash monthly to afford the loan payments will be sufficient.
-Proof of residency (utility bill, lease agreement, etc.) – An underwriting wants to know you live in the state and they need to verify your personal information.
How To Apply For Title Loans In Tempe, AZ
To get started with an application, simply find a lender that offers auto title loans in AZ. That company doesn’t necessarily have to have an office in Arizona. Many lenders allow you to send in all your info online and at that point every can be wrapped up over the phone. Once a lender has your loan request, a loan specialists will call you to discuss the next steps and the specific underwriting details. We’ll also answer any questions you have about registration loans in Tempe. The whole process takes about 30 minutes from start to finish, and many borrowers can get access to their funds in less than one business day.
Bad Credit Is Not A Concern
Most title loan companies don’t even bother to check your credit score when you apply for a car title loan in Tempe. That’s because the title of your car is used as collateral for the loan, so the lender knows they can always sell the vehicle to recoup their losses if you default on the loan. This is great news for borrowers with bad credit, who might not be able to get a loan from a traditional lender that does a detailed credit check.
How Much Can I Borrow With A Car Title Loan In Tempe?
The amount you can borrow with a car title loan in Tempe will depend on the value of your vehicle. Finance companies in AZ will offer up to 65% of your car’s value, but some may cap the amount at 30% if you can’t bring the vehicle in for an inspection or if you have a recent bankruptcy or repossession. Bottom line, the more valuable your vehicle is, the more money you can borrow.
What Are The Financing Terms For Title Loans In Tempe?
Financing terms for online title loans in Tempe vary depending on the lender and the borrower’s individual circumstances. However, most secured loans have a repayment period of 6 to 18 months. Some lenders may offer longer loan terms, but they will usually charge a higher interest rate to compensate for the increased risk.
Keep in mind, the repayment period is based on making the minimum payments each month. There’s nothing stopping you from paying extra or even paying off the full loan amount before it comes do. By doing this you can avoid some costly interest charges and the best part is that you will get the car’s title back! Failing to make timely payments could result in the lender repossessing your vehicle so contact your customer service rep if there’s a chance of default.
If you’re looking for a quick and easy way to get cash, online car title loans in Tempe are a great choice for someone who probably won’t be approved for a personal loan. There are no credit requirements when you put up a vehicle as collateral and you can use the money for any purpose. Take the first step and find out if this type of loan is right for you and then find a licensed loan lender near you that offers the best rates and terms!