How Do You Qualify for a Vehicle Registration Loan in Arizona?
For those who don’t own a home, a car is likely the most valuable fixed asset they own. And when they need financial flexibility or some extra cash, it’s common for them to use their car as collateral for a loan. In most cases, a title loan is the preferred financial vehicle for those situations. But here in Arizona, they’re not the only option. Car owners can also opt for a vehicle registration loan under certain circumstances. Here’s everything you need to know about them and when they might be a good option for you.
The Basics of Vehicle Registration Loans
When a car owner takes out an online title loan, they’re using their vehicle as a guarantee that they’ll pay back the principal, plus whatever interest they owe. But to do that, their car must be fully paid off, with no outstanding loans or other liens on the title. The trouble is that the most common length of car loans today is 72 months — meaning that most people have quite a while to wait before they can take out a title loan.
A vehicle registration loan, by contrast, doesn’t require an unencumbered car title. That means car owners can access vehicle registration loans at any point in the ownership cycle. And that makes them a much more flexible and accessible option than title loans.
Does Every Car Qualify for a Vehicle Registration Loan?
In general, any car registered in the state of Arizona should qualify for a vehicle registration loan. And unlike title loans, the book value of the vehicle itself doesn’t matter. That means even older vehicles in less than prime condition can qualify. The loan issuer won’t even examine the car before issuing the loan. They’ll only be concerned with its ownership documentation.
The only tradeoff involved is that vehicle registration loans normally come in smaller amounts than a comparable title loan. This is because they’re meant as a short-term loan product that doesn’t rely exclusively on the asset value of your car, so there’s a limit to how large a loan the lender will underwrite.
Does Every Car Owner Qualify for a Vehicle Registration Loan?
The criteria that Arizona car owners have to meet to qualify for a vehicle registration loan are fairly straightforward. To qualify for such a loan, a car owner must:
- Be 18 years of age or older
- Have a valid, state-issued photo identification
- Have a blank check with valid routing and account numbers to set up a repayment schedule
- Have their vehicle’s registration in their name
It’s not even necessary to go through a credit check or furnish proof of employment. The car owner seeking the loan need only attest that they’re capable of paying the loan back on time with any interest accrued. That makes vehicle registration loans a great option, even for those with spotty employment histories or poor credit scores.
How Long Does It Take To Get a Vehicle Registration Loan?
Because the criteria to qualify for a vehicle registration loan are so straightforward, the process of getting one is typically quick. In most cases, a car owner can fill in an inquiry form with their basic details, after which they’ll get an appointment to meet with a loan agent. The agent will check on their documentation, inspect the rebuilt title loans near me and let them know if they’ve qualified for a loan, often right on the spot. And most people who qualify can receive the cash they need on the same day they’re approved.
Why Choose a Vehicle Registration Loan in Arizona?
There are plenty of good reasons that Arizona car owners might wish to consider a vehicle registration loan to meet their financial needs. They include:
- They’re available even for car owners who still have payments left on a car loan
- They don’t depend on credit history, making them easier to qualify for and accessible to a broader section of the public
- They don’t depend on employment status or history, so they’re available for the temporarily unemployed to meet their short-term financial obligations
- Unlike a salvage title loan, here’s no vehicle inspection required to qualify
- They aren’t tied to the book value of the registered vehicle, so more cars qualify
- They offer same-day access to funds for those who qualify, making them a great option for emergencies
The bottom line is, online vehicle registration loans from TitleMax, LaonMart, Cash Max and RegistrationLoans.net are easy to qualify for and can get funds into a borrower’s account in a hurry. Unlike other types of car loans, they’re hassle-free and simple to secure.
Consider a Vehicle Registration Loan Today
In Arizona, vehicle registration loans offer an excellent option for car owners to access cash fast when they need it. All they have to do is provide some basic information to a lender, produce the right documentation, and that’s it. And on approval, they’ll get the cash they need either on the same day or the following business day. And that makes them more than worth considering for any Arizonan in need of money in a hurry.