In Arizona, you have many options for borrowing money in a time of need, emergency or just trying to make it to payday. One of the ways you can get a personal loan is with a registration loan. Is a registration loan in Arizona right for you?
What is a registration loan?
A registration loan in Arizona is a way you can get money by using the registration of your car. This means that you are still making payments on your car. You can get a lump sum of money, should the need arise.
What is a title loan?
A vehicle title loan in Arizona is a loan you can get where you use the title of your car as collateral for the loan. This means that your car is paid off and you have the title to your vehicle.
Typically, you can secure more funds using a title loan.
Can not repaying a registration loan cause you to lose your car in Arizona?
Long story short, while it is extremely unlikely it could happen. When it comes to a registration loan, the lender cannot take or repossess your car if you end up defaulting on your loan unless the lienholder was paid in full and the registration loan lender then secured a lien on the vehicle.
Usually, the lender will attempt to collect themselves, or possibly assign the account to a third-party collector if you fail to make payments. They may also take additional action and sue you in civil court for the balance. This may mean your wages are garnished for the amount you owe.
Your best bet is to only take out a loan when you absolutely need to and to always make at least the scheduled payment. At 1 Stop Title Loans and Motor Vehicle Services, we will work with you and your budget.
Keep in mind that if you are applying for a title loan, then the car is the collateral for the loan. This means that the title loan company can repossess your car quickly if you do not make the payments.
How do I get a registration loan in Arizona?
Are you looking to apply for a registration loan right now? At 1 Stop Title Loans, we have locations all over the valley and can hook you up with either a title loan or a registration loan.
The following is what you need to have when you apply for a registration loan at 1 Stop Title Loans and Motor Vehicle Services.
Current Arizona Registration
A recent bank statement
Account number and a debit card
Proof of income (pay stub, pension statement, etc.)
Proof of residence (i.e. utility bill)
Bring your car
Have a valid ID and be 18 years or older
Did you know there are other amazing benefits of a registration loan? These include: no hidden fees, no credit history check and you can find a term that fits your budget. Your customer service representative will go over the details of your registration loan with you when you apply in person. There is absolutely no penalty for paying your loan off sooner than the term.
How do I pay off my registration loan?
Are you worried about defaulting on your loan? If you already have a loan, there are ways to combat defaulting on your it. First, call your lender to see if there is the ability to extend the term of your loan, thus lowering your monthly payment.
Second, you could find another lender altogether. If you do not have a loan with 1 Stop Title Loans and Motor Vehicle Services, you might find our process to be much more simplified. You could use your new funds to pay off your old loan and get into a repayment option that better fits your current needs.
See if you are pre-approved.
Remember, with a registration loan from 1 Stop Title Loans, you get to keep on driving your car while you make the payments back. The application process is a breeze and you could be approved quickly. We want you to keep on driving your car, so we will work with you to make sure your monthly payment is affordable.
Getting a registration loan in Arizona is very easy. There are many benefits to obtaining a loan if you fall short on cash. If you need cash the same or before your next paycheck, consider using a registration loan to help accomplish this goal.
General Manager at 1 Stop Title Loans and Motor Vehicle Services. With over 8 years at a management level in the financial industry and 3 years in the 3rd Party MVD industry, I have learned many helpful insights I'd like to share.