Things You Didn’t Know About Car Title Loans in Phoenix
Do you know about car title loans in Phoenix? Perhaps you have heard about receiving same-day cash or payday loans. These types of loans are collectively referred to as title loans, and you can get one if you are in a bind, right here in Phoenix.
Title loans are a very common type of loan. They help people get out of an emergency or a tough spot, and very quickly.
However, before you hop in your car and race to a title loan location, there are some things you might not know about car title loans in Phoenix.
At most locations, you don’t need to worry about your credit score or credit history
The beauty of a title loan is that your credit score or credit history (or lack thereof) is not taken into consideration when you apply at the majority of lenders.
The reason for this is because your car is used as collateral. This means that if you default on your loan, the title loan company has the right to repossess your car. Keep in mind that title loan companies in Phoenix must go through more hassle to take your car (and get very little in return) than they do if you pay your loan in full. Most title loan companies will work closely with you to ensure your loan gets paid in full.
You can get money the very same day you apply
Applying for a title loan is very simple. You can relax knowing that not only is your credit score not taken into consideration by most lenders, but most times you can walk out the very same day with cash in hand. This is a great way to get a loan if your credit score is not very good or your credit history is not very long.
You can still drive your car
Now that you know that the title of your car is used as collateral, you still get to drive your car around. That’s right! You get cash and your car.
Think about it, most title loan companies would have no place to store your car. Therefore, you get to keep on driving it while making the payments. It is understandable that going without a car would also be nearly impossible for most people.
You can get out of a tight spot quickly
Many people who need a title loan in Phoenix are in a pinch. They are in a bind. There is an emergency of sorts. Not everyone has an emergency fund, and so many people live paycheck to paycheck.
The good news is that you can get out of that tight spot quickly. You can even apply online before you enter a store. If you anticipate needing cash fast and on the spot, apply online and be sure you bring all the necessary documentation to secure your loan quickly and painlessly.
You can repay early without a penalty
Most people don’t know that when they have a title loan in Phoenix, they can pay it off early without a penalty. If you happen to have the funds to pay off your loan, get it taken care of without the worry of paying even more.
Many people will use their tax returns to get their loans paid off. They may also get a bonus from work or another windfall to help them get out of debt. It is smart to get your loan paid down and paid off.
You can still get a loan if you don’t own your car outright
Being approved for a title loan means that your car is paid off. However, if you are still making payments on your car, you can still apply for a loan.
This type of loan is called a registration loan. It still works the same way. You can still drive your car. You can still pay off the loan without penalty. You can still apply online. The biggest difference is that you might be more limited in the amount of money you can borrow. Simply apply to find out how much you can receive today.
Getting a title loan in Phoenix is rather easy and can be done quickly. You do not need to worry much about your credit score, and you can even walk out with cash in hand the very same day. There is even the option to get a loan if you do not own your car outright. If you find yourself in a bind, apply today to see if a title loan is an answer you have been looking for.