When life throws a wrench in your plans, it sometimes means that you end up short on funds or can’t quite make it to payday before your bank account is drained. The good news is that there is a possibility to stretch your funds to payday by getting a loan. Many people are in this situation; choose a registration loan or a title loan. However, you might be wondering what these loans are and which one is best for you and your situation.
What Is A Registration Loan?
A registration loan is simply a loan you can take out where you use the registration on your car as collateral. This means that you are still making payments on your car. You pay back this loan with the terms you agree to with your lender.
The good news is that if you get a registration loan through 1 Stop Title Loans and Motor Vehicle Services, you get to keep driving your car while you make the payments on your loan. There is no need to ride your bike or take an Uber during this time.
Additionally, you are allowed to pay off the balance of your loan early, without any prepayment penalties. What gets a lot of people excited about a registration loan is that your credit history is not taken into consideration. This means you can have no credit or not-so-hot credit and still get a registration loan.
Do I Need A Registration Loan?
If you are short on cash and you are still making payments on your vehicle, then a registration loan might be what you need. You can begin the application process online, via phone, or in-person at one of the many 1 Stop Title Loans and Motor Vehicle Services locations around the Phoenix Valley.
What do you need in order to apply for a registration loan at 1 Stop? The following is what you need to have when you apply for a registration loan at 1 Stop Title Loans and Motor Vehicle Services in Phoenix.
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
What Is A Title Loan?
If you happen to own your vehicle outright, you can apply for a title loan. The difference between a registration loan and a title loan is if you own your car and have the title to it. With a title loan, you are often able to take out a bigger loan amount than with a registration loan.
A title loan is similar to a registration loan in that you do not need to have great credit, and you can pay off your loan early without penalty.
Do I Need A Title Loan?
If you find yourself short on cash or in need of emergency funds and you own your car outright, then a title loan might be what you need. As with a registration loan, you can begin the application process online, via phone, or in person.
What do you need in order to apply for a title loan at 1 Stop? The following is what you need to have when you apply for a title loan at 1 Stop:
A vehicle you own outright.
A clear Arizona title that is in your name.
Proof of residence (utility bill, phone bill, lease papers, etc.)
Proof of income (check stub, pension statement, etc.)
Valid ID (must be 18 years or older to qualify)
Keep in mind, the interest rates for either a registration loan or a title loan will be higher than a traditional personal loan. The good news is that you can pay off your loan earlier than your anticipated end date without penalty. Your chance of approval is very high with a registration loan or a title loan from 1 Stop Title Loans.
Nobody knows when life will throw a wrench in our plans. Taking a hit financially can be very stressful and it can feel hopeless. Getting a loan with bad credit is not impossible. The good news is that you can get help with your finances by visiting a 1 Stop Title Loans and Motor Vehicle Services location near you. We’re here to help you weather the storm.
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.