Equity Title Loans: Did you know that you can use the equity that you have in your vehicle to get some fast money? If you find yourself in a situation where you need to get some money quickly, then maybe an auto equity title loan in Arizona might be your answer.
Equity Title Loans in Arizona
When you are looking to get an emergency loan, choosing a car title loan company in Arizona can help you, but you must be careful, as not all title loan companies are the same.
Everyone knows that title loans are more expensive than bank loans, but with a title loan, you will be able to get the money within 24 hours of applying.
Getting the money is the easy part, you need to make sure that you do your due diligence on the companies that you are considering.
It will be very important that you shop around for the lowest interest rate, and make sure that the loan term is at least 12 months with no prepayment penalties. If you are worried that you will not get qualified because you have bad credit, do not worry, with title loans in Arizona, your car is your credit. As long as you have enough equity in your vehicle, you will get pre-approved.
You will also need to prove that you will be able to afford the monthly payments. Your income will prove that you can support the payments. With car title loans in Arizona, you will keep your car, unlike auto pawn loans where they hold on to your vehicle.
Title loans in Arizona make it easy for you to get the money that you need, and you still get to drive your vehicle.
Choosing the right title loan company in Arizona can be difficult, but it is worth the effort, it will be important that the company that you choose is in compliance with the CFPB, that they have a good online reputation, and have positive reviews on Google.
Car Equity Title Loans In Arizona
The most important thing when you are applying for an equity title loan in Arizona is that you have enough equity in your vehicle, you will be getting pre-approved on your equity and not your credit score.
You will be using your car as your credit, and your monthly income will get your final approval. They are the two most important qualifying factors if you want to get a title loan in Arizona.
Get The Right Terms
When you are shopping around, you need to ask if they have any prepayment penalties, and if they do, then you should definitely not choose that company.
Make sure that you are not getting a 30-day title loan term, you want to get one that has about 24 months, with no prepayment penalties, so you can pay it off at any time, but your monthly payments will be manageable.
When you are talking to the title loan companies, make sure that the loan that you are getting that the payments are amortized, so your payments will go towards the interest and the principal.
Documentation For Your Arizona Title Loan
Most companies will all ask for the same basic information, there may be a few small differences in what they ask for, but in general, they will all ask for the same items.
The biggest qualifying factor besides your vehicle will be your income, as long as you can provide the company with your income there will be no delays in getting funded.
Some companies will ask for personal references, and car insurance but not all of them ask for that. They will all ask for your proof of residence, and your driver’s license.
Most companies do not need to do a physical inspection on your vehicle, as long as you can provide them with detailed photographs of your vehicle.
The photos will need to show the overall condition of your car, and you will need to also provide a photo of the VIN number and the mileage on your vehicle.
Same Day Funding
Make sure the company that you are thinking of going with, can do same-day funding, or ask them how long will it take to get you the money.
Most title loan companies in Arizona will be able to wire the money directly into your bank account, or you could use any MoneyGram location to pick up your money.
Arizona title loans have become more user-friendly, and now most loans can be done online, without having to visit a physical office.
Choosing the right company to give you the best title loans in Arizona is important, do not rush into going with the first company you talk with, it is important to do your due diligence.