When you need quick cash, online title loans are an effective way to leverage the equity in your vehicle. You can borrow up to $15,000 and most lenders aren’t going to check your credit report. They’re easy to qualify for and you can get the money you need fast. But with so many title loan companies out there, it can be tough to know which one is right for you.
Here’s a quick borrower guide to help you compare and evaluate the different equity lending firms in Arizona. We’ll cover the state requirements for loan amounts and terms, and touch on the main factors to look for in a licensed lender in Phoenix. Hyperlend is dedicated to helping consumers better understand what they need to qualify with a company in AZ that offers either title loans or registration loans.
Title Loan Lending Regulations In Arizona
When comparing title loan companies, the most important things to consider are interest rate and your expected financing terms. Arizona has some state limits on the amount you can borrow and the maximum interest rates, but there are some companies where these limits don’t apply. For example, some title loan companies may not require a minimum loan amount, while others may have a higher maximum interest rate that can hit triple digits. Because of these high rates and other fees you should only borrow what you need. Also read through your loan contract and payment terms to see if there are any other provisions or lending rules that you may have first missed.
How To Qualify For Online Title Loans In AZ
To qualify for a title loan in Arizona, you’ll need to have a pink slip that’s not only in your name but also currently in your possession. The title can’t be associated with any current loans or previous debts. It would be best if you were the sole lienholder listed on the pink slip and there can’t be any other claimants on the title. You’ll also have to verify your monthly income and residency in Arizona. Some finance lenders may request proof of active vehicle registration forms from the Arizona MVD and you must provide proof of vehicle insurance.
What To Look For In An AZ Car Title Loan Company?
When you’re looking for a title loan company, you should keep a few things in mind. First, make sure your desired lender is licensed in Arizona. You can check this by contacting the Arizona Department of Financial Institutions. Second, be sure they have the best outcome in mind for you as the customer versus their own financial gain. For example, a title loan company may try to offer you a loan that’s larger than what you need or can afford. It may be somewhat tempting to go with their offer, but remember that you’ll have to pay off the full loan amount plus any interest and fees. So only borrow what you absolutely need.
Hyperlend is an online service that connects borrowers with secured financing providers in Arizona. We work with a national network of reputable and licensed finance companies to help you get the best terms on your title loan. And because we’re an online marketplace, we can offer some of the lowest rates in the industry. So if you’re looking for title loans in Arizona, check out the different APRs and funding amounts for multiple companies within the state.
Can I Apply Entirely Online Or Do I Need To Meet With A Title Lender In AZ
Nearly all title loan companies in Mesa will allow you to get started with the application and underwriting requirements online. That means you may not even have to leave your home to get started with the vehicle underwriting process. Some instant car title lenders will require their customers to meet with them in person in order to finalize the paperwork but this is not always the case.
Auto title loans give borrowers quick access to cash by using their car title as collateral. These short-term secured loans are typically for smaller amounts, ranging from $200 to $15,000. They come with rates that are higher than traditional loans and installment loans from credit unions or banks. If you’re considering vehicle title loans in AZ, it’s important to understand the state regulations and compare different lenders in Phoenix and Tucson. Many offer guaranteed approval with same day funding where you can grab your cash in less than an hour!
How Do Registration Loans Work In Arizona & Are They Different From Online Title Loans
Registration loans are a type of title loan where the borrower uses their car registration as collateral instead of their car title. In Phoenix, these loans are also regulated by the state. They have many of the same restrictions as title loans. The main difference is that, you may be unable to continue driving your car while the loan is outstanding. This is because the lender will place a hold on your vehicle’s registration, preventing you from renewing it until the loan is paid off in full. So if you need access to your car while you’re making payments, a secured loan may be a better option for you.
What Are The Term Limits For Auto Title Loans In Arizona?
Every consumer applying for title loans or registration loans in AZ has different parameters when it comes to what they’re looking for and no lending term or amount will be exactly the same. On average you can look at the terms from most title loan places be anywhere from 7 months to 24 months, with some lenders offering even longer terms of up to 36 months to accommodate people looking for a lower monthly payment. The funding amount you’re eligible for will depend on the value of your vehicle and your ability to repay the loan, but in general, you can expect to borrow 25% to 50% of your car’s value.
Contact the customer service team at Hyperlend now to get a better estimate of how much you can borrow by cashing in your vehicle’s equity. We have been working with customers in AZ for nearly a decade now and we’ll look to provide the best terms and rates for a registration loan or auto title loan in Arizona!