Using your vehicle’s DMV paperwork as collateral for a registration loan makes them much better than other secured loans like a car title loan. If you’re needing to borrow money and already have a car loan, you might be tempted to take out another car loan on the same vehicle instead of using registration as collateral. However, even with bad credit, it’s possible to get registration loans online without having any equity in the vehicle. The amount you can borrow depends on how much the vehicle is worth, not what you owed on it.
Since registration loans are unsecured, your credit will play no role in whether or not they approve you. However, any unsecured loan will carry higher fees and interest rates; most people will want their following quote to be as low as possible.
Registration Loans Online Versus Online Title Loans
Registration loans tend to be easier to get than a 24 hour title loan! That’s because you don’t need a paid off car title to qualify and some customers can get approved with just the car’s registration documents.
Another difference between these types of loans is that you can expect a larger loan amount with a title loan versus a registration loan. Typically we see these registration loans in Arizona for around $1,000. That’s not as high as a title loan, which can approach $15,000, but again, you don’t need a lien free vehicle to qualify.
Online Registration Loans in AZ
Registration loans have been around for about a decade now and we’re seeing more people apply for this form of funding in Arizona than ever before. This is because registration loans have been getting more exposure recently, leading to a rise in secured lending companies. Another factor is that they’re easier to qualify for. Many borrowers can track down a copy of their vehicle documents, but getting the actual pink slip to a paid off vehicle can be difficult.
What Else Do I Need To Know About Registration Loans Online
To get an AZ registration loan all you’ll need is your vehicle make and model number along with the mileage and your driver’s license. You will also need to show your lender that you’re reliable and can make monthly payments. Because of that, you may need to show proof of employment or monthly income to qualify for more money with title loans online.
Registration Loans With No Credit Check Versus Cash Advances
You’ll want to consider registration loans versus cash advances if you’re needing money within the next few days and your only other option is a cash advance on your credit card, which might have higher fees associated with them. However, registration loans tend to be much larger than most cash advances so this makes comparing the two difficult. The finance rate or APR will of course be much higher but that may be offset by the amount you can borrow.
Whichever choice you make, Hyperlend is here to make it easy to apply for a registration loan in Arizona or any other type of secured loan. Contact us today or fill out an online application and we’ll do all we can to get your title loan funded!