When it comes to getting money quickly, there are not many good options out there. Personal loans from big banks come with spending limitations, and borrowing cash from family can be stressful and unpleasant. Luckily, if you own your vehicle, you have access to quick cash as long as you are able to pay it back. It’s called an auto title loan. Basically, the value of your car serves as collateral for the money you borrow. It’s simple, fast and can get you the cash you need without the hassle of going through a bank.
Let’s take a look at how auto title loans in AZ work and find out if this type of loan works for you.
How does it work?
A title loan essentially means that you sign your vehicle over to a title loan company in exchange for cash. You’ll be given a monthly payment and will be charged interest, but you hold onto your car and can drive it in the meantime. If you are unable to pay back the money you borrow, the car and title go to the lender. To start the process, you’ll need proof of ownership, meaning the title can’t be in the name of a bank or other lender. If you are still making car payments, this process won’t work for you. Having a vehicle title means your car is completely paid off.
Not for everyone
Obviously, there is some risk involved in signing your vehicle over to a title company in exchange for quick cash, but only if you are unable to make your payments and are not able to pay off any lump sum within the agreed-upon timeframe. Unlike check cashing services, cars tend to be worth more money, and they can be just the thing to get you out of a tight spot, but be sure you’ll be able to pay on time.
Ask questions and understand the terms
If something happens and you are unable to pay back the loan, you will lose your car’s title. That being said, a good title loan officer will walk you through the steps and everything you need to know about your specific loan. If you have additional questions, ask them—don’t wait until you have a problem spring up.
Can you still drive my car?
Yes! The best part about a title loan is that you hold onto your car, and that extra cash, too. Unlike taking a valuable item to a pawn shop, where it stays until you pay the cash back, title loans don’t require you to hand over your car. If you are trying to get to work or school but still need extra cash, a title loan might be the perfect solution for you.
Do you think you might be able to benefit from an auto title loan? For more information about auto title loans in AZ or to schedule a consultation, feel free to contact the loan experts at Cash-N-Go Auto Title Loans of Phoenix. Give us a call today!
Categorised in: Title Loans