When car owners are strapped for cash, they may turn to auto title loans in AZ as a quick solution. However, it’s important to understand the processes and risks involved with this type of loan. Will you still be able to drive your car? Can you lose your car?
Use the following FAQ guide to educate yourself about auto title loans in AZ. Armed with the right answers, you can make better informed decisions about your title loan options.
Can I still drive my car if I get an auto title loan in AZ?
Yes. If you get an auto title loan in AZ on your car, you can still drive it. By securing the loan, you are not signing away driving rights to your vehicle.
What are the risks of auto title loans in AZ?
While you can drive your car while you have an auto title loan in AZ, you must make payments for this loan on time. If you fail to pay off the loan, you might not be able to drive your car because you no longer have it. When you take the title loan, you are putting your car up as collateral. If the loan is not paid, you will lose this item that you used to secure the auto title loan.
Another risk involved with auto title loans is the interest. If you never pay down on the principal of the loan, you will continue to pay interest, and the loan will never go away. This often happens when a car owner borrows too much. They take out a loan amount greater than they can afford to pay back.
Can I get an auto title loan in AZ if I don’t own my car?
If you do not own your vehicle, you probably won’t be able to secure an auto title loan in AZ. The loan requires that you put up the title as collateral, and, if you don’t own the car, you don’t actually have the title to offer.
How much money can I get with an auto title loan in AZ?
Lenders typically consider the value of your vehicle based on its Kelley Blue Book value. The loans provided are usually around 50 percent of this value.
How do I get an auto title loan in AZ?
While you may be able to complete some of this process online, many lenders require a physical inspection of the car to complete the loan. Contact your local auto title loan company to find out how to get started and what is required in your area to complete your auto title loan in AZ.
Find Out More
Do you have additional questions about auto title loans in AZ? For in-depth industry knowledge and experience, contact the pros at Cash-N-Go Auto Title Loans of Phoenix. We can answer any questions you have and get your title loan funded in 30 minutes. We offer low rates and payment plans that will fit your budget, with no prepayment penalties or hidden fees. Reach out to our team today!
Categorised in: Title Loans