Car title loans are supposed to be easy and fast ways to get money when you need it the most. One of the most common questions consumers ask regarding title loans is whether they can get one easily, or if there are tight restrictions to qualify.
For the most part, almost anyone should be able to apply and qualify for a title loan without problems simply by putting their vehicles up as collateral. Many auto title loan companies are willing to work with you to find loan solutions when you need them based on your current financial situation.
Here are some common concerns vehicle owners have regarding obtaining a title loan.
If your car isn’t paid off
Most people who want to get an auto title loan must do so when they have a clean title, meaning they don’t owe any money on it. This mitigates conflict if you owe your car dealership or bank money and are attempting to use your car as collateral.
However, you don’t always need to have your car completely paid off to get a car title loan in AZ. Sometimes, if you still owe just a small balance on your vehicle, your loan provider will be willing to pay it off for you and deduct that amount from your available loan balance. If you still owe on your vehicle and need a loan, don’t hesitate to apply!
When you have bad credit
For most other types of loans, your credit score is a huge factor in whether or not you get a loan approval. With auto title loans, this usually isn’t the case. Bad credit isn’t usually a disqualifier for car title loans in AZ, as long as you have proof of income.
Regarding insurance coverage
A lot of people mistakenly believe they need full-coverage insurance on their vehicles when they apply for an auto title loan, but this isn’t true. While most auto title loans require some level of insurance, it’s usually only liability (the minimum amount necessary on all vehicles in most states).
The higher your loan amount, the more insurance you may need. However, the only time you would be barred from getting a loan based on insurance is when you have no insurance at all.
When you get into a situation where you need money fast, you don’t want to be waiting around for a week or more to get approved and fill out paperwork. With auto title loans, some companies offer ultra-fast approvals and loan disbursements.
At Cash-N-Go Auto Title Loans of Phoenix, we can even offer same-day loan processing and get you your cash within 30 minutes! You simply have to call us and provide information to see if you’re approved, visit our office and we’ll get everything handled as fast as possible.
As you can see, there are very few barriers when it comes to obtaining an auto title loan, meaning you’re likely to be able to get one whenever you need it.
For the best in car title loans in AZ, visit Cash-N-Go Auto Title Loans of Phoenix. We offer a comprehensive range of loans to meet your needs.
Categorised in: Title Loans