If you find yourself in need of an emergency supply of cash, one of the options you might turn to is an auto title loan in Arizona. Now, you’re probably suspicious when it comes to loan offers that promise you quick cash, and this is understandable. A lot of predatory payday lending institutions have deservedly given the industry a bad name.
Auto title loans, however, are different, and there’s not any reason to fear them if you find yourself in a spot where you need some quick cash. Here’s some information about what you can expect if you take out an auto title loan.
How they work
You can give our team at Cash-N-Go Auto Title Loans of Phoenix a call or an email to get started on a quote and pre-approval. If you want your loan to be processed the same day, just swing by the office at least an hour before we close.
Once you’ve been given a loan amount based on the application you submitted and the value of your vehicle, you’ll then sign loan documents prepared in accordance with Arizona state laws. A copy of all relevant statutes and regulations is available at our offices. At the very least, you should make sure you read the loan agreement and get any questions you have about it answered before you sign the paperwork.
You will be responsible for paying any applicable auto fees and maintenance during the term of your contract. You’ll also need to maintain minimum car insurance according to state standards, and possibly higher coverage depending on the loan amount. You’ll name Cash-N-Go Auto Title Loans of Phoenix as the policy loss payee. Loans will be “interest only” or “fully amortizing,” depending on the type that will best suit your needs. Payments will be due twice a month, on the 1st and the 16th. Upon completion of loan documents, you’ll get copies of everything you signed.
Why there’s no need to fear
You don’t get nearly as high of interest rates with auto loans as you do with payday loans and cash advances, which makes them a much lower risk proposition from a financial standpoint. This is partially because your vehicle acts as the collateral for the loan. This means that you’ll spend less money over time to pay back your loan than you would under other options.
You can also be certain that the terms of your loan, including payment deadlines, will be fully spelled out in your contract ahead of time, and that you won’t be tricked into signing anything you don’t understand. Our team makes sure you are completely aware of all your responsibilities before you sign anything. The last thing we want is for you to put yourself into an arrangement you don’t think will be beneficial for your financial situation.
Interested in learning more about the process of getting an auto title loan in Arizona? We encourage you to contact the team of loan professionals at Cash-N-Go Auto Title Loans of Phoenix today with any questions you have, and we’ll be happy to answer them.
Categorised in: Title Loans