What Is a Title Loan and How Does It Work? | Cash-N-Go Auto Title Loans of Phoenix

What Is a Title Loan and How Does It Work?

June 18, 2021

Unless you have generous friends or family members who can help you out, you can feel like you’re stuck in a tough spot when you need cash right away. If you have a vehicle, one of the best ways to get some money on the spot is with an auto title loan.

Title loans in Phoenix, AZ are short-term loans where the borrower’s vehicle is used as collateral. As long as the terms of the loans are met, a borrower can use the money for anything they’d like. However, we often see borrowers use the money to pay off large medical bills or other debts. This post will cover everything you need to know about getting an auto title loan.

How does a title loan work?

Getting a title loan is fairly straightforward. After applying online, you’ll need to present the lender with your vehicle’s title, registration and proof of insurance. During the repayment period, you’ll be required to maintain your car and continue to carry insurance for the vehicle.

The payment and interest terms vary based on the lender and borrower, but payments are typically due twice a month until the loan is repaid in full.

Benefits of a title loan

We wouldn’t have so many customers if title loans in Arizona didn’t offer some great benefits over other types of loans. Here are a few reasons to take out an auto title loan:

  • No credit check: It doesn’t matter if you have bad credit or no credit at all—anyone with a vehicle is able to apply for an auto title loan. For that reason, title loans are a great option for folks with a poor credit history.
  • Get cash fast: It can take days to get your money with some types of loans. That’s not the case with title loans in Phoenix, AZ. When you work with Cash-N-Go Auto Title Loans of Phoenix, you can get your money the same day you apply.
  • Keep your car: Drivers may be afraid to take out an auto title loan because they think they won’t have their car during the repayment period. That’s not the case! Borrowers can keep their vehicles as long as they continue to repay their loans.

How much can you borrow with a title loan?

The amount you’re allowed to borrow depends on your lender. When you get a title loan from Cash-N-Go Auto Title Loans of Phoenix, you can borrow as little as $300 or as much as $75,000.

The amount you’re approved for, though, may depend on the value of your vehicle. For example, a lender is less likely to approve you for a huge loan if you drive an old beater that isn’t worth much money.

Get your loan from Cash-N-Go Auto Title Loans of Phoenix

The next time you need an auto title loan, visit Cash-N-Go Auto Title Loans of Phoenix. In addition to offering the best interest rates on title loans in Arizona, our friendly staff members can answer any questions you may have about your loan. Contact us today to get started with your loan application or to see how much you may be able to borrow.

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Phoenix

Glendale Location

Cash-N-Go Auto Title Loans of Glendale
18561 N 59th Ave #116
Glendale, AZ 85308

(602) 443-1055

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Monday Closed
Tuesday 8 AM - 5 PM
Wednesday 8 AM - 5 PM
Thursday 8 AM - 5 PM
Friday 8 AM - 5 PM
Saturday 9 AM - 1 PM
Sunday Closed
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