The Basics Of Understanding How An Online Loan Works
Online title loans can be confusing because the word “online” may make the process sound fully digital.
With Fast Auto Loans, Inc., an online title loan means you can start the inquiry online. The current process still includes an in-person visit for required-item review and vehicle inspection.
This guide explains how online loans work for Arizona title loans, what items are needed, what happens after you submit the online form, and what to review before signing any agreement.
Quick Answer: How Do Online Loans Work?
Online title loans start with an online inquiry.
After you submit your basic information, a representative may contact you to explain the next steps, confirm the required items, and help you prepare for the in-person part of the process.
The current process generally includes:
- Starting an inquiry online
- Speaking with a representative
- Gathering the required title loan items
- Visiting an Arizona location
- Completing the vehicle inspection
- Reviewing the agreement if approved
- Receiving funds according to the applicable funding schedule
Submitting an online inquiry does not guarantee approval, a specific loan amount, specific terms, or funding.
What Is an Online Title Loan?
An online title loan is a title loan inquiry that starts online.
The loan itself is still a secured loan that uses a qualifying vehicle and lien-free title as collateral.
A lien-free title generally means:
- The vehicle is fully paid off
- No active lender is listed as the lienholder
- The title is in your name
- The title matches the vehicle being inspected
Fast Auto Loans, Inc. offers Arizona title loans from $300 to $15,000 for qualified borrowers.
Actual loan amounts vary based on the completed application, vehicle evaluation, ability to repay, and other requirements.
Not every applicant qualifies for the maximum amount.
Use These Factors To Understand Online Title Loans
How Does An Online Loan Work?
The required items for an online title loan are the same as title loans, but what about the process? Previously, customers were required to find the nearest Fast Auto Loans, Inc. location, go there with their required documents, and wait for a representative to inspect their vehicle. Now, with our online loan, you can have the representative meet you at another location of your choice for the inspection.
You can arrange to meet anywhere that is most comfortable and convenient for you without having to come into the store for any reason. As long as it’s agreeable to your loan agent, you have flexibility in this matter. Going to the office for the in-person meeting is also an option – but it isn’t your only fast option. During this meeting, your vehicle will be inspected to verify the details you provided. Then we can let you know how much we can lend you.
Is An Online Title Loan Really Different From A Title Loan?
When it comes down to the details, our online loan isn’t that much different from a title loan. In fact, the option to have the vehicle inspection outside of the store is the biggest difference. Everything else is pretty much the same. We will still place a lien on your title and hold onto it while you repay the loan and you can still keep your vehicle while you are repaying the loan as well. Plus, we still have to see your driver’s license or state-issued photo ID and your lien-free title.
Key Differences Between Title Loans and Online Title Loans
The primary distinction is the convenience of meeting outside the store for vehicle inspection. Everything else remains the same: we require your driver’s license or state-issued photo ID and your lien-free title.
What You Need For An Online Title Loan
You should definitely know what factors make you eligible for a title loan online. This will save you a lot of time because it’ll ensure that you are prepared and we can get straight through the process. It will also prevent you from wasting time on a loan that you actually can’t get at all. The good thing is the requirements for an online title loan are identical to the title loan. You must have the following items:
- Age: Be at least 18 years old. You have to be a legal adult in order to get any kind of loan. This is why we need to see your driver’s license or state-issued photo ID to verify that you are at least 18 years old.
- Vehicle Ownership: Owning the vehicle, in our terms, means that you don’t owe anything towards its purchase. Your name must appear on the title if you are hoping to get a title loan. You should also have access to the vehicle so you can bring it to the inspection.
- Lien-Free Title: You may have paid for it, but unless you have the title in hand, you won’t be eligible for a title loan, online or otherwise. You should apply for a replacement title if yours has been lost. If you recently purchased the vehicle, have the title transferred into your name.
Reasons To Consider An Online Title Loan
Technology has changed the way we do a lot of things. Paying bills automatically, ordering food, and even scheduling a haircut can all be done online these days, so why not beginning the process for an online loan, too? Fast Auto Loans, Inc. has kept up with what our customers want. A title loan online saves them time and hassle. Even the face-to-face inspection is easier, since we’ll come to you! Here are a few more reasons to consider title loans online:
- Your lien-free title is the collateral - You don’t surrender your vehicle at the initiation of your loan. Instead, you just hand over the title and keep driving your car as usual.
- Money available as soon as the same day depending on when you reach out to us and how quickly we are able to do this. If not today, you will get it the next business day.
- Bad credit won’t automatically disqualify you from an online title loan. There are many factors that determine approval. We invite customers with any type of credit to apply.
Can You Keep Driving Your Vehicle?
Borrowers can generally continue driving their vehicles while repaying a title loan.
You can generally keep using the vehicle for:
- Work
- School
- Medical appointments
- Shopping
- Family responsibilities
- Daily transportation
However, the vehicle title still secures the agreement.
Before signing, review what happens if payments are missed and make sure you understand the late-payment and default terms.
Can You Apply With Bad Credit?
Borrowers with different credit backgrounds may be able to start an online title loan inquiry.
Bad credit does not automatically prevent someone from asking about the process.
However, approval is not guaranteed.
The review may consider:
- Application information
- Vehicle value
- Vehicle title status
- Ability to repay
- Other requirements
Do not assume that collateral guarantees approval.
Start an Online Inquiry With Fast Auto Loans, Inc.
Understanding how online loans work can help you avoid confusion before starting the process.
With Fast Auto Loans, Inc., an online title loan starts online and continues with an in-person review.
Hopefully by now you understand our online loan process a little more clearly now with this guide. The most important thing to note is title loans and an online title loan aren’t that much different and both will help you get the quick money you need to help you with emergency expenses. It is just that an online title loan allows you to meet with the representative at any location other than one of our stores! So, the next time you need help, don’t hesitate to go to our website and fill out the online form to get started.
Frequently Asked Questions
How do online loans work for title loans?
Online title loans start with an online inquiry. After that, a representative may contact you to explain the required items and the in-person steps needed to complete the review.
Is an online title loan fully online?
No. You can start the inquiry online, but the current process includes an in-person visit for required-item review and vehicle inspection.
What do I need for an online title loan?
You generally need a driver’s license or state-issued photo ID, a lien-free vehicle title in your name, and the vehicle for inspection.
Does my vehicle need to be paid off?
Generally, yes. A lien-free title usually means the vehicle is fully paid off and no active lender is listed as the lienholder.
How much may be available?
Fast Auto Loans, Inc. offers Arizona title loans from $300 to $15,000 for qualified borrowers. Actual loan amounts vary.
Can I start the process from home?
Yes. You can start the inquiry online from home, but the remaining process includes an in-person visit at an Arizona location.
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.
