Do you need to take out a loan for emergency expenses, but you’re worried about your bad credit? You might be asking, “Can I borrow a loan against my car?” if you really need quick cash. Thankfully, you can borrow money through a loan against your car title if you have bad credit and cannot get approved for a bank loan.

In this guide from Fast Auto Loans, Inc., we will explain how you can get a car title loan with bad credit. Along with how to borrow against your car title, we will explain how you can get a car registration loan to borrow money for emergency expenses.

What Does It Mean To Borrow A Loan Against My Car?

When you borrow money against any property, you are basically using it as security or collateral for a loan. Think of it as making a pledge or guarantee. If there is any event in which you cannot make the payments, the property can be used to fulfill the loan agreement.

That doesn’t mean you have to surrender your vehicle the moment you get the loan. Instead, a “lien” or a legal claim is placed on the title or registration. Once you complete the payments, the lien is lifted, and the loan lender will no longer have a legal claim to your car.

Why Would Someone Need To Borrow A Loan Against Their Car?

Our economic environment is constantly changing, with a good income one day no longer being enough to afford necessities the next. Inflation rates have skyrocketed since the COVID-19 pandemic, with the cost of living and housing costs only continuing to go up. On top of that, many face financially uncertain times because of emergencies, such as medical bills, home or auto repairs, and unexpected travel costs.

If you have economic uncertainty and face unexpected emergency expenses, borrowing money against the value of your vehicle can provide a quick financial boost. Using your car title or registration as collateral, you can borrow hundreds or thousands of dollars to afford urgent expenses.

Borrow Against Your Car Title With An Arizona Title Loan

A title loan is one of the most common ways to borrow against your car. This secured loan allows you to borrow against your car title by using a lien-free car title as collateral to secure the loan. A lien-free car title has no outstanding liens, judgments, or debts, meaning you have fully paid off the car.

Having a lien-free vehicle title allows a loan lender to place a lien on it and lets you borrow emergency cash. Fast Auto Loans, Inc. allows borrowers to get approved for up to $15,000 in emergency cash. How much you can borrow depends on the value of your car, with factors like the car’s age, make, model, condition, and mileage determining this.

Those looking to borrow a loan against their car title must fully pay off their car before getting approved. That’s because if you get a title loan, we will place a lien on the title until you finish the last payments. You can’t simultaneously have two liens on the same property, so the title must be owned free and clear.

Can I Borrow Against My Car Registration?

If you have not fully paid off your car yet, you can still get a loan against your car using your vehicle registration. A registration loan allows you to use your car’s registration as collateral to borrow up to $900 without needing to have fully paid off your car.

While you’ll have to borrow much less than with a car title loan, registration loans are available to many more people. Anyone who has a car will have a registration, meaning they can get approved for Arizona registration loans to borrow emergency cash against the value of their vehicle.

Can I Borrow A Loan Against My Car Even If I Have Bad Credit?

One of the advantages of using your car title or registration as collateral for emergency loans is you do not have to prove your creditworthiness. When getting a bank loan, the financial institution will need to verify your creditworthiness to establish you as a trustworthy borrower who can pay back the loan.

In the case of loans borrowed against your car, the loan lender uses collateral to secure it. If you cannot pay back the loan, they can seize your car to restore the value lost. That means you can get a registration or car title loan with bad credit or no credit at all.

How To Borrow Against My Car Title?

If you’ve decided to use your vehicle’s title or registration to get a loan, Fast Auto Loans, Inc. can help you out. We keep the approval process for both emergency loans simple to allow borrowers to gain fast approval.

One of the ways we allow for fast approval is by allowing borrowers to get approved online. We have a convenient online form with which you can apply, fitting in with the growing trend of digital financial services. You can get approved without needing an in-store visit by following our simple online approval process.

The following are the steps involved in getting approved for Arizona car title and registration loans:

• Fill out the online inquiry form on our website. A loan representative will call to explain the process, answer your questions, and set up an appointment for you to either come in or have us meet you somewhere. We can meet at your home, workplace, or an Arizona store location.
• Once off the phone, you can head to your appointment with the required items for title loans or vehicle registration loans. Remember, you can go to any of our convenient locations or arrange to meet at another location if you are getting a title loan. The process for either loan can last a minimum of 30 minutes.
• Once at the meeting, the loan representative will verify you have the proper required items. They will also assess the vehicle's value during an inspection to determine the loan amount you can get approved for.
• If you qualify for approval for either loan, all you have to do is finish the paperwork after going over loan terms. You will receive your money on the same day or the next bank business day. Plus, you get to keep your vehicle while repaying either the title or the registration loan.

Apply For Car Title Loans Or Registrations Loans Today With Fast Auto Loans, Inc.

Borrowing money against the value of your car is easy with Fast Auto Loans, Inc. We offer vehicle title and registration loans for you to borrow emergency cash when faced with a financial crisis. The whole approval process takes less than a day, and you get to keep your car after loan approval!

Are you interested in getting emergency loans, or have more questions about how to qualify for one? We’re here to help! Just go to our website and fill out the online form to get started on the process for car title loans or vehicle registration loans.

 

Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.