What’s The Difference Between A Car Registration Loan And A Car Title Loan?
August 2, 2021 | Emma Frost
Facing a financial emergency? Your car may be your ticket out. Thankfully, both a car registration loan and a car title loan are both available at Arizona-based Fast Auto Loans, Inc., as options to help you with any time of unexpected financial difficulty.
While a car registration loan and a car title loan are very similar, there are significant differences between the two. It is important to know these differences before you can decide which one would be better for you. Here are some notable differences between them.
Know These Differences Between Registration Loans And Title Loans
What’s A Car Title Loan?
Car title loans are secured short-term loans that use your vehicle title as collateral. With a car title loan, it’s required that you own your car – you cannot get one if you are still paying off your vehicle.
Once approved, you receive an amount of cash in the form of a loan in exchange for your car’s title. Your loan amount is based on your car’s value. You retain possession of your car during the course of the loan. At Fast Auto Loans, Inc., a car title loan can be between $300 and $15,000.
What’s A Car Registration Loan?
A car registration loan is also a short-term loan but uses your vehicle’s registration in exchange for a loan. Unlike a car title loan, you usually do not need to completely own your car to qualify for a car registration loan.
Your car registration loan amount is based on your car’s most recent value as well as your income. As with a car title loan, you can keep possession of your car and drive it during the loan term. A car registration loan of up to $900 can be yours at Fast Auto Loans, Inc. in Arizona.
What’s The Difference Between A Title And A Registration?
Your car title and your car registration are similar and important documents that car owners need to have both.
Your car title is a document that proves that you are the owner of your car. Titles usually have basic information about your vehicle, such as its year, make, and model. Your car registration document shows that your car is registered in the state where you live and confirms you’ve paid related vehicle fees and taxes.
Registrations must be renewed regularly in periods set by the state where you live. However, car titles only change if you’ve paid off a loan or if your car’s ownership changes.
Similarities Between A Registration Loan And A Title Loan
Many of the requirements to obtain a car registration loan and a car title loan at Fast Auto Loans, Inc. are similar. Both require the following:
- A state-issued, photo identification or a driver’s license.
- A valid social security number.
- That you are at least 18 years old.
There are a few differences in required items, though. To obtain a car registration loan, you need to have a vehicle registration in your name and a checking account in your name that’s active.
For a car title loan, you’ll need a lien-free title to your vehicle in your name. Lien-free means you own your car outright and there are no outstanding judgments or loans against it.
You can still apply for both a car title loan and a car registration loan regardless of your credit status. All credit is considered when applying for a car title loan or a car registration loan, including bad or non-existent credit.
Another fantastic similarity is both a car registration loan and a car title loan can take as little as 30 minutes to obtain through Fast Auto Loans, Inc. in Arizona. And you can start the process both online or at one of our many Fast Auto Loans, Inc. locations near you.
What’s The Process To Get A Title Loan And A Registration Loan?
Both of our loans follow the same procedure at Fast Auto Loans, Inc. and they are both simple and convenient to follow. Just follow our short guide below:
- Either go to our website or call one of the many Fast Auto Loans, Inc. locations near you to begin the process. You’ll be asked some basic personal information, including your name, email address, phone number, and zip code.
- During the next step, a loan representative will continue the process with you directly and go over the terms and conditions of either a car title loan or a car registration loan.
- Bring your required car title loan or car registration loan materials to a Fast Auto Loans, Inc. loan location near you. Once they are assessed – and your car is inspected for a title loan – you can receive your cash the same day if you are approved.
Get Your Title Loan Or Registration Loan, Today
At Fast Auto Loans, Inc., we provide an option to help with any expected emergency — from medical bills and needed last-minute travel to home and auto repairs. With a car title loan or car registration loan, temporary relief is yours easily and simply — and in as little as 30 minutes. When you decide which loan you want, fill out our online form to get started.