Confronted with a financial emergency? Rest assured, you can use your car for a registration loan or car title loan, both readily available at Arizona-based Fast Auto Loans, Inc. While these quick cash loans may appear similar, they do have significant differences. Understanding these nuances is crucial in choosing the best option for your financial crisis.

Knowing the differences between a registration loan and a title loan is vital before beginning the process of pursuing a loan. Learn how these two Arizona loans differ in their eligibility requirements, potential loan amounts, and collateral used for the loan.

Defining Arizona Car Title Loans And Registration Loans

People who need quick cash for a financial emergency can use their car to secure a fast cash loan. You can keep driving your car with a loan from Fast Auto Loans, Inc. The two car loans we offer to help with your urgent bills are car title loans and registration loans.

What Is An Arizona 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 your application is approved, you receive a cash loan, the amount of which is determined by your car’s value. The best part? You retain full ownership and use of your car throughout the loan period. At Fast Auto Loans, Inc., a car title loan can range from $300 to $15,000, giving you the flexibility you need in your financial situation.

What Is An Arizona Car Registration Loan?

A car registration loan, like a car title loan, is a short-term loan. However, it uses your vehicle’s registration as collateral. The good news is that you usually do not need to fully own your car to qualify for a car registration loan. This flexibility in eligibility criteria is what sets it apart from a car title loan.

Your car registration loan amount is based on your car’s most recent value. 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 Are The Differences Between A Registration Loan And A Title Loan?

When seeking a loan using your car in Arizona, you may wonder which of the above quick cash loans to choose. Both allow you to continue driving your car after receiving a lump sum of money to pay for urgent expenses. Although they seem similar, some differences can determine which is the right choice for your situation.

The following are the differences between Arizona registration loans and title loans:

1. The Collateral Used

This difference is in the title of both fast money loans: car title loans use your car title, and registration loans use your car registration. However, it’s important to know that your car must be fully paid off to use your car title for an Arizona loan.

Your loan lender will need to place a lien on the car title. If the car is still being paid off or has outstanding liens or judgments, the lender cannot do that. An Arizona registration loan would be better for someone still paying off their car.

2. Eligibility Requirements

At Fast Auto Loans, Inc., we require all potential borrowers to bring the required items to an in-person meeting to get approved for our Arizona loans. Car title loans and registration loans require different items.

For an Arizona car title loan, you must bring your driver’s license or state-issued ID, the lien-free car title in your name, and your vehicle for an inspection. You must also bring your driver’s license or government-issued identification card for an Arizona car registration loan. However, you also need your Arizona car registration, proof of an active checking account in your name, and a valid social security card.

3. Loan Amounts

The main difference between these two loans is how much you can receive from them. At Fast Auto Loans, Inc., borrowers can get approved for $300 to $15,000 for a car title loan and up to $900 for a registration loan.

An Arizona title loan is potentially worth more than a registration loan because of the collateral's strength. It provides a stronger claim on your car than the registration. This difference in value means a car title loan is better for a larger expense, while a registration loan may be better for a smaller expense.

Should You Use A Title Loan Or Registration Loan For Your Financial Emergency?

The cost of your urgent expenses will determine what quick cash loan you should pursue. If you have an unexpected expense that costs thousands of dollars, a registration loan will not be able to pay the full cost, so a title loan would be better. However, those with smaller expenses like late rent, only costing a couple hundred dollars, who have yet to pay off their car should consider a registration loan.

The following are some financial emergencies you can face and whether you should consider a title loan vs a registration loan:

• Late bills: As mentioned above, a registration loan can likely cover the cost of this expense. It’s a smaller loan with more manageable repayment terms for covering rent, mortgage, or utilities.
• Home renovations: Your home can sustain damage that requires fixing your roof, repairing your air conditioning, or remodeling your entire kitchen. In this case, a car title loan may be better to afford the significant cost of extensive repairs.
• Auto repairs: Both loans can work for this type of expense. However, an Arizona car title loan uses your car's condition to determine your loan's value. If your car is majorly damaged, you may not qualify for a lot of money and may need to go for a registration loan.
• Unexpected travel costs: Which auto loan is better for this depends on the situation. If it’s small costs for a short trip, a registration loan could work. However, needing to pay for longer-term costs to move somewhere for a family emergency could necessitate a car title loan.

What Is The Process To Get A Title Loan And A Registration Loan In Arizona?

At Fast Auto Loans, Inc., we offer the above two auto loans for potential borrowers struggling with financial emergencies. We allow borrowers of all credit types to get approved without visiting one of our Arizona stores. You can also keep your car while you repay the loan.

The following are the steps in the process for getting an Arizona registration loan or car title loan with Fast Auto Loans, Inc.:

1. Fill out the online form on our website with basic information
2. Answer a call from one of our loan associates
3. Verify your information and set up an in-person meeting
4. Bring the required items for your desired loan to the meeting location
5. Have the associate verify your items and see if you can get approved
6. Hear about the value of your quick cash loan
7. Sign the loan document
8. Receive fast cash the same or the next business day

Get Your Title Loan Or Registration Loan With Fast Auto Loans, Inc. 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 fast and easy.

Fill out the online inquiry form on our homepage to provide basic information. A loan representative will contact you over the phone shortly to discuss the next steps and help you receive emergency cash from an Arizona car title loan or registration loan.

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