How the Title Loan Process Works
August 12, 2020 | Daniel Dewitt
There’s no denying that Arizona title loans are some of the most useful financial tools available to most Americans. They’re a source of fast, reliable cash that can be put towards any challenge that faces you, ranging from job loss to hospital visits.
As useful as they are though, most people aren’t actually sure how they work. If you’re one of those, then today is your lucky day: today we’re going to go through the Arizona title loan process and sweep out and illuminate the ambiguities in the process so that you can be confident in knowing what’s going to happen. After all, knowledge is power, and so today we’re going to give you all the power you need.
While Arizona title loans cannot be obtained solely online, the process can be started online. For example, to start the process on Fast Auto Loans Inc. you just have to fill out the simple online registration form.
Once the form has been submitted one of our representatives gives you a quick call back to go over the details of an Arizona title loan and what you can expect in terms of process and outcome.
Find the Store Nearest You
While on the call the title loan representative will usually help you discover which location or store is nearest you. If you’d prefer to find it on your own though for whatever reason, our site has a dedicated location page that lists the many convenient locations around the state where you can obtain a title loan.
What You Need to Bring
One of the key advantages of a title loan over other forms of lending is just how few items are required to be considered for a loan. Instead of a small mountain of paperwork, a title loan only takes three required items:
- Drivers License or State Issued I.D.
- Lien-Free Title to Your Vehicle
- Your Vehicle for Inspection
While they are simple enough to find, it’s important to remember to actually gather them up before you leave for a title loan store, as you will be unable to obtain a title loan without them. And after all, no one wants to make two trips if they don’t have to.
Assessing Your Car’s Value
Once you arrive at a title loan store, the first step is for your car to be inspected to determine its value and how large of a title loan you’ll be eligible for. In the state of Arizona the upward limit for a title loan is $15,000, but the exact amount will be determined by the value of your vehicle.
As useful as it would be, it’s unfortunately impossible to know before this point how large of a loan your car can get you. The only way you can get a rough idea is by checking to see what the resale value of your car would be on an online resource like the Kelley Bluebook and what other models of your car of the same year are selling for in your area. This won’t get you an exact number, but will help you find out if your car will be in the low or high end.
The Loan Itself
After all the above steps have been completed, it’s time to get your loan itself. While a credit score is usually central to whether you can successfully obtain a traditional loan, with a title loan it takes something of a backseat since your title loan will be secured with your car. The loan process itself can take as little as twenty minutes, meaning that from stepping in to stepping out with your cash could be just a half hour.
After the Loan
Once you’ve gotten your title loan you can continue to drive your car as you normally would. It’s a common misconception that your car is held hostage or some such; the truth is that that would be counterproductive for both parties, since to pay back the title loan requires you to be able to work and travel as you normally would.
Paying the loan back is a simple and clear process that shouldn’t be too difficult to follow. Title loans are truly one of the most useful financial tools in your bucket, and can be a lifesaver both metaphorically and literally depending on the kind of financial emergency you may be facing.