Can You Get A Loan Against A Car Title And Still Drive It?
Despite what you may be led to believe, you can keep your vehicle and drive it however you like when you get a loan against car title. All you have to do is stick to the repayment schedule, and you'll never give up your mode of transport. When it comes to the car title loan and your vehicle, here is what you need to know and how the process goes with us.
What You Need To Know About Car Title Loans: Your Questions Answered
Can You Still Drive Your Vehicle If You Get A Loan Against Car Title?
As you probably know, when you get a loan against car title, your vehicle title becomes collateral. But, even though it may seem like it, you don’t have to give up your vehicle. The biggest benefit of these loans is being able to continue driving your vehicle while you repay the loan. We don't want to take your car away while you're struggling with a financial emergency.
After all, we understand you may rely on being able to drive anywhere at any moment. So, we don't ask to keep your vehicle, even while you pay off our loan. Plus, the vehicle is not the collateral – the title is. We simply place a lien on your title, which we remove once you've repaid the loan in full.
If You Don’t Keep My Car, What Items Are Required?
Since we don’t keep your vehicle, you might be wondering what is required. You won't have to deal with a long list of requirements to get a title loan from us. You don't even need to have a perfect credit rating to apply! We use your vehicle’s condition to determine how much you could get. After that, you just need the following to determine if you qualify for approval:
- A driver's license or a state-issued photo ID;
- A lien-free title to your vehicle in your name;
- your vehicle for a quick inspection.
When Do I Get My Title Back?
Once we put a lien on your title, we will hold it while you repay the loan in full. Don’t worry, your title is in safe hands. Just make sure that the title you are using doesn’t already have an outstanding lien on it. If it does, you’ll have to get that handled before you come in. And as for when you get your title back, you will get the title once you are finished repaying the loan.
What Condition Does My Car Need To Be For This Loan?
When it comes to your vehicle, you’ll have to make sure it is in decent condition. Remember, the amount you qualify for depends heavily on your vehicle's worth. This means if there is major damage, you might not get the amount you are hoping for. But don’t worry, the inspection only lasts five minutes in total. We calculate its value by looking at the following factors:
- Your car's age;
- Your car's make and model;
- Your car's odometer reading;
- Your car's cosmetic and mechanical condition;
What If My Car Is Not Fully Paid Off?
Besides having a lien-free title, you’ll also have to make sure your vehicle is fully paid off. We do not allow you to use a vehicle that is still being paid off or that has a title with an outstanding lien on it. If the vehicle you planned on using does not meet these requirements, you can’t use it for this Arizona car title loan.
What Is The Car Title Loan Process?
As you can see, you don’t have to worry about losing your vehicle when it comes to getting a loan against car title. Since you now know you can keep driving your car while you repay the car title loan with us at Fast Auto Loans, Inc., follow the simple steps here to get one to fund your emergency right now:
- Complete the online inquiry form with the relevant information so it can go to the nearest car title loan location. Be accurate here, so you don't prolong the process.
- We will give you a call to tell you about the documents you need and set up a meeting location. You can choose to come to our store or ask us to visit your home or workplace.
- Regardless of the destination, make sure you have the required items with you so we can assess the items and inspect your vehicle.
- We will determine if you qualify for approval and by how much. If you agree, we will help you finish the paperwork. Once done, you can receive the money the same day or the next.
Get An Arizona Car Title Loan Right Away!
Now you know you can still drive when you get a loan against car title, all you need to do is give us a call or complete the online form. Our representatives are always on hand to help you out. They'll be in touch as soon as they receive your request for an Arizona car title loan. So just fill out the online form to start the process right now.
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.