Believe it or not, there are plenty of loan options accessible to all credit types like a title loan or registration loan from Fast Auto Loans, Inc. That means you can borrow the money you need in several different ways even if you have bad credit.

In this article, you’ll learn whether or not perfect credit is required for all loans. You’ll discover the kinds of loan options that people can access regardless of whether their credit is good or bad.

Do You Need Perfect Credit To Qualify For All Loans?

Like most people, you likely believe you need a perfect credit history to qualify for loans. While that might be true in certain cases, the reality is that you can find options that don’t have that as a requirement.

Instead, some loan options evaluate your eligibility based on factors besides your credit history. For example, some loans will consider your ability to repay the loan based on your income. Besides that, you can also find other loan types that will consider the value of any collateral you provide.

Whatever the case is, you only need to focus on fulfilling the loan’s requirements instead of worrying about your credit score.  Regardless of whether your score is good or bad, you can rest assured that your application will go through the same approval processes as any other borrower.

What Kind Of Loan Options Are Open To All Credit Types?

Finding loan options accessible to people with all credit types isn’t as difficult as it might seem. That’s especially true if you have a car to use as collateral to secure a loan.

For example, suppose you own a car with bad credit but need to borrow money urgently. In that case, you can consider getting a title loan if you own the vehicle outright. Alternatively, you can apply for a registration loan if your car still has outstanding loans against it.

Either way, the car in your driveway or garage could be the answer to borrowing money despite having poor credit. As mentioned earlier, your ability to qualify for these kinds of loans will depend primarily on other factors besides your credit score.

We review these two loan types so you can understand how they work. Then, you’ll be able to decide which one is better suited to your needs and preferences.

How Does A Title Loan Work?

Earlier, you read that a title loan is a loan option that enables you to borrow money using your car. More specifically, you must use your car title as collateral to secure the loan.

That title must be lien-free or ‘clear’, free from any outstanding loans and judgments. Simply put, the title must indicate that you own 100% of that vehicle, which authorizes you to use it as loan collateral.

Besides the title, you’ll also need a driver’s license or state-issued ID and you must bring the vehicle in for a quick inspection. Even with bad credit, you could potentially qualify to borrow between $300 and $15,000, depending on how much your car is worth.

A representative will inspect your car and refer to a guide based on the vehicle’s make, model, and year to assess its value. Then, they’ll let you know how much you qualify to borrow.

Whether or not you get approved, remember that you get to keep your car and take it home with you. Not only is this loan type accessible to people with bad credit, but it’s also incredibly convenient to borrowers in general. 

How Does A Registration Loan Work?

A registration loan is like a title loan with one important difference: you don’t necessarily have to own the vehicle outright to qualify for the loan. Because of that, it’s an alternative method to borrow money using your car, even if you don’t have a lien-free title for it just yet.

As the name suggests, you’ll use your registration to secure the loan instead of a car title. You’ll also need a valid Arizona driver’s license, a valid Social Security Number, and an active checking account registered in your name. This loan type is also accessible to all credit types, and you can qualify to borrow as much as $900 this way.

Find Loans For All Credit Types Now!

Whether you decide to apply for a title loan or registration loan, Fast Auto Loans, Inc. is here to help. Just reach out by submitting the online form with your basic details to get started.

Soon after that, you’ll receive a call from a helpful representative who will brief you on the application process and its requirements. Then, they’ll guide you through every step of the way until you complete your application!

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