Don’t Be Fooled By the "Experts". Here Are the Facts About Title Loans
September 3, 2020 | Daniel Dewitt
Title loans are one of the most misunderstood types of loans there is. While common, they’re also often vilified and the misinformation about them is rampant. The truth is that if used correctly, title loans are a powerful financial tool that’s ideal for dealing with all manner of financial hardship or emergency.
Today we’re here to walk you through some of the facts about title loans and the reality of them versus the myth. This list is specifically geared towards those title loans Yuma AZ residents need, but is applicable to the whole state of Arizona.
Title Loans Don’t Mean You Stop Driving Your Car
One of the most insidious myths about title loans is that your car is held hostage while you pay off the loan. This is simply untrue. For the period of your loan you’ll be able to drive it just as you normally would. Being unable to would ultimately be counterproductive for title loan businesses as it would inhibit your ability to ever pay back the money you owe.
Title Loans are Incredibly Fast
One of the things people underestimate about title loans is just how incredibly fast a process they are. Often from the moment you step into a title loan store to the moment you walk out with your cash in hand can take as little as a half hour. There’s no small mountain of paperwork to review and sign your way through like other loans, no waiting period while they scour through every facet of your personal history. You come in, you sign, and you walk out.
That being said, there are three important required items you’ll need to successfully apply for a title loan. They are:
- Drivers License or State Issued I.D.
- Lien-Free Title to Your Vehicle
- Your Vehicle for Inspection
They Can Net You a Lot
Those title loans Yuma AZ is home to can be potentially hugely lucrative if your car is in the right condition. The maximum amount of a title loan in Arizona is $15,000. Now, most of us don’t have the kind of Ferraris or Porsches that can net us that much, but even a mid tier car in decent condition can provide enough of a loan to get you through your financial difficulties.
Unfortunately, it’s impossible to know before you go to a title loan store just how large a loan you’ll be eligible for with a given vehicle. The best way to get a vague idea is to look up your car on an online pricing directory like the Kelley Bluebook and see what other cars of your make, model, and year are fetching. This will give you an idea of where your car falls on the price spectrum.
You Can Start The Process Online
One of the most useful things about the title loans Yuma AZ residents have access to is that the process of obtaining one can be started online. On our website all you needed to do is navigate to the top of this page or any other, and fill out the simple request form at the top. After doing so the form will be sent to the store nearest you and one of our representatives will give you a prompt and friendly call to answer any questions you may have about how the title loan process works.
If you have any questions about the process feel free to ask them at this stage, though you’ll of course be able to ask them at any point in the loan process so you feel confident and comfortable in your decision. Despite the bad press, most title loan stores and companies are friendly and accepting places that just want to help. Don’t dismiss them out of hand just because of what you’ve heard or seen on the news.