Buying a newer vehicle can be exciting, but it can also bring new expenses.

Maybe you just bought a car and then ran into a repair bill, medical cost, utility issue, or other temporary expense. If you are a new car owner, you may be wondering whether title loans in AZ work differently for you.

The answer depends on one important detail: whether your vehicle title is lien-free and in your name.

Fast Auto Loans, Inc. offers title loans for qualified borrowers in Arizona. A newer vehicle may affect the review because vehicle value matters, but being a new car owner does not automatically mean approval, a specific loan amount, or funding.

Here is what to know before starting a title loan inquiry.

What Is a Title Loan?

A title loan is a secured loan that uses a qualifying vehicle title as collateral.

For a title loan, the vehicle title generally needs to be lien-free. That means the vehicle is paid off, the title is in your name, and no active lender is listed on the title.

If you recently bought a car and are still making payments, your title may not be lien-free yet. In that case, a title loan may not be the right fit.

Submitting an inquiry does not guarantee approval, a specific loan amount, specific terms, or funding.

Why New Car Owners Should Consider Title Loans in AZ

Before applying, it's important to understand how a new car can influence your car title loan approval. At Fast Auto Loans, Inc., we inspect your vehicle to determine its value, which directly impacts how much money you can borrow.

How Does a New Car Affect Your Title Loan Amount?

When we inspect your vehicle, we are looking at things like how the engine is running, if the tires are in good shape, and if there are any major dents or damages – basically anything that can seriously impact how your vehicle works. Do keep in mind that just having a new car does not guarantee approval. We still have to assess your information to truly determine if you qualify for this loan. However, having a newer, better-working vehicle can increase your chances of getting a higher amount.

What You Need for Title Loans in Arizona as a New Car Owner

Now that you know how a newer car would impact your chances, you need to know what you need to show us for title loans in AZ. Unlike traditional lending options from financial institutions like banks, you do not need many things to find out if you qualify for approval. You won't have to spend too long gathering various bank statements and providing your affordability. Instead, we just ask that you provide the following items:

• Lien-free vehicle title — While other titles exist, we can only work with lien-free vehicle titles. This means your title is currently free of any outstanding liens or judgments. This is because we put a lien on the title of your new car to secure the loan, and we can't do that if there's one already on it. When you finish paying off your vehicle, your title will be lien-free.
• Driver’s license or state-issued identification — We have to make sure you are at least 18 years old before we can tell you if you qualify for approval. This is because any under 18 isn’t legally able to apply for a loan with us or anywhere else. You can either use your driver’s license or a state-issued ID. If you do use your ID, make sure it is one with your picture on it.
• Vehicle — Your vehicle dictates how much you can borrow – which can be anything between $300 - $15,000. This means we will need to inspect it before so we can let you know how much you could get. The inspection should be quick and we are only looking to establish the vehicle’s condition. We also use a pricing guide to determine the vehicle’s resale value.

How to Get Title Loans in AZ for New Car Owners

As the owner of a new car, you should now know what you need to do to better your chances of getting title loans in AZ. You know how a new car can impact your chances, you know what the required items are, and now all you need to know is how the actual process works from start to finish. The good thing is our process is simple for anyone to understand. In fact, all you have to do is follow this breakdown now to get started:

1. Complete the online title loan request form found on our website. It should take just five minutes or so and it sends your information directly to your nearest Fast Auto Loans, Inc. store so we can help you get started with the process and schedule the inspection.
2. Once we have received your request, we will call you to discuss the requirements, process, and where you would like to meet us – since you don't have to come to our store, all you have to do is let us know where to meet you for the vehicle inspection.
3. Regardless of where you decide to conduct the inspection, head there on time with everything you need to allow us to determine if you qualify. We will assess your items to determine if you qualify and we will inspect your vehicle to determine how much we can lend.
4. If we decide you qualify for approval, we will then help you finish the paperwork. This also means we will go over the loan terms and answer any questions you have. Once you are done, you can get the money either later that same day or the next bank business day.

Start a Title Loan Inquiry With Fast Auto Loans, Inc.

If you are a new car owner looking into title loans in AZ, start by checking your title status.

Your vehicle generally needs a lien-free title in your name, and you will need to bring the vehicle for inspection.

Fast Auto Loans, Inc. can explain the current process and help you understand what may be reviewed.

Frequently Asked Questions

Can new car owners get title loans in AZ?

New car owners may be able to start a title loan inquiry if they have a lien-free vehicle title in their name, a driver’s license or state-issued ID, and the vehicle for inspection.

Does a new car guarantee a higher loan amount?

No. A newer vehicle may affect the review, but approval and loan amount are not guaranteed. Vehicle value, condition, required items, ability to repay, and other factors may be reviewed.

Can I get a title loan if I am still making car payments?

A title loan generally requires a lien-free vehicle title. If you are still making payments, your vehicle title may not be lien-free yet.

What do I need for title loans in Arizona?

You generally need a driver’s license or state-issued ID, a lien-free title to your vehicle, and your vehicle for inspection.

Can I keep driving my vehicle?

In most cases, borrowers can continue driving their vehicles while making payments. The title still secures the agreement.

 

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