How To Decide Between Title Loans Or Registration Loans In Peoria, AZ
When you need help with emergency expenses, both title loans in Peoria, AZ and registration loans in Peoria, AZ from Fast Auto Loans, Inc. are designed to allow you to borrow money quickly using your vehicle. However, as helpful as both loans are for your emergency expenses like medical bills or emergency travel, you need to know the differences and similarities between the loans.
The Differences Between Title Loans And Registration Loans
When it comes to our loans, as similar as they may seem, there are actually plenty of key differences you need to know about. Knowing what these differences are can help you decide which loan will help you the most. So, if you are struggling to decide between title loans or registration loans, consider these differences.
What Are Title Loans In Peoria, Arizona?
Title loans in Peoria, AZ allow you to borrow money in an emergency by using your vehicle’s lien-free title as collateral. To gain approval, you need to own your vehicle outright and have a lien-free car, truck, or van title in your name. With a title loan from Fast Auto Loans, Inc., you can borrow between $300 and $15,000, which is more than you can get with a registration loan.
It's often beneficial to get a title loan if you own your vehicle and need help with emergencies. The fact that we use your vehicle title as collateral means you do not need to show proof of employment and you can qualify even if you have poor credit. Also, you do not need to come to the store to apply. One of our loan representatives will meet you at another location to save you time.
When To Get Title Loans
If you are considering getting either loan, you want to make sure that you are using either loan for emergency expenses. But when it comes to getting title loans in Peoria, AZ through us, there are certain situations that you should consider. Here are the following situations where you should consider a title loan:
- You own your vehicle outright and have a clean car title.
- You need to borrow a considerable loan amount (up to $15,000).
- You don't have a checking account but still need emergency money.
- You don't have a great credit score.
What Are Registration Loans In Peoria, Arizona?
Registration loans in Peoria, AZ, on the other hand, are unique to Arizona and use your vehicle's registration as collateral. They're a substitute for title loans when you need quick money but do not own your car outright. Unlike title loans, you can only borrow up to $900 with a registration loan. Thus, it's an option for those who don't need quite as much money to fund their emergency.
Just keep in mind that since you don't have to use your vehicle title as collateral, this means we will rely on your credit score and how your income looks to determine if you qualify for approval and for how much. On top of that, you can only get registration loans in-store due to the unique nature of the loan; we will not meet you in another location to continue the process.
When To Get Registration Loans
On the other side, when it comes to getting our registration loans in Peoria, AZ, there are other situations you should consider when a title loan won’t help. Here are the following situations where you should consider getting a registration loan to help out your emergency expenses:
- You don't own your vehicle outright but still need an emergency loan.
- You only need to borrow up to $900.
- Your title is not lien-free but you have a vehicle registration.
- You don’t want your vehicle inspected.
Top Similarities Between Registration Loans And Title loans
Now that you know some of the differences between title loans in Peoria, AZ and registration loans in Peoria, AZ, you should know the similarities. Knowing both the differences and similarities can help you evenly compare these loans and make your decision. So, here are some similarities you should know about.
Perfect Credit Isn't Needed
Whether you choose to get a title loan or a registration loan with us, you won't have to worry about your credit score. Here at Fast Auto Loans, Inc., we work with people from all kinds of financial backgrounds. After all, we understand that your credit score could be low through no fault of your own. Do keep in mind, however, that we will check your credit for registration loans.
There Are No Early Repayment Penalties
When it comes to some traditional bank loans, you could be charged extra fees if you try to repay them early. However, when it comes to registration loans in Peoria, AZ or title loans in Peoria, AZ at Fast Auto Loans, Inc., you do not need to concern yourself with these extra fees. So, if you get an influx of unexpected cash, you can put it toward paying off your loan without penalty.
Both Loans Offer A Quick Process
When it comes to the process for either of these loans, they are both quick and easy to get through. They both start with you filling out our online form. Make sure you select the loan you are trying to get when you fill out the form. From there, you will receive a phone call from the nearest Arizona loan location.
If you are going for title loans, we can meet you at another location to complete the vehicle inspection and assess your items. If you are going for registration loans, you will come to the nearest store so we can assess your items. Regardless of what loan you go for, you can get the cash either on the same day or the next day if you get approved for either loan.
Submit Your Request For Either Loan Today
Once you've decided which type of loan you want to get, complete our online request form for either loan on our website. A loan representative will guide you through the rest of the process and get your appointment set up. So if you need quick cash to handle an emergency, decide between our registration loans in Peoria, AZ or our title loans in Peoria, AZ, and fill out the online form today.
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.