A car is an asset that you can use to take out a title loan or a registration loan and get access to fast cash in case of an emergency. What option should you go for? Will you be able to qualify with poor credit and what items would you have to bring to the lender’s store to apply? You’ll find all the answers below.

What Are The Differences Between A Title And A Registration Loan?

A title loan is a secured loan that requires your car as collateral to borrow money. You would have to hand over your vehicle’s title in exchange for the loan amount. The most important thing about title loans is that only those who own their car outright can apply.

When it comes to a registration loan, you might be able to qualify even if you’re still making payments on your vehicle. In such a case, not the title, but the vehicle’s registration would be used to borrow money.

 

When To Go For A Title Loan?

If the title to your car is lien-free (meaning that it has no loans attached to it), you might want to consider going for a title loan as you may be able to get a larger sum. In case you’re using the title as collateral, you would typically be offered anywhere between 25% and 50% of your car’s value.

If you have a new car in good condition, you might end up qualifying for up to $15,000. By the way, the value and the condition of the vehicle are the main factors that would be used to determine the amount that you will get. 

When To Go For A Registration Loan?

If you’re making payments on your car and don’t own it outright at the moment, you might still be able to use the vehicle to get the much-needed cash. The car’s registration would be used to secure the loan, and the lender wouldn’t even have to inspect your vehicle to determine whether you qualify for approval or not.

The loan amount will mostly depend on the car’s equity – the difference between the amount you owe and how much the vehicle is worth. Though you might not get as much cash with the help of a registration loan (you can receive up to $900), it is a convenient lending option for those who don’t have a lien-free title.

What Items Will You Need To Get Started?

To take out a title loan, you’re only going to need:

• Your state-issued ID or driver’s license
• A lien-free title with your name on it
• Your vehicle that matches the title

When taking out a registration loan, you would be asked to bring in:

• Your state-issued ID or driver’s license
• An Arizona vehicle registration with your name on it
• Your Social Security number
• Your active checking account

How To Take Out A Title Or Registration Loan

Applying for a loan with Fast Auto Loans, Inc. is as simple and stress-free as it can be.

You would only have to:

1. Make sure that you have all the required items mentioned above.
2. Fill out a short online form to get the process started.
3. Talk to our company representative over the phone (the professional will call you soon after you submit the inquiry).
4. Meet up with the representative. In case you decide to go for a registration loan, you will be asked to come to the nearest store location. If you opt for a title loan, you can choose the location where you’d like to meet.
5. Find out if you qualify and for how much. The expert will assess your documents and inspect the vehicle, in case you’re taking out a title loan. This will help determine the amount that you qualify for.
6. In case you get approved, go over the loan terms and finish the remaining paperwork.
7. Receive your money either the following bank day or later that same day.

Will You Be Able To Qualify With Bad Credit?

Our company representative will perform a quick credit check if you’re taking out a registration loan. Poor credit won’t necessarily prevent you from qualifying, but it will be considered alongside other factors.

 

Submit An Online Inquiry Today!

Nowadays, you can use your car to receive fast cash even if you’re still paying for it. If you already own the car outright, you might want to opt for a title loan to have a chance of qualifying for up to $15,000.

In any case, if you decide to work with Fast Auto Loans, Inc., you will be pleasantly surprised by the professionalism of our staff members and the simplicity of the application process. Ready to get started? Then fill out the inquiry form right now, and you might get the urgent cash as soon as 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.