There are several title loan options in Tucson that are available, but for many people, this is something they have never done before. They don't really know what a title loan entails or why they should consider it compared to a different type of loan.

We get that the world of Tucson title loans can be confusing, which is why we'll tell you everything you need to know about it here today.

Things To Know About Tucson Title Loans

How Does A Title Loan Work?

There are two types of loans: secured loans and unsecured loans. The difference is whether or not a borrower has to put up something as collateral in order to get the loan. With an unsecured loan, you do not have to do this. However, Tucson title loans are secured loans. This means you do have to put up collateral for them.

What Is Collateral?

The collateral is an insurance guarantee for the lender. If the borrower does not pay back the loan, they will forfeit what they offered as collateral. In this case, the collateral you offer up as a borrower is your car title, which is what determines you as the legal owner of your vehicle.

This means exactly what you think it does: with title loans in Tucson, you will forfeit ownership of the car you put up as collateral if you do not meet your loan obligations. However, you get to keep your car for the duration of the loan, and you will not have to forfeit it as long as you pay the loan off on time.

There are a few important aspects of Tucson title loans that have to do with the fact that you put up your car as collateral. Believe it or not, they are both mostly good things.

The Loan Amount Depends On Your Car Value

Because your car is the object of value being put up as collateral, it determines how much money you can get from title loans in Tucson. It's a lot like actually trying to sell or buy a car. Obviously, a car that is newer and in better condition will be worth more than an older car in poor condition.

So if you have a newer, nicer car, you will be able to get more money from Tucson title loans. But even if you just have a relatively average car, you can still get a pretty good amount of money from title loans in Tucson.

This means that most citizens already have the means to procure a Tucson title loan, which is a nice bonus. However, there is another reason title loans in Tucson are a good idea for a lot of people.

You Do Not Need Good Credit To Get A Tucson Title Loan

Your credit history is generally a pretty important part of getting approved for a loan. It still has some influence on being approved for a title loan, but it's not the end-all-be-all that it might be when it comes to other types of loans.

Because your collateral reduces the risk of lending to someone with bad credit, a lender will be more likely to approve you even if you do have bad credit. After all, even if you don't pay them back, they will still recoup their losses due to the collateral.

This makes title loans an excellent choice for people who don't have great credit and would have difficulty being approved for other types of loans.

Getting A Tucson Title Loan Through Fast Auto Loans, Inc.

Having read all of this, you may have concluded that a Tucson title loan will be beneficial to you. In that case, reach out to us here at Fast Auto Loans, Inc. Our name isn't just for show: our application and approval process is one of the fastest and most painless in Arizona.

All you'll need to apply is a state-issued ID, your car, and your car title. If you have those things, submit our inquiry form right here on our website, telling us a little about yourself and what you need. One of our representatives will reach out to contact you as soon as they are able to do so, so they can talk to you about when you'd like to meet.

Bring the items we mentioned previously to that meeting, and the representative will verify your documents, as well as determine how much your car is worth and by extension how much you can get from the title loan.

Get Started Today

Assuming that you qualify, you will be able to receive your funds within that day. At the latest, you will receive your funds by the next business day. Needless to say, it's a quick and painless process that is matched by few lenders in Arizona. That concludes all the things you should know about Tucson title loans. If you need a title loan, you don't have to look any further than us!

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