Essential Vehicle Registration Loans Terminology And Definitions To Know
When it comes to vehicle registration loans, you can get them by using your vehicle’s registration as collateral. This is the definition of a registration loan and, as an Arizona resident, you get access to this funding opportunity if you have a vehicle registration in your name. But before you can go on and apply for this loan, there are a few registration loan terms that you need to know.
It might seem like a daunting task, but everything is fairly self-explanatory, especially if you've taken out a different type of loan before. And once you know these terms that deal with vehicle registration loans, you can confidently go on with the registration loan process at Fast Auto Loans, Inc. to help you out with emergency expenses. Read this guide to learn some of the terms now.
The 7 Registration Loan Terms You Must Know
1. Loan Amount
When it comes to vehicle registration loans and the terms you need to know, the first one is loan amount. This is clearly the amount of money you could get if you are approved for this loan. When it comes to Fast Auto Loans, Inc., the loan amount you can get is up to $900. This loan money was designed to help you with emergency expenses like medical bills or late utility bills.
2. Vehicle Registration
The next term you need to know is vehicle registration. Your vehicle registration is the license plate on your vehicle. This registration is what shows that you officially own a vehicle and that it is allowed to drive on the road. You must have one registered in Arizona to be eligible for the loan because this is what we use as collateral for the loan money.
An important term when it comes to vehicle registration loans is collateral. This is an asset you pledge to secure your loan. With registration loans from Fast Auto Loans, Inc., you put up your vehicle registration as collateral. We will place a lien on your registration that we will release once you fully pay the loan back. You also don’t have to worry about losing your car during this time.
4. Loan Agreement
When it comes to your loan agreement, it's a legal contract between you and your lender – in this case, us. You'll find important information within the contract, including payment schedules, how to repay, annual percentage rate, total repayment amount, and consequences of not repaying. During the appointment, we will go over the entire loan agreement so you understand it fully.
5. Credit Score
Another one of our registration loan terms you need to know is credit score. Your credit score indicates your ability to borrow money and repay it. Typically, lenders use your FICO score, ranging from 300 to 850, to decide whether you're worth the risk of lending. The higher your score, the more reliable you are. Credit ratings are calculated based on five factors:
- Payment history;
- Current debt amount;
- Credit history;
- Credit mix;
- New credit.
6. Credit History
When acquiring a personal loan, those with better scores tend to have better experiences getting through the process. To know your score to see if you qualify for this loan, we will run a check on your credit history. Sometimes called a credit report, your credit history is an online platform compiled by the three major credit bureaus. On your report, you will find all kinds of information including:
- Personal data.
- Current credit commitments (e.g., mortgage, mobile phone contracts, etc.)
- Historical payments, such as how you've paid your bills and whether you paid them on time.
The final term you should know is creditworthiness. This is the lender's judgment of how likely you are to repay the money you borrow. It's based on a myriad of factors, including whether you've failed to repay loans in the past. As we just previously said, we will check your credit when you apply for vehicle registration loans. This tells us how much you could qualify for if you are approved.
How To Get Vehicle Registration Loans
Now you know the definition of registration loan and the other terms, you probably want to understand how you can get started on the process of getting vehicle registration loans. Luckily, we here at Fast Auto Loans, Inc. have made sure to make the process simple and quick to get through. All you need to do is follow the steps below to understand:
- Complete the online form found on our website. Please ensure you fill in the correct loan because we offer another kind of loan as well.
- As soon as we receive your information, we'll give you a call to set an appointment at the nearest Arizona registration loan location.
- After the phone call, head to your local Fast Auto Loans, Inc. store with the following items so we can assess you and determine whether you qualify:
- Valid Arizona driver's license or a state-issued photo ID.
- Arizona motor vehicle registration in your name.
- Your valid social security number.
- A blank check from your active checking account.
Obtain Vehicle Registration Loans Today
Now you know seven common terms you’ll hear while getting vehicle registration loans. So, if you need emergency money, you know exactly what to do — just complete our simple online inquiry form on our website, and one of our loan associates will be in touch to discuss everything. So, don’t hesitate any longer and get the online form filled out 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.