Auto Title Loans in Arizona
Registration loans and car title loans in Arizona are some of the best in the country because borrowers and lenders get much freedom with their transactions. Many people get caught up in financial situations where they need money immediately to keep their life moving forward, and car title loans become their best option.
For example: Joe needs car repairs. He cannot afford the payments with his current income, and he has bad credit, which disqualifies him from taking out loans from other lending institutions. If Joe does not get his car fixed right away, he cannot get to work and may end up losing his job — getting him stuck in an even worse situation. By taking out an auto title loan in Arizona, he can solve the problem and get back to work as soon as the repairs are done!
Car Title Loans vs. Registration Loans
Auto title loans are low-interest loans that people can take out regardless of their credit history. Lenders offer cash in exchange for a borrower’s car title to secure the loan. Since the amount of money they lend is dependent on vehicle value, credit rates are not even an issue in the approval process. Borrowers can qualify for a loan even if they have bad credit or no credit at all.By eliminating credit checks, auto title lenders in Arizona quicken the approval time. People can apply online and get their loan the following day!
The state of Arizona recognizes that people suffering from bad credit and financial hardship might need the benefits of title loans, even if they do not own a vehicle. In most states, applicants have to show proof of vehicle ownership. Not in Arizona. Borrowers can take out a registration loan, which is the same thing as an auto title loan except one does not have to show proof of ownership— only proof of registration.
Why Registration Loans and Title Loans in Arizona are on the Rise
- Payday lending restrictions
- The wake of the recession
- Registration loans
- Borrower satisfaction
In 2008, Arizona voters overruled a permanent extension of payday lending. After that, many payday lenders either dissolved or switched to the alternative: auto title loans. Many people assumed that since borrowers need a vehicle to get this type of loan, it would not be as popular. They were wrong.
Since the recession left many Arizona residents financially vulnerable and often times with bad credit, they need some sort of outlet to make ends meet when unexpected expenses pop up. Not only did the need for title loans increase the industry, the fact that Arizona title lenders only require proof of registration for a person to be eligible drastically expands the borrower demographic.
While other U.S. states have rigid restrictions set in place in regards to this sort of lending, Arizona does not look into title loan regulations unless there is a borrower complaint-- and complaints are far and few between.
Borrowers appreciate auto title loans in Arizona because they offer an opportunity to get the money they need when they cannot get it anywhere else. They offer a freedom that other lending institutions deny.
Arizona Auto Title Loan Coverage Area
With hundreds of locations across Arizona our AZ auto title loans service centers will ensure you get the lowest and best rate for an auto equity loan. Check out our top Arizona car title loan service areas: