Throughout the state of Arizona, consumers are discovering the peace of mind that comes from knowing that they can access the cash they need if a financial emergency should occur—even if they’ve had serious credit problems in the past. In order to qualify for car title loans, AZ residents need not undergo a credit check or extensive financial background investigation; instead, applications are considered based on the value of the vehicle and the ability of the applicant to repay the loan. This new approach allows even those with seriously damaged credit ratings to borrow the money they need by using their paid-for vehicle as collateral.
Application Requirements
In general, the application process is similar throughout Arizona, and it will not vary significantly for Phoenix title loans as compared to Tucson title loans or loans from other cities within the state. Most companies require that the borrower provide the following:
• A clear title to the vehicle
• Proof of comprehensive and collision insurance with a specified deductible amount
• Proof of employment and residence
• A valid driver’s license
• References
The borrower will be approved for a specific loan amount based on the value of the vehicle and the borrower’s current ability to pay. Auto title loans are usually of extremely short duration, but in some cases, they can be extended for as long as three years in order to allow the borrower to repay the loan more easily. The lender will retain the original title, which is used as collateral for the loan and must be surrendered to the company in the event that the borrower defaults on the loan agreement.
How It Works
• Step #1: Companies determine the borrower’s eligibility for an auto title loan online through a simple computerized application.
• Step #2: Once the borrower has been approved, he or she can simply deliver the title to the brick-and-mortar location of the title company, or if the lender allows it, the title can be sent by courier service to a centralized holding facility.
• Step #3: The company will retain the title and will disburse the needed funds as soon as is practical. If the title is surrendered in person, the company typically delivers the cash on the spot. For online applicants, the loan is usually disbursed on the day the title is received in the office, and the money can be in the borrower’s bank account as soon as the next business day.
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