An instant $400 loan might seem like it's too good to be true, but with a title loan, it's more of a reality than you think. Unlike typical bank loans, you don't have to wait weeks (or months) to get your money. Instead, funds are released within a few business days, ensuring you can fund your emergency as quickly as possible.
This article explores the things you need to get emergency cash using a car title and how to get one from us at Southwest Title Loans. We’ll explain how to qualify for $400 in emergency cash using your car title.
Everything You Need To Get A $400 Title Loan
Generally speaking, you need to have a near-perfect credit rating to gain approval for bank loans. Title loans, however, are different. Instead of using your credit score to determine how much you can qualify for, we use your vehicle's value. Therefore, as long as it's worth over $400, you can acquire a $400 title loan.
The requirements are remarkably easy to meet, as you'll see from the short list below:
1. Identification
The first of the title loan requirements is an identification card. To borrow a loan in Arizona, you must be at least 18 years old. Getting a title loan means entering into a legal contract in which you agree to repay the loan with interest, which you can do only if you are 18 years old. You will need to prove your identity and age with a state-issued photo ID that displays your full name and date of birth.
Here are some state-issued IDs that work:
- Driver’s license
- Arizona state ID card
- Passport
- Military servicemember’s card
- Student ID card
As long as the document displays your full legal name, date of birth, and portrait photograph, you can use it to satisfy the identification requirement.
2. Lien-Free Vehicle Title
You must own your vehicle outright to be eligible for a title loan, so we require a lien-free title (no other title types accepted). This document proves you own the vehicle outright without any outstanding liens or judgments.
We place a lien on your title to secure the loan — something we cannot do if a lien is already in place. If you are currently repaying an auto loan, you must finish the contract and repay it in full before acquiring a title loan. You cannot use a title attached to a financed car to get a title loan.
By placing a lien on your title, you can continue driving your vehicle without interruption throughout the loan, ensuring minimal disruption to your daily routine. The title must be in your name. If it isn't, you must head to your local DMV office to perform a title transfer.
3. Car, Truck, or Van
You can get approved for $15,000 with a title loan, but not everyone will get approved for the maximum amount. To determine the value of your auto title loan, we will need to inspect your vehicle in person to assess its value. We only accept cars, trucks, or vans. We do not accept other modes of transport, such as motorcycles, buses, trains, boats, tractors, trailers, ATVs, or RVs.
Naturally, the vehicle you provide must be the one associated with your lien-free title. When inspecting your vehicle, we will use a nationally recognized pricing guide to see what it is worth, and thus, how much you can borrow with a vehicle title loan.
We look at a variety of factors when evaluating your vehicle, including (but not necessarily limited to) the following:
- Its age — Typically, the older your car, the less it is worth. However, this doesn't apply to vintage or classic cars. These tend to be worth more than their younger counterparts. For example, a classic Ferrari will likely be worth more than a newer Honda.
- Its mileage — A higher mileage equates to a lower value, but we always consider the odometer reading with the age of the vehicle. In the United States, the average mileage is between 10,000 and 12,000 miles per year. A one-year-old vehicle with 11,000 miles on the clock has average mileage, meaning the overall value won't be affected by this factor.
- Its make and model — Some makes and models come with higher price tags than others. Vehicles from high-end manufacturers will generally be worth more than those from average brands. For example, you can get approved for more money with a Bugatti Type 57 SC Atlantic than a Kia Sorento.
- Any modifications — Unbeknownst to most, modifications can negatively impact the vehicle's value. Everything from aftermarket spoilers and exhausts to custom paint jobs and decals can lower its worth. For best results, remove aftermarket modifications before the vehicle inspection.
- Its service history — Cars with complete service histories are worth more than those without because service histories prove you have taken good care of the vehicle. As such, it's unlikely to have any major mechanical or electrical faults in the future.
- Its condition — We look at both the mechanical and cosmetic condition of the vehicle to assess its value. Things like stained interiors, scrapes, scuffs, and dents will lower the value.
As long as your vehicle is worth $400, you can borrow that much for your emergency expenses. After gathering the three required items we’ve mentioned above, you can proceed with the approval process we outline below.
How To Get A Title Loan – A Step-By-Step Guide
Provided you have a vehicle worth over $400, a lien-free title to that vehicle, and a primary form of identification, you can get a title loan from us at Southwest Title Loans. The whole process takes less than a day, and you can even get approved in less than 30 minutes.
Here is a step-by-step guide to getting a title loan in Arizona:
- Complete the form on this website, ensuring you select title loan instead of registration loan.
- Have your phone to hand after you've submitted the form to ensure you don't miss the call from one of our friendly representatives.
- During the phone conversation, we will discuss the process, ensure you have the required items, answer questions, and set up a meeting date and time that works for you.
- Bring your vehicle, title, and ID to your nearest Southwest Title Loans branch.
- When you arrive, we will verify your documents before heading outside to conduct a five-minute inspection of your car.
- Following the inspection, we will let you know whether you can qualify for a title loan.
- If you qualify, we will answer any last-minute questions before helping you finish the paperwork. This includes signing a few forms to confirm you agree with the loan terms and conditions.
- You will receive the money you qualified for later that day or by the next business day.
Don't Own Your Vehicle Outright? You Still Have Options
Even if you do not own your vehicle outright and you cannot repay your outstanding liens or judgments at this time, you can still use your car, truck, or van to get emergency cash. How? Registration loans.
Available to Arizona residents, a registration loan uses your vehicle registration as collateral, ensuring you do not need to own the car outright to gain approval. Our registration loans have a $200 to $1,500 lending limit, so you can still borrow the $400 you need.
The process is akin to the title loan process explained above. The difference lies in the requirements. Since you don't own your vehicle outright, we need a few more documents to ensure we lend you an amount you can repay.
Get A $400 Title Loan From Southwest Title Loans Today!
Getting emergency cash using a car title is effortless when you choose Southwest Title Loans, Inc. As long as you have identification, a lien-free title, and a car, truck, or van associated with the title, you can follow the steps explained above to get your hands on a near-instant $400 loan. You can even get approved with bad credit and don’t need to prove your income.
Kickstart proceedings by completing our online title loan form, and we'll guide you through the rest in person in less than 30 minutes!
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.
