5 Reasons Why You Should Get Vehicle Title Loans

Are you struggling with emergency costs that came up out of nowhere? You can’t always prepare for an emergency; for example, you may have had a slip-and-fall that led to a back injury requiring surgery. Rather than struggling to afford medical bills, you can turn to vehicle title loans to borrow fast emergency cash.

In this guide from Southwest Title Loans, we will explain the five reasons why title loans are such a godsend when faced with emergency costs you cannot afford. We will go over the benefits of vehicle title loans and explain how you can get approved today.

5 Reasons To Get A Vehicle Title Loan

A vehicle title loan is a secured loan that lets you borrow money by using your vehicle title as collateral. You can borrow up to $15,000 based on your car, truck, or van’s value, as long as you have fully paid off your vehicle and own it outright.

If you have a lien-free title free of any outstanding debts or judgments, you stand a good chance of getting approved for a car title loan today and receiving your funds within one business day. The fast processing time is just one of many benefits that title loans provide.

Here are five reasons to choose title loans for your emergency financing needs:

1. You Can Qualify With Bad Credit

One of the main reasons why plenty of clients decide to go for a title loan is that bad or non-existent credit won’t become a problem. The loan amount will depend on your car’s market value, not your credit history.

Bad credit loans, such as title loans, are considered less risky for lenders because they are secured by collateral. The company will hold on to your title until you manage to repay, and the document will act as a guarantee that the loan will be paid off. If your application for a loan has ever been declined at a bank due to a low score, a title loan might become your way to finally get the emergency cash.

2. You Can Borrow Up To $15,000

For a loan that does not require good credit, you may assume you can only get approved for a small dollar amount. However, that is not the case with title loans that can provide you with up to $15,000 in emergency funds.

The exact amount depends on your vehicle’s value and condition. The more valuable your car, the more you can borrow. You may think that means only new cars get accepted, but we will still accept older vehicles. As long as your car is operational and has some value, you can get approved; you just might get approved for a smaller loan amount than if you used a new car.

The following are the vehicle factors that can influence title loan value:

• Vehicle age
• Make and model
• Interior and exterior condition
• Odometer reading
• Modifications
• Maintenance history

With title loans, it might be tempting to accept the first loan amount offered. If the lender is ready to give you more than what you were counting on, it doesn’t mean that you should automatically agree to take everything. Figure out how much you can easily fit into your monthly budget, and try not to exceed it to ensure you can afford repayment.

3. Simple Requirements

To take out a title loan, you’re only going to need a few items to verify your identity, age, car ownership, and vehicle value. You wouldn’t be asked to provide proof of income, which means that your employment status won’t be considered by the lender when coming up with a loan decision.

Here are the required items for a title loan in Arizona:

• A driver’s license or state-issued photo ID that displays your full name and date of birth
• A lien-free vehicle title in your name
• Your vehicle for a quick inspection

If your name is not the only one mentioned in the document, no need to worry. You might still be able to qualify for a loan, but the lender may require you to obtain the second owner's official permission before using the title to secure the loan. If the title is in someone else’s name entirely, you will have to get a title transfer at your local DMV before getting a title loan.

4. You Can Receive Cash The Same Day

Forget about a lengthy approval process often associated with traditional loans. With a car title loan, you might get the much-needed cash the following business day or even the same day. With Southwest Title Loans, you only need to complete a few steps, all of which you can do on the same day you apply.

Here is a step-by-step guide to getting same-day title loans:

• Fill out our online form – The easiest way to begin the title loan process is by filling out our online form. While you can call us or visit one of our stores to provide your basic details, the online form makes this process quicker and more efficient. Provide your full name, email address, phone number, zip code, and vehicle details in under five minutes.
• Speak to a loan rep over the phone – After submitting your form, one of our loan associates will receive it, review the information you provided, and call you. During this phone call, they will explain how title loans work and answer any questions you have about the process, requirements, or repayment.
• Visit one of our stores – After discussing the terms over the phone, gather your required items and head to the nearest Arizona store location. Once there, we will verify that you have the documents you need, and your information matches across the documents. We will then inspect your vehicle to determine the value of your title loan.
• Sign the loan agreement – The last step is to sign the loan agreement. After providing your signature, the process is complete. You will receive your emergency cash later the same day or by the next business day.

5. You Keep Your Car

The lender will keep your title while you’re repaying, not your car. It is a title loan after all, not a car loan. This means that you can keep using your vehicle as you normally would. Just make sure to stick to the repayment schedule.

This is especially important for those borrowers who rely on their vehicle in their day-to-day life. With a title loan, you wouldn’t have to sacrifice your comfort.

However, those who default on their loan after missing multiple payments in a row can also lose their car. The lender can seize the vehicle to recover the value lost if the borrower fails to repay the loan. Make sure you have a title loan repayment plan before borrowing to ensure you can repay the loan on time.

Get A Vehicle Title Loan – Borrow Up To $15,000 Today!

Need fast emergency cash today? Get the help you need with vehicle title loans at Southwest Title Loans in Arizona. We have a fast, efficient process that lets you get approved with just a few required items – no credit check required, and you get to keep your vehicle!

To get started, complete our online title loan form on the website. We will call you shortly, and you can visit us to get approved 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.