What Are The Age Requirements For A Title Loan Scottsdale?
If you’re under 18, you won’t be able to take out a title loan Scottsdale. However, even if you have recently reached the age of majority, you might still find it challenging to qualify for a loan with non-existent credit.
Fortunately, there are lenders that welcome all credit and types of income, but there are still a few requirements that you would have to meet. Keep on reading to find out what those requirements are.
Age Requirements For A Title Loan Scottsdale
Any type of loan is a legally binding contract. Lenders cannot hold minors legally responsible for the terms of the contract until they reach the age of majority.
In nearly every state, the legal age is 18, but there are a few exceptions. In Alabama and Nebraska, for example, you won’t be able to take out a loan until you turn 19, and you’ll stop being a minor in Mississippi at the age of 21.
Is The Lender Allowed To Consider Your Age When Deciding Whether To Approve A Loan?
Though you will be legally allowed to apply for a loan once you reach the age of majority, that does not necessarily mean that you will immediately qualify.
A lender is generally not allowed to make credit decisions based only on your age, but younger individuals would naturally have a shorter credit history or even non-existent credit. Furthermore, they might be unemployed or may have a rather low-paying job.
So, even though the lender will not base the loan decision on your age alone, the factors that rely heavily on how old you are (like your creditworthiness and ability to repay the loan) would definitely be considered.
Other Requirements For A Title Loan Scottsdale
In Arizona, you can take out a title loan as soon as you turn 18.
To do so, you should have a valid government-issued photo ID and a lien-free title. The latter means that you should own the car outright, meaning there aren’t any liens or judgments against it.
Furthermore, the title has to have your name on it. If it doesn’t, you can visit your local DMV to get the title transferred. Do bear in mind, however, that it might sometimes take a month or even longer.
Some lenders would also require you to bring in proof of residency, proof of vehicle insurance, and proof of income, so be sure to check with the lender before you apply.
Are Potential Borrowers Required To Have Perfect Credit?
There are lenders that would require you to have a good credit score, even if you’re applying for a secured loan (such as a title loan).
However, that might be an issue for you, especially, if you have just turned 18. Your credit score does not exist until you start building credit which typically starts only once you reach the age of majority. So, in a nutshell, the credit history you start with is a blank slate.
Though, it is possible to find lenders ready to consider various credit situations. Southwest Title Loans offer competitive title loans in Arizona. They welcome all types of credit and the friendly representatives won’t make you prepare dozens of documents.
You will only need your ID, a lien-free title, and a vehicle that’s in good condition.
How To Apply For A Title Loan Scottsdale
Efficiency and convenience are the top priorities at Southwest Title Loans. The whole process is so simple that you can get started from the comfort of your own home and, in some cases, you might end up receiving the loan amount the same day or the next bank day.
Here’s what to expect:
- Once you fill out a quick online form, you will receive a call from one of the loan representatives. Of course, you can always get started by phone, if you’d like the expert to answer all of your questions straight away.
- Choose a location to meet up with the agent and don’t forget to prepare the necessary items.
- At the meeting, the agent will quickly inspect the car and review your documents. If you do qualify, you will find out how much money you’ll be able to get.
- You would then be asked to sign the final papers (if you agree with the loan terms, of course) – and you’ll get the cash in the shortest timeframe, usually the same day or the following business day.
Get Your Title Loan Today!
You can only apply for a title loan Scottsdale once you turn 18. Though young individuals might face their own challenges when applying for a loan, it won’t necessarily be the case, if you choose Southwest Title Loans.
The company is ready to consider various income and credit situations. Furthermore, the whole procedure of obtaining a title loan is incredibly fast (you wouldn’t even have to visit the store!). Experience the quick and easy process for yourself by filling out the form or calling 623.266.9163.
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.