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know before getting registration loan

What You Should Know Before Getting An Auto Registration Loan

Registration loans are a unique financial resource available only to Arizonians. Even so, it’s important to understand the basics of an auto registration loan before you apply. Here’s everything you need to understand registration loans.

An auto registration loan can get you up to $1,500 using your car's registration as collateral. Before you apply, you should understand when you might use one, what you’ll need to get one, and how you can get started.

These loans have their uses, but these are the basics you should be familiar with to get started. Here, you’ll discover everything you should know before you get one of these loans.

Things To Know Before Getting A Registration Loan

What A Registration Loan Is

Of course, the first thing you should recognize before you choose an alternative financial resource is how it works. An auto registration loan is a secured loan that uses the registration of your vehicle as collateral, unlike an unsecured loan which has no collateral.

It’s a similar setup to a title loan, which uses the title of your vehicle as collateral, except that registration loans are only available in Arizona and can be used when you don’t own your car title outright.

know this about registration loans

When You Should Consider A Loan

Next, you should consider when one may be a worthwhile resource to consider. Loans shouldn’t be taken out frivolously; instead, it’s better to save them for a financial emergency where failing to pay off a debt would result in more expense or complications.

Some situations where a registration loan is worth considering include the following:

  • Home or auto repairs
  • Costly medical bills
  • Business travel expenses
  • Overdue bills

In each of these situations, inaction leads to further harm, which is when a registration loan might help tide you over with some quick cash for emergencies.  

You can, of course, take out a registration loan for any reason you see fit, but it’s much more prudent to save this emergency resource for when you need it most. An auto registration loan can help you back on your feet again if you’re struggling after a financial hit.

What You'll Need To Get A Loan

Now that you understand when a registration loan is an option to keep in mind, we’ll discuss what you need to get started with a registration loan.

  • Arizona driver’s license or government-issued photo ID – Your lender will need to verify your identity before letting you borrow money.
  • Arizona motor vehicle registration in your name – Another important requirement, you’ll need to use your registration as collateral to take out a loan on your registration.
  • An active checking account in your name
  • A valid social security number

Make sure you have all these items with you when you visit the store location nearest you, and you’ll be all set as far as the application requirements are concerned.

How You Can Get A Loan

The in-person process for getting a registration loan at Southwest Title Loans can take as little as 30 minutes, and customers will receive their money either on the same day or the following business day. If you’re still completing payments on your vehicle, your direct lender may be able to roll the payments into a new car title loan.

Start by filling out the simple online form. Afterward, a loan associate will contact you to go through the next stages of the process, including what’s expected of you for the loan and what you’ll need.

Once done with the call, head down to the nearest conveniently located store so that a representative can review the necessary items and see if you are eligible for approval. If you are approved, you could receive the money as soon as the same day to use at your discretion.

holding title cash

Faqs For Getting An Auto Registration Loan

Are There Credit Checks For A Registration Loan?

Yes, credit checks are an important part of getting a registration loan, and your credit score may affect your chances of being approved for an auto registration loan.

What Determines How Much I Qualify For?

The condition of your vehicle and your credit history will determine the amount you can borrow if you are approved. At most, you can receive up to $1,500 for a registration loan.

Get Started Now!

If you’re on the tail end of a financial emergency that’s upended your life, then an auto registration loan might be the resource you need to get back on track again.

Many people don’t often realize that, even if they don’t own their vehicle, the registration can serve as collateral for a loan in Arizona, and keeping this resource as a “just in case” is a great idea. If you think a registration loan is right for you, then get started with the online form today!

Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.

Louis Tully

Louis Tully is a full-time finance writer offering financial expertise to everyday consumers. He understands the core values of finance and used his writing talents to share his own experiences with money to his readers. His articles teach how financial failures can easily become successes by making new habits and creating realistic goals.

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