Before Securing a Title Loan in Arizona, Ask Yourself the Following Questions
April 23, 2020 | By Peyton Sawyer
If you are considering a title loan, then you probably are dealing with financial hardship. Some of us are struggling financially because of a job loss or insufficient wages, while others may have been experienced an unexpected emergency, such as; a medical expense, repair, purchase, or even an increase in bill payments. Whatever the reason, the simple fact is you need to get extra cash to handle the hardship. Before you enter into any financial contract, you should ask yourself the following questions.
What Is A Title Loan?
A title loan, also referred to as a car title loan is a short-term loan option that is secured by an asset. The asset used as collateral for this type of loan is a vehicle that you own, such as; a car, truck, or SUV. The vehicle you own has equity or worth, so with that vehicle and a few other title loan requirements, you can use the value to receive cash. The amount you can receive from title loans will depend on the value of your vehicle. A quick vehicle inspection will determine the cash amount you qualify for. The factors considered in that inspection are the make, model, year, and condition of the vehicle you are using as collateral. Once approved, you will have access to the cash you need the very same day you need it. The cash you receive is in exchange for the title, not the actual vehicle. That means you can keep your vehicle while making payment on your title loan.
Requirements Needed for Title Loan Approval in Arizona:
- Valid Driver’s License
- Proof of Income
- Proof of Residency
- Vehicle Title in Your Name
To get started, simply complete the online request form at Southwest Title Loans and pick from a list of title loan places located throughout the state of AZ. Representatives are waiting to assist you with your fast cash title loan needs today.
Do You Really Need Title Loan Cash?
“Need” is a term open to interpretation. Determining a need from want is often a difficult task for some. To make this determination a bit easier, let’s define these terms. A “need” is something that is required, essential, or of importance. A “want” is something that you desire or wish for. So, to put it in simple terms, a need is something that is essential to your survival, while a want is something that you can live without. Having a roof over your head, food to eat, clothes to wear, and the water, gas, and electricity needed to keep warm or cool, cook and wash clothes are necessities. The cleaning service, entertainment, and designer bag you want are definitely things you can live without. So, when asking yourself, do I really need title loan cash, ask yourself if what you require it for is a need or a want? That should help you to make a better financial decision.
What Other Fast Cash Options Do I Have?
Before making the decision to visit one of the title loan places located in Arizona, weigh your options. How much money do you need? Can you borrow that amount from a family member or friend? If you do not need that much to get by maybe someone you know in a better financial situation can help. Of course, you want to consider if and when you can repay the amount borrowed so that you don’t damage the relationship.
If you think the amount you need is too much to borrow from a family member or friend or you just don’t want to risk the relationship you have on your ability to repay, then did you look into all your loan options? Is a title loan the best option for you because you just do not have the time or requirements for a bank loan? Unlike a title loan that welcomes all credit to apply and can provide the cash you need the same day you complete a request, a traditional loan, or bank loan has a more stringent process. With a bank loan, you may get a better interest rate, but do you have the credit score, credit history, length of credit and time needed to qualify? There are many factors to consider when making a decision such as this.
Can I Afford to Pay Back A Title Loan?
Last, but not least, can you afford to repay the title loan you are requesting? Remember, securing an Arizona title loan, means using your vehicle as collateral. If you default on your title loan you risk the lender taking your vehicle as payment.
If you have calculated a payment you can afford to repay and determined that a title loan is a right way to go, then complete the online request form on Southwest Title Loans to get the title loan process started. Once you have done that, you will receive a call from one of the friendly representatives at one of the title loan places located in Arizona, to finalize the approval process.