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Car Registration Loans For Beginners: What First Time Borrowers Should Know

March 18, 2022 | Daniel Dewitt

car registration loans

 

If you have never applied for a car registration loan before, the process can seem daunting at first. There’s a lot you need to know to make sure you are making the best financial decision based on your situation. Learn the basics of a car registration loan below to help you decide if this loan is right for you and your emergency expense.

Car Registration Loans Basics For First Time Borrowers

If you are a first-time borrower, the first thing you need to understand is what car registration loans entail. As its name suggests, this loan type uses your vehicle’s registration as collateral. In exchange, you can use this cash to help you get rid of emergency expenses like medical bills or home repairs.

It’s best to think of a car registration loan as an alternative to a title loan. It allows you to use the registration as collateral instead of your title in the case that you do not own your vehicle outright. This loan also relies on your credit and income to determine if you qualify for approval and for how much.

3 Good Reasons To Get Car Registration Loans 

It’s important that you only apply for a registration loan if you need it. Registration loans are an option for emergency situations in which other loan types are not an option. When viewing a registration loan in this way, you are using them as they are intended – for emergency purposes only and not for frivolous spending.

1. Use Them If You Find Yourself In An Emergency Situation

Car registration loans are often used by individuals who find themselves in emergency situations. The loan does not require as many requirements as traditional bank loans. Also, if you happen to not have your vehicle in your name or you are still making payments, you can still apply. Together, these two aspects of car registration loans make them an option for emergencies.

2. Use Them If You Need Money Fast

Car registration loans are also an option if you need money fast. If you come to Southwest Title Loans and we are able to approve you, you can get the money you need rather quickly. We make sure our process allows you to get the money you need either the same day you get approved or the next bank business day.

 

registration loan SWTL

 

3. You Don’t Own Your Vehicle Outright

Again, registration loans are an alternative to title loans. In order to qualify for a title loan, you have to own your vehicle outright. If you don’t own your vehicle outright, you cannot apply for this kind of loan. However, that isn’t an issue with our registration loan. If you considered a title loan but don’t meet the requirements, you might meet the requirements for a registration loan instead.

What Qualifies You For Car Registration Loans?

Even though a registration loan may be an option if you find yourself with emergency expenses you cannot handle alone, you still have to qualify for the loan. But you can rest assured that we keep our requirements simple to understand. The items you need to move through our process include:

  • Arizona driver’s license or government-issued ID.
  • Arizona motor vehicle registration in your name.
  • Active Checking account in your name.
  • Valid Social Security number.

If you have these four things, you may be able to qualify for a car registration loan. Plus, unlike our title loans, you don’t even need to have a vehicle inspection. Keep in mind that even if you have these four items, we will check your credit before you qualify. Your credit history – along with your ability to repay the loan – will help determine how much and if you qualify.

Finding Car Registration Loans

In the case that a car registration loan sounds like an option for you, the next step is getting started with our process. This means you will go to our website and fill out our quick inquiry form to automatically be matched to the closest Arizona registration loan location.

If you decide to fill out the inquiry form, a representative from the closest location will give you a call after you click submit. From there, the representative will walk you through the rest of the process so that you can set up an appointment to bring in your required items. The application process can take as little as 30 minutes to complete.

Once we assess your items and run your credit, we will decide if you qualify and for how much. If you are approved, we will walk you through the loan terms and help you finish the paperwork. Once done, you can get the money as soon as the same day or the next business day.

Apply For A Car Registration Loan Today

Car registration loans are an option if you do not qualify for title loans but still need money quickly due to an emergency situation. With this loan, you won’t have to handle your emergency expenses alone. If this sounds like a loan you are interested in, get started by filling out the Southwest Title Loans inquiry form.

 

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

 

 

 

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