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How To Get Emergency Loans Using Car As Collateral

February 10, 2022 | June Mckaig

emergency loans using car as collateral

 

If you are looking to get loans using car as collateral, it’s important to select a lender – like Southwest Title Loans – that offers various loans like a car title loan or registration loan using different aspects of your vehicle – or, more specifically, your vehicle’s paperwork – as collateral.

More so, you will have to follow our simple and quick application process to get the money you need as well. Below, here is what you need to know about our loans and how you can get them using car as collateral in five easy steps from Southwest Title Loans.

Can I Still Apply For A Car Title Loan With Bad Credit?

Before you can learn about our loans using car as collateral, you probably are wondering if you should even come in if you have poor credit. Well, one of the benefits of applying for a quick cash title loan AZ with us is that your credit is not a big factor. Do keep in mind that for registration loans, we will check your credit.

Whenever you use your car title as collateral, you are saying that we can seize your vehicle if you stop making payments. As a result, your credit score is not really needed. Since you are welcome to apply for a car title loan regardless of your credit score, this loan is an option for all individuals, not just those with a stellar credit record.

What If I Don’t Own My Vehicle?

As you will learn, the requirements for applying for a car title loan include a lien-free title that is in your name. If you don’t own your vehicle outright, your title will not work for a car title loan. Still, you are not without options. If you don’t own your vehicle because the title is not in your name, you can go to your local DMV to get it transferred.

Once the title is transferred to your name, you can use it for a title loan. If you are still paying off your car and therefore have a lien against the title, you will have to apply for a different loan entirely. A registration loan is an alternative if your title is not lien-free, because it uses your vehicle’s registration as collateral instead of the title.

How To Get Loans Using Car As Collateral

Now that you know the answer to these two big questions, you can go on to learn about our loans using car as collateral. While our process is simple and quick, you still need to understand every step and make sure you have everything you need; especially since we offer more than one type of loan. Here is a run-down of our title loan process.

Step 1: Know Your Options

The first thing to do if you want to get loans using car as collateral is to know your options. There are two popular loans that use car as collateral in Southwest Title Loans. The two kinds of loans we offer are title loans and registration loans.

The main difference between these two loans is what is used as collateral. For a title loan, we are using your lien-free vehicle title as collateral and for registration loans, we are using your vehicle’s registration. There is also a big difference in how much you can qualify for and the requirements.

At Southwest Title Loans, you can get up to $15,000 for a car title loan or up to $1,500 with a registration loan. Because of this major loan amount difference, it might seem like title loans can better help you with your emergency expenses than a registration loan.

Step 2: Make Sure You Meet The Minimum Requirements

Next, you will want to pick out your preferred loan based on the necessary requirements. Make sure you have the required items for whichever loan you want. For example, for title loans, we require you have a driver’s license or state-issued ID, a lien-free title, and the vehicle for inspection.

Of these three required items, the lien-free title can seem like the most confusing or can delay you if you have to make any changes. Basically, a lien-free title is one that is in your name and has no debts against it. In other words, you own the vehicle outright. And, as we said, you will have to make any title changes prior to coming in.

 

car title loan SWTL

 

Step 3: Get In Contact With Southwest Title Loans

Once you have determined that you have what it takes to get a loan, you should get in contact with Southwest Title Loans. You can contact us by calling up one of our storefronts directly, or you can fill out our request form. The request form will get you in contact with the closest fast car title loan location to you.

Step 4: Apply And Find Out If You Are Approved

Now all the hard work is over. You only need to head over to the store or have the loan representative come to you for a quick vehicle inspection. This inspection allows us to determine how much you could get – since we base it off on your vehicle’s condition and value.

Make sure to bring all of the required documents and items to the meeting as well, so we can evaluate your information and determine if you qualify for approval. The inspection and evaluation should be quick. Within minutes you should know whether or not you’ve been approved.

Step 5: Get Your Money!

If you were approved, we will go over the loan terms, repayment details, and have you fill out the paperwork. Once everything is done, you can get your money! You can get the money you need as soon as the same day or the next bank business day if you are approved.

Get Your Car Title Loan Today!

Getting loans using car as collateral is a lot easier than you may think. Just by following the five steps above, you can easily get a car title loan. If you have the requirements for a title loan, get the process started now. Head over to our home page to fill out our quick request form to begin.

 

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