Fast Online Title Loans In Arizona: What To Know Before You Apply
It’s difficult to prepare for financial emergencies; you might face medical bills, home repairs, and travel expenses when you least expect them. If you encounter emergency costs you can’t cover, you can consider quick loans like online title loans.
We at Southwest Title Loans have been providing online title loans in Arizona for over 30 years. In this guide, learn everything you need to know about online title loans and how to get instant approval with us.
Top Seven Things You Should Know Before Applying For An Online Title Loan
Emergency loans should be taken seriously, so you should research their terms before applying. You need to understand how to get approved, how much you can borrow, and how repayment works before applying. Online title loans are no different. Just because approval is easier than with traditional bank loans doesn’t mean you should skip the essential research process.
Learn about seven critical details about title loans online before applying:
1. What Is A Title Loan?
A title loan is a secured cash loan using your lien-free car title. You can get approved for a title loan as long as you have a clear vehicle title and you own your car outright. We will place a lien on your title, so it must be lien-free for us to process the loan.
This type of loan requires a vehicle inspection, as your loan amount depends on the value of your vehicle. You can borrow up to $15,000. The more your car is worth, the more you can borrow.
Here are the factors that can affect your vehicle’s value:
- Age (since year of purchase)
- Make and model
- Interior and exterior condition
- Mileage
- Maintenance history
2. What Is A Clear Title?
To apply for a title loan, you need a clear title. A title is considered clear when there are no liens on it. Unfortunately, if you’re still paying off your car loan, you won’t be able to use the document as collateral.
However, even those who have already stopped making payments on their vehicles might face challenges when applying for a title loan if the title isn't in their name. It can take a few weeks to transfer the title, so it's important to handle that in advance. You can fill out forms and pay a small fee at a local Arizona DMV office to start the title transfer.
If your name is not the only one mentioned in the document, it should not become a problem. You’ll have two options:
- If there’s an ‘and’ between the names, you would need the other person’s official permission to take out a title loan and use the title as collateral.
- If there’s an ‘or’, you wouldn’t be required to get written approval from the second individual.
3. What Are The Required Items For Online Title Loans In Arizona?
Now that you understand clear vehicle titles, you're a third of the way to knowing what you need for approval. We only require three items for instant title loan approval. These items help you meet our eligibility requirements, which include verifying your identity, age, vehicle ownership, and vehicle value.
The following are the required items for Arizona title loans:
- A state-issued photo ID that shows your full name and age
- A lien-free vehicle title in your name
- Your vehicle for a fast inspection
4. Do You Need Good Credit For Title Loans Online?
When applying for loans at traditional banks, you need to prove your creditworthiness. They will review your payment history to determine if you are reliable enough to repay the loan. However, many circumstances outside your control—such as layoffs, injuries, and illnesses—can lead to a loss of income and missed payments.
At Southwest Title Loans, we won't penalize you for bad credit and will allow you to borrow cash with a bad credit title loan. We use your clear car title as collateral, protecting us if you fail to make payments. While we may do a soft credit check, you won't be denied a title loan just because of bad credit.
You can also obtain online title loans in Arizona without worrying about further damage to your credit score. We do not perform hard credit checks or report our loans to major credit bureaus. You can get emergency cash without impacting your credit score.
5. Where Can You Get Online Title Loans?
While you can begin the approval process for title loans online, you will need to complete it in person. You must visit one of our Arizona store locations to finalize everything. Fortunately, we have stores across Arizona, making it easy for you to find a nearby location.
The following are some of the cities with Arizona store locations:
- Tempe, AZ
- Tolleson, AZ
- Glendale, AZ
- Phoenix, AZ
- Mesa, AZ
- San Tan Valley, AZ
6. What Is The Online Title Loan Approval Process?
Getting approval for title loans online is fast. You can start the process today with our simple online form and finish it the same day you apply. After applying online, you can complete the process in person in less than 30 minutes. The quick and efficient approval process makes it an attractive financing choice for those needing to cover urgent costs swiftly.
- Fill out our online form – We have quick forms on our website that let you provide your basic information fast. Each loan has its own form, so make sure you select the one for title loans. You will need to provide your full name, contact information, zip code, and vehicle details.
- Speak to a loan specialist on the phone – After submitting your information online, we will call you to explain the process. We will let you know about loan amounts, requirements, and other essential loan terms. You can also ask questions.
- Get approved in person – You can now bring your required items to the nearest Arizona store location. We will verify your requirements and inspect your vehicle to determine its value.
- Sign the loan agreement – After we explain how much you can borrow, we will present documents for you to sign. You can then receive your online title loan funds later that day or by the next business day.
7. How Does Title Loan Repayment Work?
Before applying, it’s important to understand how you will repay the loan. Most borrowers pay off their online title loans within 30 days. You should only borrow as much as you feel confident you can repay, because waiting to pay it back can cause you to accumulate a lot of interest.
Most borrowers make lump-sum payments to pay back their loans. As you earn money, you can keep making additional payments online until the entire amount is paid off. Remember, it’s crucial to pay the loan on time, as defaulting can result in losing your vehicle.
Apply For Online Title Loans In Arizona – Borrow Up To $15,000 Today!
Ready to get fast financial relief for emergency expenses? Southwest Title Loans can help with our online title loans. Start the process online and get approved in one of our stores in Mesa, Phoenix, Tolleson, etc. Submit your information by filling out our online form, and we will call you to explain how you can get approved 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.
