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How Are Registration Loans Different From Title Loans?

May 10, 2021 | June Mckaig

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If you’re dealing with a time-sensitive problem like medical expenses or overdue bills, you might be looking into short-term fast loans as an option to get some cash together fast.

There are several kinds of fast loans you could go with, based on your situation and the amount of cash you need. Title loans are one option you have to get quick, emergency cash when you really need it in Arizona.

But you also have another loan option if you are a resident of Arizona for quick cash. They’re called registration loans, and if title loans aren’t working out for you, they could be another option for you to consider!

What Are Title Loans?

Title loans are a type of short-term, fast secured loans that use your vehicle’s title as collateral. It’s for car owners who are over 18 years old and have a lien-free car title.

To qualify for a title loan at Southwest Title Loans you must have a valid state-issued ID or driver’s license that verifies your identity and age, as well as your name on the title of the car you’re using for loan collateral.

You won’t be able to apply for a title loan if the title is in another person’s name. Even if you’ve been the de-facto owner of the car for years and have their written permission to do so.

The title in question should also be completely lien-free – meaning there cannot be any outstanding financial obligations such as loans and judgments against it. In short, to qualify for a title loan you must outright own your car.

What Are Registration Loans?

Registration loans are unique to Arizona. They’re the type of loan that allows a driver to use the car registration as collateral instead of a title. So you’re allowed to apply as long as the car registration is in your name.

As with title loans, your car’s registration acts as collateral with registration loans, so the amount of the loan will be based on the value of your car.

What Is The Main Difference Between Title Loans And Registration Loans?

As you may have already gathered, you use your car title to get a title loan and your car registration to get a registration loan. In both cases, the document must have your name on it.

So how are registration loans different from title loans, really?

The difference is that you don’t need to outright own your car to apply for registration loans. As long as the car is registered in your name, you can get a registration loan. Even if you’re still making payments on it or you’re driving a “second-hand” car you got from a relative and the title is still in their name, you will be able to apply for a registration loan.

Do I Need Good Credit To Apply For Registration Loans Over Title Loans?

One similarity both loans share is the credit. In this case, title loans and registration loans are pretty similar in that you do not need good credit in order to apply for either loan.

All credit types are welcome to apply for registration loans or title loans at Southwest Title Loans – good, bad, even outright nonexistent can apply without worry. We want to be as accommodating as we can with whatever your situation so you do not need to worry about your credit hurting your chances for either loan.

 

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Can I Apply For Registration Loans If I’m Unemployed?

You do not need to let your unemployment stop you from applying for registration loans. Unlike with bank loans where unemployment can play a big part in your approval, you can use other means of income for registration loans.

Unemployment or welfare benefits, worker’s compensation, alimony payments, savings, and so on can potentially be used to pay off registration loans at Southwest Title Loans. Check in with your local branch for more details.

Qualifying For Registration Loans VS Title Loans

In all honesty, what it takes to qualify for registration loans isn’t very different from what it takes to qualify for title loans at Southwest Title Loans.

In both cases you will need to have these items with you:

  • A valid state-issued photo ID or driver’s license to verify your identity and age (you must be over 18)
  • Your car to determine the amount of the loan

The obvious big difference is that you will need to provide us with the car registration in your name instead of the title to qualify for the loan. You may need to provide us with your account information since you do receive the money electronically, but you will discuss that in more detail with your loan representative.

How To Get Registration Loans

As long as you’ve got all the necessary items on hand, you can easily apply for registration loans online, without having to spare extra time on a store visit.

Go to the Southwest Title Loans website, find an online form for registration loans, fill it out and submit. After you submit the form, the information will be reviewed by one of our team members. The team member will determine if you qualify for the loan based on the information you provide in the form.

After the form is processed, the team member will contact you by phone. They will inform you about your loan conditions, such as the amount of money you qualified for, as well as collect any additional information needed.

Once the paperwork gets completed, and you sign the contract, the money will be deposited into your bank account the next bank business day. If you are applying for title loans, you will have to meet in person to have your vehicle inspected and sign the paperwork. Either way, just fill out our online form to get started on either process.

 

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