Who Can Get Registration Loans For Bad Credit?
Arizona is an unusual place in that it has some loan options not available in other states including registration loans for bad credit. These types of loans can help you out in an emergency even if you don't own your vehicle free and clear. You may be wondering if you are eligible to receive one of these loans. Below we have broken down everything from what a registration loan is, to who can get one.
What Is A Registration Loan?
A registration loan is similar to a vehicle title loan in that you are putting up vehicle ownership as collateral for a loan. However, the two have distinct differences in how they are done and other factors.
A vehicle title shows you own the car. You've paid for it in full and there are no liens on it. With a vehicle title loan, you turn over your clean title to the lender as collateral and will get it back when you repay the loan.
A registration loan is aimed at those who don't have the vehicle's title because they don't own the car.
However, they do have the car registered in their name at the motor vehicle tag office. That means they are buying the tag and paying the taxes on it as if it was theirs.
These could be situations where the person is making payments on the car or bought it from a friend and hasn't paid it off in full yet. Yet, the car registration is in their name so they are considered by the state to be the owner.
Those seeking a registration loan bring their registration to a lender and use that as collateral for a loan. Typically, these types of loans offer smaller amounts than what a vehicle title loan offers but it can still be a way to get some fast cash for an emergency expense.
Are Registration Loans Legit?
Registration loans are a legitimate type of loan in the State of Arizona. Just make sure those offering them are licensed and approved by the state as a lender. However, Arizona is the only state to offer registration loans so anyone offering these types of loans elsewhere isn't operating legally.
What About My Credit?
Registration loans are open to those who have bad credit as well as good credit. This type of loan is different from a vehicle title loan because most lenders will check your credit for a registration loan.
Every lender has its credit requirements. You will need to speak to individual lenders about their credit requirements before you apply.
When Would I Need A Registration Loan?
Registration loans for bad credit fall into a category of emergency needs, much like other types of fast loans like vehicle title loans and payday loans. You should use them for unexpected expenses like a car repair or a medical emergency.
Where Are Reputable Lenders For Registration Loans?
Southwest Title Loans is one of the reputable lenders in the state offering registration loans for bad credit. We also offer title loans for those who own their vehicles.
The amount you can get in a registration loan from us is between $200 and $1,500.
Four things are needed to apply for a registration loan. You will need:
- A valid Arizona driver's license or a photo identification issued by the government.
- An active checking account in your name.
- A valid social security number.
- An Arizona motor vehicle registration listed in your name.
As shown by the requirements, you must be an Arizona resident who has registered a car in the state to apply for this type of loan.
Applying For A Registration Loan
While the final part of the process must be done in a store near you, you can begin the process by filling out an easy online inquiry form. This isn't a loan application but simply asks for basic information, so we know that you are interested in one of our loans and can reach out to you.
A loan representative from Southwest Title Loans will call you to explain what happens next if you want to pursue registration loans for bad credit. Afterward, you bring all your documents to a store near you and apply for registration loans for bad credit.
The representative will then validate your documentation and help you with the simple paperwork for registration loans for bad credit. The process typically takes as little as 30 minutes! Once approved, you can get money into your checking account either the same day or the following business day.
We will check your credit history as part of the determination process. While it plays a role in qualifying for a registration loan, it also factors in how much you can borrow in registration loans for bad credit.
Find Out More
Filling out the inquiry form gives you more information about registration loans online for bad credit. It doesn't obligate you to apply for a loan and Southwest Title Loans won't check your credit unless you apply in a store.
Getting more information from a loan representative can help you decide if you should apply for a registration loan. It could be a way to help you pay for an unexpected expense.
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.