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credit check for registration loan

Will Applying For Registration Loans Impact My Credit?

When it comes to getting a registration loan, one thing you need to keep in mind is that we here at Southwest Title Loans will need to do a credit check. That fact might make people nervous about this check negatively impacting their credit. This fear might keep you from wanting to get this loan, but there are some things you need to know about this loan first. So, if you want to know more about your credit and registration loans, keep reading this guide right now.

How Is Credit Impacted By This Loan?

Why Do A Credit Check?

Your credit score isn't a complete reflection of you and some may have had a few tough years, causing it to be lower than it was in a more distant past. Some people get anxious when a credit check is done because they know it's lower than it should be and don't want to be forced to explain it. Southwest Title Loans does a credit check for registration loans to get a fuller picture of your current financial situation and ability to securely repay the loan if you are approved.

We don't look at the score alone to determine eligibility, but look over the whole report to see how your life has changed, the events occurring, and your payment patterns. Other factors will also play a larger role in determining eligibility for a registration loan with Southwest Title Loans. Factors include your income and ability to repay the loan. We put all these factors together with the credit report to get a clear idea of your eligibility. This means the credit check isn’t the one and only thing we will look at.

man checking his credit score for registration loan

What Is A Registration Loan?

As we said, a registration loan helps you with emergency expenses by using your vehicle’s registration as collateral. While we don’t need to inspect your vehicle before we can approve you, we do have to check your credit. As you know, any kind of credit check can have an impact on your score. When it comes to credit checks, there are hard inquiries and soft inquiries, and as you probably know, the hard inquiries are the ones that have the biggest impact on your score, while the soft ones don’t have a big impact.

With a registration loan, you can expect it to have some kind of an impact on your score. However, if you are able to keep up with the loan repayments, this kind of loan won’t have a big negative impact on your credit score. This loan can also help you get rid of emergency expenses quicker than if you handled them alone. This means you can quickly get back to fixing your financial situation as soon as your emergencies are taken care of and you repay the loan in full.

Get Started On The Simple Process

Now that you know a little bit more about the credit check we will do, you are probably wondering how the entire process will look like. If you are approved for registration loans, you can get anything around $200 to $1,500. process begins with filling out the online form on our website so we can give you a call to help you get things started. Once you submit the form, one of our loan representatives will call you and explain more about registration loans.

You are then directed to a nearby store. You can find all of our locations either through our locations page on our website or you can ask us over the phone. When you arrive at the store for the meeting, one of our registration loan representatives at Southwest Title Loans will check your credit history and they will also assess your other required items. If you are approved, the money could be available to you as soon as that day or the following day. The whole process can happen in as little as a half hour. 

loan representative checking credit score

Is My Credit History Kept Confidential?

You might be wondering if we keep your credit information confidential when we run a credit check. The good thing is you don’t have to worry about your private information. We do our best to make sure any credit information we learn about is kept absolutely safe and confidential. The only person that will see your information is the loan representative working on your registration loan. No one unnecessary will ever see your private information because we make sure to keep it completely secure.

Get More Information About Registration Loans Now

Now that you know how the credit check works here, you should feel a little bit more confident about getting this loan when you really need it. We do our best to work with our customers, so just come in and we can let you know what your chances are of getting this loan. We want this to be a convenient process for you, so don’t let a credit check hold you back from applying. Come in and we can help you through the process. So, don’t hesitate and let your credit stand in the way. Fill in the online form now.


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

Louis Tully

Louis Tully is a full-time finance writer offering financial expertise to everyday consumers. He understands the core values of finance and used his writing talents to share his own experiences with money to his readers. His articles teach how financial failures can easily become successes by making new habits and creating realistic goals.

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