Can I Get A Title Loan If I Just Bought A New Car?
October 15, 2021 | Emma Frost
Title loans are loans that you receive when you use your vehicle’s title as collateral. We decide how much you can receive based on your vehicle’s value and condition. Because of this, a lot of people wonder whether they are able to get a title loan as soon as they have purchased their vehicle.
Is It Possible To Get A Title Loan On A New Car?
The answer here depends on a few factors. If you have paid cash for your vehicle entirely then, yes. You can get Arizona title loans even if you have just purchased a vehicle.
However, if you paid for your car using financing, then no. This is because there will be a lien on the car's title from the financing company. You are only able to obtain a title loan if the title is lien-free. However, don't worry. There are alternatives to title loans if you are in this boat and are an Arizona resident.
A Registration Loan Can Be An Alternative To A Title Loan
If you cannot get a title loan, you may find that a registration loan is an option. A registration loan from Southwest Title Loans allows you to borrow cash using the registration of your vehicle. The amount that you can borrow will still depend on the value of your vehicle, you just do not need collateral for this loan. Even if you do not have a lien-free title to your vehicle, you will still hold the registration to your vehicle.
How Does A Registration Loan Work?
The process for registration loans az is very similar to that of a title loan, although there are a couple of differences. If you want to obtain a registration loan from Southwest Title Loans, you will need the following:
- A state-issued Arizona ID or your driving license.
- The registration to your vehicle.
- Your vehicle.
You do still have to have your vehicle inspected for this kind of loan – similar to that of title loans. We also will do a credit check, but you can still apply even if you have poor credit. Here is a short breakdown of how our process will play out:
- Start the inquiry process by filling in a short form on our website. One of our representatives will review the information that you put on the form. This will allow us to give you a call so we can set up the meeting.
- Once we set up the meeting, you can head down to the nearest location to continue. We will inspect your vehicle and assess your information. This will allow us to decide if you qualify for approval and for how much.
- If you do get approved, we will go over the loan terms and help you fill out the paperwork that goes with it. When you are done with the paperwork, you are finished! The whole process can last around 30 minutes and you could get the money on the same day or next bank business day.
Once you have the cash from your registration loan, you can use it to cover emergency expenses. For example, you can use the money for the following emergency expenses:
- Repairs to their vehicle. This could be ideal if you have purchased your vehicle used.
- Needed home repairs, particularly plumbing or electrical issues.
- Medical costs. This may include emergency dental treatment or the cost of a prescription.
- Ensuring that their rent or certain bills don't go late.
- Covering unpaid traffic tickets.
Looking For A Registration Loan? Southwest Title Loans Is An Option
So have you decided that a registration loan can help you out with your expenses? Southwest Title Loans is an option for those looking for registration loans. There are several reasons why people opt to work with us.
The big one is the fact that the process for obtaining a loan is fast. A lot of the people that require registration loans will have emergency bills that need to be covered quickly. Receiving your money as soon as the next bank business day can help to cover these as fast as possible.
The process is hassle-free as well. You can get started right online and then head down to one of our many car title loan locations in Arizona to complete. You can also inquire about a registration loan no matter your credit situation. We can consider those with both great and poor credit.
Finally, we have no income requirements for the registration loan. This means you will not need to provide us with proof of your income. So a registration loan from Southwest Title Loans could be an option for those on certain benefits.
Get A Registration Loan From Southwest Title Loans Today
While you may not be able to get a title loan if you have just purchased a new vehicle, a registration loan from Southwest Title Loans could be an option. Fill in the inquiry form on our site today to get started on our simple process.