What Is A Title Loan On A Car And How Can It Help My Finances?
Wondering ‘What title loans are on a car?’ Such loans are a relatively popular way to borrow money by accessing some of the vehicle’s cash value without actually selling the car. People typically use the amount to handle financial emergencies and then pay back the loan over a set period.
What will you need to apply for car title loans and how much money can you qualify for? What are the car title loan benefits versus other loan types? You’ll find out these answers and more below.
What Is A Title Loan On A Car?
A title loan is a short-term loan that uses your car title as collateral. In exchange for giving the lender the title to your vehicle, you will be able to borrow between 25% and 50% of the car’s value.
Though there are lenders who might require you to bring in quite a few documents, including proof of insurance and proof of residence, the overall application process is quite simple.
Meet up with a company representative so that a loan expert has the chance to inspect your car and determine the amount that you can qualify for, and, if approved, receive your cash. That's it.
By the way, you would still be allowed to continue driving the car while repaying the loan.
When To Consider Car Title Loans?
Once some people find out ‘what is a title loan on a car’, they might start thinking of it as ‘easy money’. But it is not something that you would want to take out each time you need to go on a shopping spree, for example. Emergency cash loans such as this are also not designed for personal pleasure or business purposes.
The only time this type of loan should come in handy is when you’re facing a financial emergency. For example, if you don’t have enough money in your reserve fund to take care of an urgent medical bill, an important home repair, or an upcoming utility bill, going for an AZ title loan might become a valid option.
Instead of carrying the weight of the emergency on your shoulders, you’d be able to take care of it with the loan amount you qualify to borrow, and then get back to life as you know it.
How To Apply For Arizona Title Loans
Now that you know ‘what is a title loan on a car’, it’s time to find out how to apply for one. How complicated or, on the contrary, simple the application process would be, will depend on the lender that you decide to do business with.
Traditional lenders might require you to gather dozens of documents. It may take the financial institutions days or even weeks to make a loan decision which is often based on credit. Thankfully, that is never the case with Southwest Title Loans. The process can be as quick as 30 minutes and all credit types are welcome to apply.
The company representatives understand that you might not be able to wait for days, that’s why the whole process of applying for title loans with this lender is straightforward and fast, making that one of the many car title loan benefits. To get started all you need to do is:
- Fill out a quick online form with some basic information.
- Receive a call from a friendly loan representative who can provide the guidance you need. During the conversation, the representative will explain how the title loan process works and you will set up a meeting with a verification agent to complete your application.
- You can choose to visit one of the many store locations situated in Arizona or meet up with the agent at a location of your choice, like your home or office. In any case, you would have to prepare the required items for the meeting.
- The verification agent will quickly go through your documents and inspect the vehicle you are using as collateral for your loan. If you qualify and you agree with the amount, the rates, and the terms of the agreement, you will be asked to sign a few papers. Overall, this meeting could last about 30 minutes.
- That’s it! Once the application process has been finalized for your auto title loans, and you are approved and agree to the payment schedule, you can receive the money the following business day or, in some cases, even the very same day.
What Documents Will To Need To Apply For Emergency Cash Loans?
To apply for a title loan offered by Southwest Title Loans, all you’re going to need is your photo ID (or driver’s license), a lien-free vehicle title, and the vehicle for emergency cash loans on your car.
The term ‘lien-free’ means that you own the car outright and the vehicle has been paid off without any claims against it.
How Much Can You Qualify For With Title Loans?
You can apply for up to $15,000 with Southwest Title Loans. However, the exact amount you qualify for will depend on the value of your car and your ability to make payments.
Get A Title Loan Today!
So, what is a title loan on a car? How to apply for a title loan? It is a convenient way to get quick cash loans for those who own a vehicle. And with Southwest Title Loans, the whole title loan process would be extremely fast and simple.
You wouldn’t even have to drive to the store, if you’d prefer not to, a loan representative will come to you. Ready to schedule a meeting with a verification agent and find out how much you can qualify for with title loans? Simply fill out the loan request form or call to get started.
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.
