A Glossary Of Vehicle Registration Loan Terms To Know
Vehicle registration loans have been putting money in the hands of borrowers across Arizona. If you’re facing financial uncertainty through a costly emergency bill, you may consider applying for your own vehicle registration loan. For those who are, it’s important to know the central terms associated with this loan before beginning your application.
Vehicle Registration Loan Glossary Of Terms
To prove your name and that you’re 18 years or older, you’ll need to present a valid I.D. when applying for a vehicle registration loan. This could be your state driver’s license or your state I.D., and the state should match where you’re applying for your loan.
If you’ve legally changed your name since getting your I.D., your best bet is to update it at your Department of Motor Vehicles (DMV) before applying.
Motor Vehicle Registration
All cars on the road need to be registered to an individual. This includes sharing some of your personal information and paying a fee, usually at your DMV.
Registration shows that you are the legal driver of the vehicle, even if you don’t own it yourself. It will help you get and keep car insurance coverage, and it’s also needed to apply for a vehicle registration loan through Southwest Title Loans.
Owning Something “Outright”
Owning something outright means you have paid for it in full and it is your legal property. Unlike other loans, vehicle registration loans at Southwest Title Loans do not require you to own your car outright to apply. These are provided as alternatives to title loans, which require a paid-off vehicle to apply.
Collateral is any piece of property you offer to guarantee that a debt will be paid. If you offer your property for collateral on a debt and do not pay back the debt, the property could be taken in by the lender.
Active Checking Account
You’ll need an active checking account to apply for a vehicle registration loan, which means the account should be under your name and your name only and be open without any holds. You’ll prove this through a blank check from that account or with your most recent statement.
Loan terms are all the conditions and details of an agreement between a borrower and a lender. This could include the total amount of the loan, when it must be paid by, how it should be paid (installments or lump-sum payment), any interest charged, potential fees, and other details.
At Southwest Title Loans, we make loan terms easy by having our trusted representative walk you through them over the phone or in person.
If you apply for a vehicle registration loan through Southwest Title Loans, you may hear the terms “online form” or “general inquiry form” when you start your application.
This simply refers to a short form you fill out on our homepage with your basic information so we can contact you and see if you qualify. You’ll need to share a few details like your name and phone number and all information will be kept confidential.
Credit History Vs. Credit Score
It’s hard to apply for any type of loan and not hear the word “credit.” This could refer to your credit score or your credit history.
A credit score is an assigned number that supposedly gives lenders an idea of how likely you are to pay back a debt. Credit history is a record of all of your credit activity, including what types of credit you have, what you owe, and to whom.
Unlike banks and credit unions, Southwest Title Loans does not require a high credit score or a perfect credit history to apply for a vehicle registration loan. We will take your entire application into account and encourage all credit types to apply.
How To Apply For Your Vehicle Registration Loan
You’ve gone through the essential terms and now you know your way around a vehicle registration loan better than ever – it’s time to apply!
First, head to our homepage and fill out the online loan request form. We’ll call you soon after to walk you through the process, answer any questions, and arrange to meet at your nearest Southwest Title Loans location.
At our office, you’ll present your I.D., motor vehicle registration, checking account, and Social Security number for review. If everything checks out and you’re approved, you could get between $200 and $1,500 as fast as that same evening!
Get Your Cash Now
If you’ve made it this far, you understand the terminology and you’re ready to get the cash you need, when you need it. At Southwest Title Loans we offer a clear alternative to title loans through a vehicle registration loan, and we put hundreds of dollars in the hands of Arizonians every day.
Facing financial emergencies on your own, without an emergency fund or resources can be overwhelming. Fill out our online form today to get started and get the money you need 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.