What Exactly Are Car Registration Loans?
July 9, 2021 | Emma Frost
While car title loans are an option if you have emergency expenses, there still might be a chance you won’t qualify. If you don’t outright own your vehicle or your title is not lien-free – meaning it has outstanding liens against it – you won’t qualify for a title loan. When that happens, you have car registration loans as an option instead at Southwest Title Loans, Inc.
You can qualify for a registration loan even if you are still making payments on your vehicle or your title is not lien-free. But before you get into that, you have to know what this loan is.
What Are Car Registration Loans?
Car registration loans are also a type of secured fast loans – like our title loans. The main difference is instead of using your title, you are using your vehicle’s registration as collateral for the money.
Unlike title loans, you don’t need to outright own your car to qualify for them; as long as your car registration is in your name, you can use it as loan collateral.
This means your car can be financed, or have another type of lien on it – and you could still get the cash you need, as long as the car registration has your name on it. And you also do not need a vehicle inspection for a registration loan.
Who Is Eligible For Car Registration Loans?
To be eligible for car registration loans at Southwest Title Loans, Inc. you need to be over 18 and have a car with your name on its registration. You also have to make sure you’re able to provide the items that prove you qualify:
- A state-issued ID/driver’s license verifying your legal age;
- Your vehicle registration in your name;
- An active checking account in your name (since the money will be transferred electronically if you get approved).
How Do I Find Car Registration Loans Near Me?
Finding a location nearest you is simple. Southwest Title Loans, Inc. has multiple store locations across Arizona State. You can find the one closest to you on our website using our store locator.
Can I Qualify For Registration Loans If I’m Unemployed?
As registration loans are secured loans and your car registration will be acting as collateral, protecting our assets, this means you can still qualify even if you are currently unemployed or have an irregular paycheck at the moment.
When you come in for the meeting, we can go over the payment in detail and go over any options you have available.
Will My Credit Situation Influence My Chances Of Qualifying?
Your credit isn’t likely to play a large part in your car registration loan process either. While we might need to do a quick credit check in certain specific cases, Southwest Title Loans, Inc. is generally open to borrowers of all credit situations.
As long as the required items you provide are all in order and satisfy our standards and requirements, the state of your credit isn’t going to be an issue. In other words, you can still qualify if your credit is bad or nonexistent.
Will My Credit Get Better If I Get Registration Loans?
This loan will not directly help improve your credit – that isn’t its designed purpose. Instead, you should only look to registration loans for emergency expenses. Things like medical bills, home repairs, and emergency travel are examples.
This loan is basically for those situations that cannot be put off until you have the money you need. And once you use this loan for those expenses, you can then have your own money focus on improving your credit.
So while car registration loans won’t directly help your credit, they can give you more time to focus on improving your credit score.
How To Get Car Registration Loans
You can easily start our process online, right from the comfort of your own home. To begin the process you need to fill out and submit an online form found on our website. Your information will be sent to the nearest store – and as soon as the form gets processed, you’ll get a call from our team member.
They will quickly double-check your information and set up a meeting for you. You can bring in the required items and allow the loan representative to determine if you qualify for approval – which won’t take long to decide.
If you get approved, the team member will explain all the loan terms and conditions, collect additional information they’ll need to transfer over the money, and help you complete the final paperwork. Once the contract is signed, you’ll receive the cash you qualified for electronically, usually by the next bank business day.
Get The Car Registration Loan You Need, Today
If you are in Arizona and need emergency money, you don’t need to stress out. Just look into our car registration loans from Southwest Title Loans, Inc. and get the help you need. Fill out the online form today to get started.