Who Qualifies For A Title Loan?
January 10, 2020 | Louis Tully
Financial struggles hit everyone. And when they do, they tend to hit hard and always at the worst possible time. When we are hit with these struggles, it can make anyone feel pretty stressed. Instead of feeling stressed, there are better options. A car title loan from Southwest Title Loans can be the answer you’ve been looking for. You may be wondering what a title loan is. How can it help fix a bad financial situation? How do you even get an auto title loan? And who qualifies for a car title loan living in AZ? We can answer all of your big questions.
What is a Car Title Loan?
A title loan is a loan using a vehicle title as collateral for that loan. Simply put, you can get your vehicle title and use it to receive your loan. Although this isn’t a long-term fix to your financial problems, the loan can help you in the short-term. The best part about this loan is Arizona does not care about the status of your credit. So even if you have amazing credit or your credit is terrible to non-existent, you can still get your car title loan and you don’t have to worry about them keeping your car. There’s no bigger stress than worrying about your finances and then having to give up your mode of transportation just for a loan. Here in Arizona, you can keep driving your vehicle while you are repaying your loan. With a title loan, you could get from $300 or up to a maximum of $15,000 to help with your finances. Arizona makes it simple to get your title loan. You don’t even have to have a checking account in order to qualify. And the best part? Your personal information is completely kept confidential during your time at Southwest Title Loans.
How Can an Arizona Title Loan Help?
You may be asking yourself “but just how can a car title loan help me?”. Well, as it turns out, it can help in many ways. Life is random and unexpected things happen all the time, and with unexpected things comes unexpected expenses. Anything from medical emergencies to sudden home repairs can be paid off using a title loan. Your big life moments can also be taken care of. From birthdays, holidays, weddings, and even your retirement, a loan can really help ease those burdens and allow you to actually enjoy your big life moments. You can also improve your credit with a title loan from Arizona. You can use your loan to slowly get rid of your mounting debt and actually take the steps you need in order to actually improve your credit!
How Do You Get a Title Loan?
Now that you know what a title loan is and how it can help, let’s talk about actually getting one. Arizona makes it really simple to begin the process and it is also very quick – you could literally walk in, show the loan representative your documents, and walk out with your cash in 30 minutes!
The process is very easy to follow. The first step is to complete the online form. After you hit submit, you will receive a call from a loan representative, who will go over what you need to bring and what location works best for you. After the call, you can make your way into the nearest SW Title Loans location. Make sure to bring in your valid driver’s license, your vehicle with its lien-free title, proof of income, and proof of residency in order to finish the application process.
Who Qualifies For a Car Title Loan?
Before you begin your application, there are some things to consider in order to see if you qualify for a title loan.
Do You Have Proof of Residency?
In Arizona, you must be a resident in order to qualify for a title loan. Since title loans are not issued in every state, your proof must also show you’ve been a current and ongoing resident of Arizona for the past two years. The title of your vehicle must also be registered in Arizona. If your car is not registered in Arizona, you must go to the DMV and have them transfer your title.
Do You Have Proof of Income?
Your residency isn’t the only thing considered at Southwest Title Loans. You must show proof of income in the form of paystubs, bank statements, or your monthly allowances, such as a retirement account. Showing proof of income shows us that you are able to make the payments for your loan.
Is Your Vehicle Title in Your Name and Lien-Free?
In order to qualify, your vehicle must be in your name. If your vehicle’s title isn’t in your name, you must go to your local DMV and have them transfer the title over to your name. The title must also be lien-free. This means there cannot be any outstanding loans or judgments on the title, the car is fully paid off, and you have full ownership. Once your title is in your name, the vehicle is fully paid off, and you determine you have no outstanding loans or judgments on the title, you are then eligible to receive up to $15,000 from Arizona.
What Condition is Your Car In?
The condition of your car matters. When you are with your loan representative, a car inspection will be completed before you can be approved. The better condition your car is in, the higher the amount you can be approved for. So, when you come in to complete your loan process, make sure you bring your vehicle and that your vehicle is in good condition. A vehicle in good condition could be the one thing between you getting the money you need.
Do You Have a Valid Driver’s License?
The last required item you need in order to qualify is a valid driver’s license. The driver’s license is required to confirm your identity. The name on the license must match the name on your vehicle’s title. With your proof of residency, proof of income, title, vehicle, and driver’s license in hand, you are well on your way to getting your auto title loan and finally getting rid of your piling debt.
Now You Can Get Started
So, now that you know who qualifies for a SW title loan, what are you waiting for? Take the steps you need to take to finally fix your finances. We don’t want your financial debt to give you any added stress. Southwest Title Loans welcomes you to come in and let us help you get your loan. With just your vehicle, vehicle title, your proof of income, your proof of residency, and your driver’s license, you could be on your way to getting between $300 - $15,000!