Title Loan Requirements and Lending Options in Phoenix, AZ

Whether you have bad credit or not, you can get a car title loan in Phoenix with Desert Title Loans. All that matters is that you have sufficient equity in a vehicle to qualify for financing. In fact, you won’t have to go to a special finance office in Phoenix or be even seen by a Phoenix loan officer. These lenders specialized in offering their services to titleholders, allowing you to apply for and get approved, without the inconvenience of going to a loan broker’s office or the risk of personally attending a lender’s office. That opens the door for you to get the cash you need and avoid the long lines at a finance office.

As the title loan lender’s agent, as long as you pay your payments on time, there should be no problems. As with any new job (even if it’s not at the bank), you are going to need a savings account with a check-by-mail service and a functional checking account for easy, fast access to the funds you need. Whether you have an existing savings account or not is something you will need to decide upon before you apply for the loans.


How does a Phoenix title loan work and what to expect

The first and or equal check is signed by the title lender and will be mailed directly to the beneficiary.Find a registered title loan company in Phoenix or the surrounding areas. This check will be dated for the day the loan is approved. You need to keep and maintain all receipts including canceled checks and initial loan documents. The lender will deposit the check into your bank account when they get the funds they need. So why not provide your lender with your current, updated, proof of your financial picture?

Car title loans in Phoenix come in 3 distinctive forms. You can go the traditional route and meet with someone in person anywhere in the Phoenix or Maricopa area. Or you can apply for a title loan online. Most people opt for the third choice, as it is cost-effective and faster this way. The easiest way to get a car title loan in Phoenix is to go the traditional route. There are thousands of firms that do this work. You can apply to as many of them as you like, and they compete with each other to give you the best terms available. However, not many people apply, so you may have to apply to several lenders. Unless you take the time to shop, you may land up with a few different companies at most. The other option is of course a registration loan. In this case, you use your vehicle registration as collateral instead of the pink slip or car title.


What is required to be approved for a Phoenix title loan?

This type of loan requires that you own the vehicle you are financing, but some companies will do extensions or Tow Truck Loans, and provide no down payment options, while others do not. Other factors to consider are the payment options, interest rates, co-signing responsibilities, restrictions, penalties, and repayment terms. Going the traditional route does come with advantages, like only having to deal with one lender, once your application is approved. It typically takes less time to get the money, too, sometimes as quickly as 24 to 48 hours if you live in the Greater Phoenix vicinity. It’s just as easy to find a lender in other parts of Maricopa County and if you’re farther South in Arizona you should check out our page that covers Tucson car title loans.


How much does a title loan cost and what are the rates

The disadvantages are the costs, though. For a standard car title loan in Arizona, the fees can be in the neighborhood of $350 for the processing fees, $450 for the fees, and $1,500 for the interest rates. Unlike with a title loan, with their interest rates often as low as 5.6% and the payments at very low monthly rates, you may have a problem getting approved unless you have a sizeable down payment. The fixed interest rates should help to offset these costs.


What else do I need to know about a title loan in Phoenix

If you want to own the vehicle you are going to be driving, you may not want to go with a quick payoff option. This option usually has lower payments, lower interest rates, and it frees you from the depreciation risks associated with a longer loan term. Although it’s not always the best choice when your budget is limited it may be a cheaper option than a traditional payoff. If you are looking at a new car, most agents will give you a no-credit lease. For the SUV or truck buyer, the price and term of the lease are important. You may want a lease with a short, equal payment for several years or you may want to get out from under the lease and request a purchase. Your agent will help you with the details of your choice.