Why Apply For A Vehicle Secured Loan In Phoenix
Whether you have bad credit or not, you can get quick straightforward financing in Phoenix. All that matters is that you have sufficient equity in a vehicle. Most lenders in Phoenix require a minimum of $4,000 or more to qualify. You won’t have to visit a financing office in Phoenix or meet with a local loan officer. Instead, you can get everything done online or call us at 623-526-5001 to apply over the phone.
We offer online title loans with no inspection required, allowing you to apply and get pre-approved in Arizona. That will enable you to get the cash you need and avoid the long lines at a local lender in Phoenix, where processing your application can take days. We offer car title loans of up to $20,000 for highly qualified vehicles, and customers can receive their funds via direct deposit in as little as one business day. Besides all that, your credit history is not the primary requirement. Even if you recently defaulted on a bank loan or credit card, you can still get approved for a title loan.
How does a Phoenix title loan work, and what to expect
Title loans use the equity from a paid off vehicle as collateral for a secured loan. Your lender will hold the car's pink slip for the duration of the loan, and most borrowers will repay their loan in 12 to 36 months. You can keep driving the vehicle while you make the required payments, and there's no need to give up the keys or have a tracking device installed on your car. Some lenders will ask for a second set of keys if you're looking to borrow $10,000 or more, but even with these high-dollar loans, you don't need to give up your vehicle as collateral.
The first step is to see how much your vehicle is worth. You can start online with Desert Title Loans, over the phone, or with a direct lender in Phoenix. However you choose to apply, you can borrow up to 50% of the vehicle's assessed value, meaning a car worth $4,000 can result in a loan amount of $2,000 or more.
It takes less than 30 minutes to get pre-approved with us, and everything except the vehicle inspection can be completed online. If you have a paid off vehicle, a loan on that vehicle's equity is probably your best option. The other way to borrow money with a vehicle in Phoenix is with a registration loan. In this case, you use your vehicle registration as collateral instead of the pink slip or car title. Registration loan amounts are often less than $1,000, but you won't have to put up your car's title as collateral and risk a repossession. Make your monthly payments on time, and you can renew your vehicle registration without problems.
Find out your monthly payments before you apply with our title loan calculator.
Phoenix Loan Amounts And Terms
- Vehicles valued at $4,000 or more may qualify for up to $20,000
- Repayment terms of 12 to 36 months tailored to your monthly budget
- Interest rates regulated under Arizona Revised Statutes — no surprise fees
- Already have a high-rate loan? Ask about refinancing to reduce your APR
All loans are subject to Arizona Revised Statutes Title 44, Chapter 2.1 regulatory caps. Keep driving throughout the loan term. The Phoenix MVD has multiple Maricopa County locations — visit azdot.gov/mvd for the nearest office hours and address.
See What I Qualify For
Documents And Requirements For Getting Approved In Phoenix
This type of loan requires that you own the vehicle you want to use as collateral, and the car must be valued at $4,000 or more to have any chance of qualifying for a title loan of $2,000 or more. Other factors to consider are payment options, interest rates, co-signing responsibilities, restrictions, penalties, and repayment terms. To get started, you need to submit the following documents:
Vehicle Title: Any licensed lender in Phoenix requires a paid off car or motorcycle as collateral. The title must be free of any liens, and you have to be listed as the sole owner on the pink slip. Some lenders may accept cars that aren't completely paid off as they will pay off your existing loan. But in these cases, you can't owe much to the original lender, and your loan amount will be limited.
ID and Proof of Residency: A valid ID is required to verify your identity and age. You must be 18 years old, and we also need to confirm that you reside within the state.
Income Verification: Other than a paid off vehicle, income verification is the most important requirement for underwriting. Acceptable forms of income verification include tax returns, government benefit statements, and employment records.
Vehicle Registration and Insurance: All cars and trucks used as collateral for a title loan must be deemed roadworthy within Arizona. That means you need proof of up-to-date registration from the MVD and evidence that your vehicle is fully insured.
You may notice one primary requirement missing from this list, which is often required for any other short-term loan. That's having good credit. With a secured loan on your car, truck, or SUV, you don't need to lose sleep over a credit check when you apply with us. Most equity lenders in Arizona won't check your credit while underwriting your loan because this type of loan is based on the value of your vehicle, not your credit score.
Refinancing, Refinancing Rates, And Other Things To Know
Do you know that Desert Title Loans also offers refinancing for title loans and registration loans with high interest rates? Even if the monthly payments fit in your budget, it makes sense to take a few minutes and see if we can lower the APR on your existing loan. Reducing the interest rate by even a few percentage points can save you thousands over one or two years as you pay down the balance. We can also help if you're behind on your payments by finding a lender in Phoenix who is willing to buy out your loan. Even if you're one month behind on your payments, there's still a chance you can avoid a situation where your lender sells the vehicle. Contact us anytime if you're struggling with a high interest rate or facing a vehicle repossession, and we'll let you know if refinancing is possible.
Another factor for borrowers is where to apply. Many people apply with Desert Title Loans online, submit all the vehicle information, and complete the document check in person with a local company. Other customers would instead work with a direct lender in Maricopa County that allows them to submit information in person. The bottom line is that it doesn't matter how you apply, and we can help you get approved online, over the phone, or in person, anywhere in Phoenix.
Apply online or call 623-526-5001, and we'll get you a quick quote today.
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