Tap Into Your Vehicle's Equity In Prescott
Title loans are now available to anyone in Prescott who can verify their income and owns a paid-off vehicle. With a secured title loan, you can borrow up to 60% of your vehicle's value and won't need excellent credit to qualify. Your lender holds your car's title as collateral, and you'll keep your vehicle while paying off the loan over 12 to 48 months.
Applying is easier than ever with Desert Title Loans. We'll provide an estimate detailing the monthly payment and repayment terms that fit your budget. Sometimes, you can complete the inspection and sign your contract with a local lender that day. You can get cash in as little as one business day after applying with us. Some companies in Prescott even offer cash in hand just a few hours after approval if you meet with them in person.
What You Need To Qualify In Prescott
To qualify, you must own a vehicle valued at $4,000 or more. You must own the car outright, and you have to bring the vehicle in for a quick inspection. You have a good chance of getting approved with a 2012 or newer vehicle with fewer than 100,000 miles.
Other requirements in Prescott include proof of income from your bank or employer and MVD documents showing the vehicle is properly registered and insured. While an in-person inspection isn't always required, you're more likely to be approved if you bring your vehicle in for us to verify its current resale value in Arizona.
Online registration loans are also available in Prescott and typically require far less than a loan with your vehicle as collateral. You'll need to prove that the vehicle is registered in Arizona, and most companies will ask for proof of employment, such as bank statements or pay stubs. Registration loans typically fund for $1,000 or less because there's no security backing up the loan if you default on the payments.
You may have noticed one requirement missing from this list: a good credit score. Here at Desert Title Loans, you won't need perfect credit to be pre-approved, and some customers can be approved without a standard credit check. For vehicle secured loans, your FICO score is less important than the equity in your vehicle; the vehicle's equity is the primary factor used to determine your loan terms.
Expected Loan Amounts And Interest Rates In Prescott
Funding amounts depend on your vehicle's value, income, and current lending conditions. Online title loans in AZ come with funding amounts of $1,000 or more, and in some situations, you can borrow upwards of $20,000 with a high value vehicle or one with less than 50,000 miles. Cars with a resale value of $8,000 can get you a loan of at least $4,000, assuming you can borrow up to 50% of the equity.
Interest rates with title and registration loans are high, and that's common in nearly every situation where you use a vehicle as collateral. Expect an APR of 40% to 140% with a typical car title loan in Prescott.
Estimate your monthly payment before you apply with our title loan calculator.
Borrowing Terms For Prescott And Sedona
- Borrow up to 60% of your vehicle's value — loan amounts from $1,000 to $20,000
- Repayment terms of 12 to 48 months — some lenders offer early payoff discounts
- APR typically ranges from 40% to 140% depending on loan amount and lender
- Desert Title Loans serves both Prescott and Sedona — apply online from anywhere
All loans are subject to Arizona Revised Statutes Title 44, Chapter 2.1 regulatory caps. Keep driving throughout the loan term. The Prescott MVD is located at 1440 W Gurley St — visit azdot.gov/mvd to confirm current hours before visiting.
Apply Now In PrescottHow Repayment Works And What Happens If You Miss A Payment
Repay your car title loan with a payment you and the lender can agree upon. The payoff term will typically last 12 to 48 months, and some lenders offer early payoff discounts if you can repay your loan beforehand. Regardless of the lending terms you agree to, it's best to work with a licensed lender that doesn't charge a pre-payment penalty.
You may wonder what happens if you miss a payment. Well, that's not something you want to do, as a lender can repossess your car if you fall behind. That's why you must contact your lender if you default or fall behind on the monthly payments. While only a few companies in Prescott Valley have local offices, you should negotiate an alternate payoff plan or see if they can refinance the loan with a lower interest rate.
Apply Online With Desert Title Loans
If you need cash fast, one option is to get a car title loan in Prescott. If you want the convenience of applying online, Desert Title Loans can help when other companies deny your application because of a bad credit score or insufficient collateral. We work with companies throughout Prescott and Sedona and will try to connect you with a top company in your neighborhood.
Apply with us to borrow $2,000 or more with your vehicle as collateral. Most customers can get approved with just the equity from their car, truck, or motorcycle, and the application process is quick for anyone with a lien free vehicle and income verification. Apply with us today to get a decision in under an hour.
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