An AZ title loan is designed with the consumer in mind that needs cash fast for any of life’s little emergencies. This type of loan is placed against a vehicle, using it as collateral. The amounts are typically smaller and have to be paid back in a shorter amount of time. Any vehicle is considered, from boats to RV’s, motorcycles, as well as cars and trucks or SUV’s. Semis or other heavy equipment can also be considered.

In Arizona, title loans are regulated by the Department of Financial Institutions. Interest can vary, but the amount is in the 10-17% range. There are three factors that play into how an AZ title loan amount is determined.

• Title loans base the amount upon the wholesale value of the vehicle. The amount may be up to 70% or more of the vehicle’s value.
• The ability of the borrower to repay the loan.
• The borrower needs to own the car outright.
• Valid employment.

An AZ title loan company will look at a borrower’s credit history, but in many cases it does not need to be a high rating. Bankruptcy, bad credit, and other issues that can create a poor credit situation are not necessarily deterrents for obtaining a title loan. Self employed borrowers are also given consideration. When paid back within the given time frame, a title loan can have a positive effect on the borrower’s credit. The benefit of a title loan is that the borrower is taking out less money, therefore not creating a large increase in debt.

A title loan can be used for anything the borrower needs, whether it is paying off an existing debt, medical bills, or other emergencies. It is important to know that most title loans needs to be paid back within 30 days, though some will allow extended terms. The borrower can also still drive the car during the term, as long as the payment or payments are kept current.

When applying for title loan, there are four required items expected when applying: clear car title, driver’s license, proof of income, and the vehicle for inspection. While some allow the borrower to apply online, there needs to be verification that on the vehicle. Personal references are often required.
An AZ title loan is a great way to obtain cash fast and be easy to manage. They are a no hassle way that is convenient and uncomplicated for any vehicle owner.