Car Title Loans in Flagstaff, AZ
Short on cash? Hard times are inevitable. And if you’re going through these times right now, then you may need a loan.
If you happen to own a car in Flagstaff, then you’re in luck! You have the ability to get a title loan!
If you need to know what you need to apply for car title loans, what it is, and if it’s meant for you, then you’re in the right article!
Read on for more information on car title loans, and how to apply for them in Flagstaff, AZ.
What Is a Title Loan?
Title loans, a.k.a. Pink slip loans, car title loans, and auto title loans, is a loan that’s available to people who are the sole owner of their car.
In Flagstaff, AZ, you can also get car title loans if you are an owner of a motorcycle, RV, truck, and other vehicle.
As the owner of your vehicle, your title MUST be under your name, allowing you to use your vehicle as collateral for a loan. In order to do this, the lender would have to take note of your vehicle’s equity value.
In short, a car title loan is a loan that uses your vehicle as collateral.
Why Should I Get an Auto Title Loan?
Like most loans, you would apply for one in times of need.
Things like wanting to buy a new cell phone are not exactly emergencies. So what do these mean, then? If you need cash quickly for an emergency, like a huge expense or hospital bills, getting a car title loan may be an option for you.
Emergencies usually include, but are not limited to, medical emergencies and accidents, family emergencies, unexpected travel, and home service and repairs.
Loan proceeds are usually intended for personal, family, and household purposes. Just make sure that when you need to borrow money you find a reputable lender.
Application for Car Title Loans: Flagstaff Loan Process
In order to apply for title loans in Flagstaff, AZ, you need to have a car with enough equity in it.
Usually, the loan process takes about a day.
But here’s what matters: find a reputable car title loan company that gives good interest rates, as well as smooth processing. Finding a good lender is essential to making sure you have a smooth experience.
Below, we’ll outline a more detailed step-by-step guide.
Step 1: Call In or Apply Online to Your Chosen Company
Applying for title loans in Flagstaff, AZ is pretty simple, as you can just apply online. Although, some lenders may require you to call in. Either way, it’s still a relatively stress-free process.
Once this is done, a loan officer will be in touch with you. Make sure you prepare any questions you may have about title loans or the application process!
Step 2: Prove You’re the Vehicle Owner: Submit Requirements
After your title loan application is approved, you will need to submit a copy of some of your paperwork.
This is the list of paperwork you’ll need:
- Car title or pink slip
- ID
- Proof of income
- Vehicle registration papers and insurance papers
These are all basic things you should have as a vehicle owner, so applying for auto title loans doesn’t require a bunch of hard-to-find documents.
Step 3: Get Your Money!
Once you’ve submitted your paperwork, you should be able to get your loan! Most likely, the money will be wired to your bank account, in some cases, it may also be in cash.
And just like that, you have your loan! The loan process is usually pretty quick in Flagstaff, so you should have your money within a day.
Frequently Asked Questions (FAQs)
Still need to know more about attaining title loans in Flagstaff, AZ? We’re sure many of you do. So we’ve answered some FAQs just for you!
Can I Apply for Car Title Loans with a Bad Credit Score in Flagstaff?
Yes, you can! The whole point of using your car’s equity value means you can use it to apply for title loans regardless of your credit score.
HOWEVER, we must warn you, lenders MAY still perform credit checks in order to make their credit decisions. Yes, they could check with any credit union. They may even choose to check with all three.
Applicants with better scores will receive better deals and lower interest with their title loans. So if you find yourself having problems with your application, it may be due to this.
Just because you have a car, it doesn’t mean your title loans are GUARANTEED approval regardless of your credit score. Your score could DEFINITELY be a FACTOR in why an application was rejected.
Part of their requirements is making sure you can PAY BACK the loan. If they deem that you will not be able to for any reason, then chances are, your application may not be approved.
After all, they are a business, and they need people to pay them back in order to earn. A lender can’t lend you money without trusting you’d pay them back!
How Do Car Title Loans Work in the State of Arizona?
Title loans in Arizona work similarly as in other states where it’s legal.
Simply put, car title loans are loans that make use of your car’s equity value as collateral. Most lenders in the state of Arizona will charge around 5% to 10% interest.
According to law, the maximum monthly rate for a title loan below $500 is 17%. It’s set at 15% for loans that range from $500 to $2500, and 10% for loans that exceed $5000.
Do note though that if you’re not from Arizona, many states have made title loans illegal.
Residents from the states of Alabama, Arizona, Delaware, Georgia, Idaho, Illinois, Texas, Mississippi, Missouri, Nevada, New Mexico, South Dakota, Tennessee, Utah, Virginia, and Wisconsin should have no problem availing of this type of loan.
There are no minimum or maximum loan amounts here, though the amount or money you can loan typically depends on the lender.
What Amount of Money Can I Get From Flagstaff Title Loans?
The loan amount you can usually get is around $1,000 to $10,000 for a car title loan depending on your vehicle and credit score.
The money you can borrow can go higher or lower, so don’t take that as a quote.
If you need significantly higher loan amounts, then you may want to consider getting another type of money loan. There are many in Flagstaff to choose from.
Do I Need Proof of Income to Get Flagstaff Title Loans?
Yes! In Flagstaff, AZ, at the very least, proof of income is a requirement for vehicle title loans.
This is to assure the lender that you’ll be able to pay it back. Having a steady source of income is essential in being able to pay back a loan. Bank statements are accepted for this.
Are Car Title Loans Dangerous?
Many people may warn you against getting title loans, and in some cases, they may be right. Be mindful of what company you get the title loan from.
Make sure you find credible lenders with a reasonable interest rate and make sure you have a steady income to be able to make the regular payments.
There are a few reputable companies in Flagstaff. You can check Yelp for reviews.
Are Title Loans a Good Idea?
There are lots of benefits a title loan offers that other types of loans don’t. Some of these benefits include flexible repayment terms and quick processing.
If you need cash quickly and need a flexible way to pay it back, this is a great idea for you.
How Many Title Loans Can I Get in Flagstaff at Any One Time?
AZ allows residents up to 5 registration loans at any one time. Though that would be a lot of borrowed money!
Since Flagstaff is part of AZ, this would apply here as well.
What Will Happen If I Miss Payments?
Missing or late payments can result in late fees or even repossession of your car. Usually, it would take around three missed payments for them to take your car.
Some lenders in Flagstaff are more lenient though, so if you’re having issues making payments, call their customer service and see if you can come to a compromise.
Final Thoughts
Residents of Flagstaff, AZ, can get many types of loans, and car title loans are a service to consider if you own a vehicle.
Remember to get title loans from a reputable lender, and to check the interest and your own capabilities to pay back the loan.
Title loans can be a great way to get money in a pinch, but be sure to loan responsibly! Here are some tips to be mindful of!
- Only loan if you have to.
- Find a reputable loaning company or lender.
- Make sure you have a steady flow of income.
- Make all payments on time.
Hopefully, you learned more about how to loan money in Flagstaff from this article!