Car Title Loans in Gilbert, Arizona
If you’re going through hardships, an option for you to GET CASH IN A PINCH is to get a loan using the EQUITY of your vehicle. These types of loans are called car title loans.
It’s ideal for someone who is having credit issues. While credit does matter, it is not the only factor.
Read on to learn what this is exactly, and how you can get title loans in Gilbert, AZ!
Car Title Loan: Definition
In short, car title loans are loans where you can use your vehicle title as collateral. How much you can get depends on the value of your vehicle.
They’re legal in Gilbert, though not everywhere. So be mindful of the laws of your state.
In AZ, you can also get title loans using any mode of transportation, this includes motorcycles, trucks, and RVs.
Reasons to Get a Car Title Loan
The reasons borrowers get title loans would be similar to any loan: NEED.
If you need cash, for any emergency, then car title loans are a great way to get money quickly, especially if your loan applications have already been rejected by banks and other financial institutions.
Loan proceeds are generally intended for personal, family, or household purposes. So we wouldn’t encourage you to get one to pay for a shopping spree! An example of a need would be medical emergencies.
And there’s no problem with continuing to drive! You don’t need to surrender your automobile. You can keep driving even with the loan! And in Gilbert, Arizona, there are no prepayment penalties.
TLDR, if you need money quickly for emergencies, then car title loans can help.
How to Qualify
It doesn’t take a lot for borrowers to qualify for auto title loans in Gilbert, AZ. If you fully own your vehicle and have documentation to verify it, chances are you qualify for it.
The loan amounts you can get are usually less than the equity of your vehicle.
Application Process for Car Title Loan in Gilbert, AZ
Here’s how you can apply for an auto title loan in Gilbert, AZ. It’s actually a lot easier to apply for car title loans than for a bank loan. So this should be a relatively stress free process.
1. Find a Car Title Loan Company and Apply Online
First, find a REPUTABLE lender to give you a loan. There are many out there to choose from. Make sure to check reviews to make sure their services are legitimate.
Once you’ve found a good company, go to their website and apply there.
Some companies may have a different way you can apply, such as calling in, so make sure you check their website as well. You’ll need to supply some documents:
- Driver’s License or another type of ID
- Proof of income
- Photos of your vehicle
- Vehicle registration
- Proof of insurance
- 5 personal references
- Proof of residence
Once everything is filled up, wait for a call from the company. If you called them directly, then expect the next step to happen right away.
2. Finalize the Loan
You will get a call from the company to confirm your loan.
Make sure you prepare any questions you may have about the application processes!
Here, they’ll just finalize some details, such as the loan amount, potentially run a credit check, and make sure everything is ready to go!
3. Get Your Money
Once everything has been finalized, you should be able to get your money!
It takes around 24 hours depending on the company. They usually deposit it to your bank. In some cases, you can even get it in cash, through MoneyGram, or through electronic transfer.
F.A.Q.
In case you still have questions, we’ve answered some frequently asked questions about title loans!
Can I Apply for a Title Loan with Bad Credit?
Typically, yes you can! Though it’s important to note that a lender may still run a credit check. What’s important is your ability to repay your lenders back.
Applicants with better credit will receive better deals and lower interest rates with their title loans.
Being a title owner doesn’t automatically GUARANTEE approval. Your credit score could definitely be a factor in why you were rejected.
Do I Need Identification?
Yes, any lender would require identification during your application. A driver’s license will do. You can even use any other government-issued ID, including your passport.
This is to verify you are the true title owner.
Are Auto Title Loans a Good Idea?
If you’re strapped for cash, then a title loan would be a good idea.
It processes fairly quickly. However do note this is the more expensive loan you can get, as interest rates can reach pretty high compared to other loans.
Some lenders can be dangerous, so make sure to do your research and get a good company. That way, you can ensure you have a good experience!
The good thing is, they’re legal in Gilbert. So you’ll be protected by laws.
How Old Can a Car Be to Get a Title Loan?
Your car’s year model should at least be 2000 or up. Any year model below might fall under different circumstances. Discuss with your lender beforehand.
What also matters is your car’s equity. So don’t be afraid to apply just because you have an old car. If it still drives well, then most likely it will qualify.
Does a Title Loan Hurt Your Credit?
In most cases, a title loan won’t have an effect on your credit score. HOWEVER, lenders may still check your credit history.
In this case, it could potentially affect your score. Even though you use your car title as collateral, lenders still want to make sure you’ll be able to pay them back.
What Reasons Would a Lender Reject My Loan?
There are many reasons this could happen. One big reason could be that the lender deemed you unable to pay them back due to your credit check. Another could be the equity of your car not being enough.
How Many Title Loans Can I Own at Any Time in Gilbert?
Gilbert would follow Arizona state laws, and people are allowed to hold up to 5 registration loans in their name at any given time.
Final Thoughts
Getting a loan can seem scary, but as long as you find a reputable lender, make your payments on time, and go into it with the right requirements, then everything should turn out smoothly.
In Gilbert, Arizona, you’re also protected by some laws.
Before you go, here is a summary of what you should know!
- Lenders are allowed to perform credit checks.
- You need to find a good loaning company, so as to not get scammed.
- Make sure you have a stable flow of income so you can make regular payments.
Hopefully, you learned about title loans from this article, and you know what to do moving forward!