Car Title Loans in Tucson, Arizona
Found yourself in an unexpected financial crisis? Don’t worry. We totally understand.
If you are looking for a quick and effective way to escape a financial rut, you may have your answer in car title loans.
Provided below are the COMPLETE steps as well as IMPORTANT things you need to know about car title loans in Tucson, AZ.
Four-Step Application Process for a Title Loan in Tucson, AZ
Car title loans are all about SPEED and CONVENIENCE. We understand that acquiring the money you need is of utmost importance.
Here are the steps to getting a title loan in Tucson today:
Step #1: Fill Out the Online Application Form
Our application form is available online, ready when you are. You can access our form on ANY device connected to the Internet.
Make sure to fill out all the necessary details and have your requirements prepared beforehand.
It will take you 15 minutes at most to answer our form.
One of our customer service representatives will be glad to assist you in the process, just in case you have any questions or concerns.
Step #2: Submit the Required Documents to Your Title Lenders
Of course, lenders of car title loans will want to check if the details you put in the application form are correct.
Some papers to have on hand are:
- Vehicle title with your name on it as the owner
- Car insurance papers (if any)
- Proof of income
- Proof of residence (a telephone bill or a utility bill works)
- Driver’s license or any government-issued ID
- Vehicle photos
This is where lenders assess the equity value of your car by looking at its current condition and classifications.
Equity is the value of your car, minus what you owe from an auto title loan. [R]
Be prepared to know the following details of your car:
- Year
- Make
- Model
- Mileage
Do remember that some lenders will require different documents or some additional proof before they give their approval.
Step #3: Coming to a Loan Agreement
This is the part of getting title loans where you are given a loan estimate depending on the value of your vehicle.
All the details about the annual interest rate, loan amount, and other terms and conditions of the loan are discussed.
The lender also shows the process of loan payments and other important information.
Make sure to read your loan agreement carefully.
This is the perfect opportunity for you to ask questions about anything you are confused about.
It is also perfectly okay to negotiate the terms in the contract, too!
Step #4: The Best Part A.K.A Getting Your Cash
And just like that, you succeeded in getting a title loan.
Just because you got your cash does not mean you should be complicit.
Now, all that’s left for you to do is to be mindful of complying with the terms of your loan.
Make sure to be careful of paying your monthly dues on or before it is due.
In this way, you will continue to have a good credit standing with your lenders.
Some Tips to Remember When Applying for Title Loans in Tucson
Do Your Research
There is no harm done if you do a little more self-study before you take the plunge.
If anything, you will have more understanding of how loans such as this work.
Also, you will be able to prepare the necessary requirements ahead of time, especially if you have misplaced or lost your car title.
Ask Questions
There is absolutely no shame in asking for clarifications, especially when you are having doubts about any illegal or money laundering activities behind the scenes.
During your application, air out your concerns to the customer service representative.
Your questions will be much appreciated.
Frequently Asked Questions (FAQs)
Still a bit confused about car title loans? We’re here to help you.
What Exactly Is a Car Title Loan?
A car title loan is one of the many types of loans where you exchange your rights for collateral (in this case, your car) for some quick cash.
A title loan is also called an auto title loan, vehicle title loan, or a pink slip loan.
Note: You are not, in any way, giving away your car for money.
It’s as simple as that. In a way, you are temporarily giving up your ownership until you return the loan.
Why Should I Get Car Title Loan?
The best part about title loans is convenience. It’s such an easy way of getting quick money.
Faster Approval Process
First, title loans are better alternatives than financial institutions such as banks and credit unions.
It takes significantly more time for banks and other credit institutions to give their approval. Not to mention that the credit check comes with stricter requirements such as a high credit score.
A financial crisis needs a quick response, and banks are not exactly the fastest in lending money.
Here, we avoid mountains of paperwork and cut through the formalities to get you the help that you need.
You Can Continue Driving Your Car
The only thing you will have to temporarily exchange for the money is your car title.
Title loans in Tucson are designed for your convenience.
This is why you can still drive around Tucson, AZ while paying off your loan.
Note: You do not have to surrender your driver’s license, but it can be one of the requirements of the lender when you are applying for title loans.
Anyone Who Has a Car Can Apply For Title Loans
You are automatically eligible for a loan as long as you are legal (18 years and above) and a resident of Tucson, AZ.
You will not be asked about your income bracket as long as the lender have given you their approval to get a title loan.
Are Title Loans Legal in Tucson, AZ?
There is absolutely no need to worry. Title loans are completely legal in Tucson.
Both the state of Tucson and federal laws regulate the industry of title loans.
In the Arizona Revised Statutes (A.R.S), title loans are legal in Tucson as long as they are licensed by the state agency.
In the law, there is no limit as to how much your loans are.
The lender determines the amount of money your title qualifies for.
Also, it’s important to remember that federal laws allow the lender to repossess the vehicle when you are unable to pay off the loan.
The title loans industry in Tucson is also a business, which means that the law looks out for both the interests of the lender and the people who avail of loans.
Are the Interest Rates High?
It really depends.
Interest rates could be low or high depending on the length of the period of loan repayment.
A shorter loan term will have lower interest rates and smaller costs overall. One thing to note, though: poor credit ratings can contribute to a higher interest value.
During your loan application process, you can ask and negotiate these terms with your lender, especially if you want to have a lower interest rate applied.
Do remember that a lender may refer to your credit ratings to gauge your ability to repay the loan within a specific time frame.
I Have a Bad Credit. Am I Disqualified?
Far from it!
One main difference between loans from banks and other financial institutions with title loans lending is the strict compliance with a high credit score.
To put it simply, a bad credit rating will not make you ineligible to qualify for title loans.
Title loans put more importance on your ability to repay the loan. You must prove you are capable of paying the monthly dues of the loans.
Regardless of how you get the money to pay your loan, you have a huge chance of being approved for title loans in Tucson.
I Am Already Retired. Can I Still Qualify?
For sure!
Here in Tucson title loans, your employment status is not going to be the dealbreaker.
Given that you have complied with all the other requirements and your car has equity value, your employment status will be of little consequence.
You only need to present proof that you have some source of income, whether that is through employment or social security benefits.
Do I Need to Have Money in My Bank Account?
Similar to your credit criteria, having some cash in your bank account is not as important.
What matters is you have a bank account in your name, even better if your main branch is in Tucson.
This is so the cash you borrowed will be instantly transferred to your account.
Another reason for this are the monthly payments.
Depending on the terms and conditions of the agreement, the payment method could be in cash, bank transfer, or even through money transfer services such as Western Union.
Make sure you clarify this with your lenders.
However, it’s recommended to at least show your lenders you have money saved. How else can they trust your ability pay back, right?
Are Title Loans Better Than Payday Loans?
Title loans offer more flexibility in the terms and conditions of the agreement.
Both are types of short-term loans. However…
- Payday loans are capped much lower at $500 and the repayment is also done in shorter periods.
- On the other hand, title loans are usually more long-term in nature, and Tucson laws allow for higher amounts.
Title loans are beneficial when you are faced with sudden medical and hospital expenses that are only payable in cash.
This will also benefit you when you need cash because a family member needs additional funds for their stay at university.
Get Your Quick Cash Today With Tucson Title Loans
With car title loans, there is a ready solution for the financial dilemma you are facing.
With reliable loaning options, flexible terms, fast transfers, you will get your much-needed cash in no time.
We hope you enjoyed going through all the important information when applying for title loans in Tucson, Arizona.