Do you want to apply for a loan that doesn’t require good credit or a vehicle as collateral? If you live in Arizona and have a car that’s registered with the MVD, then you’re in luck, as there’s a good chance you’ll qualify for a registration loan of $300 or more.
A registration loan uses your car’s registration documents as collateral for a loan, and you can often complete the underwriting process in less than an hour. You don’t need to bring in your car for inspection, and your lender will place a lien on your car’s registration info. You will make payments on the loan until it is paid off. These loans are popular for anyone with a vehicle that’s not paid off, and you don’t need to risk having your car repossessed if you can’t make the monthly payments.
Unlike a car title loan, you don’t need a lien free pink slip, and some companies offer up to $2,000 because you have a vehicle registered with the MDV. Call Car Title Loan Lenders USA at 866-515-9866 to learn more about our registration loan offers. We can offer you access to a loan in Arizona, and you should be able to get your money in one business day or less!
How Does A Registration Loan Work
The first step in getting a registration loan is determining how much money you can borrow using your car’s registration as security. Compare this process to a typical auto title loan, where you use a paid off vehicle’s pink slip as collateral. While title loans are easier to get than most personal loans, you must submit several documents and inspect your vehicle. With a registration loan, you can send in proof that your car is registered in Arizona. Besides your registration documents, you’ll also need proof of income, residency and proof that your vehicle is insured.
Many lenders in AZ will offer cash for your registration information, but most people can complete the process online. The entire process is quick, and you can keep your vehicle without surrendering the car’s title as collateral. Registration loans are repaid over 2 to 8 months, and you can pay off your loan at any time without a penalty. Remember, when you use your car’s registration as collateral for a loan, there’s no risk of losing your vehicle if you default. But you’ll still need to make the monthly payments as you can sell your car or renew your registration until the loan is fully repaid.
The Difference Between Registration Loans And Title Loans
These loans are a great way to borrow money and Arizona and is one of the only states where you can use your vehicle registration as collateral. Most borrowers don’t even know registration loans exist; some will choose a title loan provider if they need a loan as they think it’s their only option. You may be better off with a registration loan in some states as you don’t need to use your car as collateral. A car title loan requires you to hand over your pink slip, and you can lose the vehicle if you default on the monthly payments.
Another difference with registration loans and title loans is the loan amounts. Title loans allow you to borrow upwards of 60% of your vehicle’s value and some lenders offer up to $30,000 with a vehicle as collateral. On the other hand, a registration loan comes with loan amounts of $2,000 or less because no equity or collateral backs up the loan. A title loan company is far more willing to offer a high dollar loan amount as they know they can repossess your vehicle if you fall behind.
Along with traditional financial lenders, a few smaller, local companies will work with borrowers looking for a registration loan. Most will offer financing options, including auto title, RV, car, and semi truck title loans.
Cash In One Business Day With An Online Registration Loans
Apply With Car Title Loan Lenders USA to get cash within 24 hours using your vehicle registration info as collateral. We’ll take your application online, underwrite your loan request, and match you with a local lender near you. Once approved, the lender will take your registration documents and hold them as collateral until the loan is fully paid off.
Loan amounts with a typical registration loan will vary based on your state of residence and other qualifying information. For instance, registration loans are offered in Phoenix, and you can borrow amounts ranging from $400 to $2,000 based on current state regulations. Funding amounts can be higher for more valuable cars with higher equity, and there’s a better chance of approval if you live in Arizona, as that’s where most registration loans are funded. But you should expect a smaller loan than you usually see with car title loans because you’re not using a car title as collateral. Some larger title loan companies will even give you cash on sight if that option is allowed.
Benefits Of Taking Out A Vehicle Registration Loan With A Company Near Me
There are several benefits to getting a vehicle registration loan versus an online title loan. The loans have very short payoff terms, and you don’t need to worry about having your credit pulled when you first apply. It’s all about finding a legitimate registration loan company and most lenders offer rates and terms that align with what’s allowed in Arizona. A suitable lender will also give you more time to pay the loan off, so you may be able to have a loan refinance the next time as well. This way, you won’t have to pay extra money in extra payments with your registration loan instead of one lower payment.
Apply online today with Car Title Loan Lenders USA for a registration loan of $400 or more! You don’t need excellent credit, and you can submit your application, have your loan underwritten, and pick up your money in one business day. Call us at 866-515-9866 today to find out what you need to get started!