There are so many kinds of lenders out there. It seems you can’t search for convenient funding without a payday loan lender, a registration loan lender, or even a signature loan lender breathing down your neck trying to get you to work with them. While these types of loans might seem like an easy way to get fast money, they come with lots of hidden strings that come back to sneak up on you when you least expect them.
Go with a company who will work with you, so you can achieve your financial dreams. If you’re looking to learn about the best online title loans in Arizona, you’ve come to the right place. Let us tell you about who we are and why Max Cash® Title Loans is the best title loan company in Arizona.1 2 5
What is a Registration Loan?
A registration loan is only available in the state of Arizona and is a short term, high interest loan that requires the registration of the borrower’s vehicle as collateral. You can have up to five registration loans in your name at one time. It is a method of financing in Arizona where the borrower uses the registration card to their vehicle as collateral in exchange for fast funding.
Some people in Arizona mistakenly think that having multiple registration loans is a quick, convenient way to get money, but they might not know about the many disadvantages that can come with this type of loan. That’s because registration loans and payday loans are extremely similar.
Payday loans are not allowed in the state of Arizona, so registration loans exist as kind of a loophole. Other types of funding, such as payday loans or signature loans also have a cap. You can typically only have one payday loan and one signature loan out in your name at one time. This is because these types of lenders will usually never approve you for another loan if you have not paid off your first one yet.
For example:
Let’s say at one point you had a maximum of 5 registration loans on one car in your name, each funded for a mere $400. Five registration loans funded for $400 each would make the total amount of funding $2,000. That might not seem like too much to handle but remember that the initial $2,000 is not including the registration loan interest rate charged.
Each of your registration loans could be charged an interest rate of a whopping 300 percent! If this were the case, that would make the total amount of money you would have to pay back your registration loan lender about $8,000! This could be the situation you find yourself in if you risk your finances by taking out multiple registration loans. Thankfully there are better options for you. Car title loans can bring you the fast and efficient funding you are looking for, without all the hassles that can come with registration loans, signature loans, or payday loans!
Where Do You Go for Title Loans and Loan Lenders?
Car title loans brought to you though Max Cash Title Loans can be a fantastic way to get the money you need, and fast!1 Max Cash Title Loans can connect you with a car title loan lender who can fund you as soon as the next business day.1 2 3 Car title loans could be a great way to invest your money too. Car title loans are a way to use your qualifying vehicle title as collateral, so you can borrow money!
Rules in Arizona for Car Title Loans
Before deciding on taking out a car title loan in Arizona it may be useful to look at the history, sociological impact, and the progression of car title loans in the state. The convenient thing for Arizonians who need some quick funds is that car title loans are again legal here. Compared to other states in the U.S there are a few things that work differently for car title loans in the state of Arizona:
- The Contract – Unique to Arizona, the lender and the borrower must both be put on the contract, along with the address of the place that the loan is being offered from.
- The Title – In the state of Arizona lenders do not need to keep the title of the borrower’s vehicle but it is up to the lender to figure out whether they want that security.
- Interest Rate Amounts – Arizona laws have it regulated so that there are interest caps to specific amounts.
- Length of the Loan – The lenders do not have to come up with a set period of time that the loan payments take place in (good to keep in mind that, the longer the loan the more interest will have to be paid).
- Repossession of the Vehicle – If the loan is defaulted then the lender does not need to provide any notice to the borrower before they repossess the vehicle. Once the lender does this, they have the right to sell the vehicle and use what they make towards paying the car title loan. However, this may be the last resort and usually lenders will try to work with the borrower.
- The Value of the Vehicle – The value of the borrower’s vehicle must be at least $2000 usually for registration loans in Arizona.
What Documents Do You Need for Car Title Loans in Arizona?
Once you have decided to proceed with a car title loan and you are pre-qualified, your lender will request just a few documents from you. Your car title loan agent will tell you everything needed, but here are just the core documents:
- Government issued form of ID
- Proof of Residence
- Proof of Income
- Several Photos of your car
- Title to your vehicle with your name on it
The Benefits of Car Title Loans
There are so many benefits that come with Max Cash Title Loans and the car title loans we could connect you to, as opposed to registration loans online. Here are just a few of them:
- Online Services: You can find a title loan with the help of Max Cash Title Loan using our online features!
- Quality Customer Support: Max Cash Title Loans is here to help you seven days a week with extended hours.
- High Approval Rate1: It can be frustrating to deal with lenders who will immediately reject you just because you have a low credit score. Thankfully title loans aren’t like that.
- Convenient Terms and Competitive Rates4: When you get a car title loan with the help of Max Cash Title Loans we can connect you to a lender with representatives who will come up with a payment plan just for you.1 3 4
What Happens When You Have Default Loans on Car Title Loans in Arizona?
It is important to get all the information you can before you jump into any kind of financial endeavor. So, if you were wondering about defaulting on other types of loans, you should probably be informed what happens if you default on a car title loan.
Before it comes to that, most lenders will work with you to determine how your auto title loan can work for you which means setting you up with a payment plan with monthly installments you can afford.
Your auto title loan agent can typically give you some valuable advice, so your car won’t get sent to a tow yard. But if this happens, many lenders will continue to work with you. They usually can even set you up with a brand-new payment plan, so your installments are more manageable for you, so you can get your car back right away.
In the event that you default on your car title loan, most lenders that work with Max Cash won’t garnish your wages or forcibly remove any money from your bank account like a registration loan lender might. We are on your side, so we aren’t looking to swindle you out of your money. If you take advantage of your auto title loan perks, like convenient terms and competitive rates, you won’t have to worry about defaulting.3 4 5
Why Should I Choose Max Cash Title Loans?
When you go with Max Cash Title Loans, you’ll be working with a company that sets you up for success. Not only will your lender most likely give you a FREE quote when you’re approved, but they can also create a payment plan just for you.1 2 5
Your Arizona title loan lender will could work with you to determine the best rates and terms for your budget.3 4
Staying on top of your car title loan is easy when you work with qualified and experienced car title loan agents. Call (855) 561-5626 for instant approval or complete the online form and get started on your journey to financial relief.1 2 5