No. A registration loan lender does not have the legal ability to repossess your vehicle should you default on your registration loan or miss a payment. When you get a registration loan, you only present the registration card of your vehicle to the lender so your car cannot be taken away from you if you don’t make your registration loan payments.
Instead of repossessing your car if you happen to default on your registration loan, the registration loan lender could sue you for your car or the remaining balance on your registration loan plus interest. This could leave you with lawyer bills and court fees that can put you even more in debt!
It is very possible that you could default on a registration loan because they almost always come with extremely high interest rates and very short terms. When you are trying to manage a strict budget, you don’t have time for sketchy loan lenders who are just out to get your money.’
Consider a car title loan instead! Car title loans from Max Cash® Title Loans come with competitive rates and convenient terms that can allow you to achieve your financial goals. Lose the unnecessary hardships that can come with registration loans and come work with Max Cash Title Loans, a company that cares about you!
Can a Car Title Loan Repo Your Car?
While a car title loan can repossess your car, the lender Max Cash Title Loans connected you with might work with you to make sure that doesn’t happen. Your auto title loan lender will usually work with you to determine the best loan contract and payment plan for you, to make sure that you can manage your monthly payments. When you stay on top of your monthly installments on your car title loan from Max Cash Title Loans, you won’t have to worry about your car being repossessed!
Max Cash Title Loans will not sue you for your car if you default on your loan. Instead, your car will be taken to a secure tow yard where it will stay until you have the funds to get it out. If this happens, your lender might continue to work with you. They probably can create an entirely new payment plan that works better for you. Other lenders might just drop you and leave you figure out your finances on your own, but lenders provided to you by Max Cash Title Loans won’t give up on you!
What Documents Do I Need for a Registration Loan?
If you are thinking about a registration loan, you may be curious about what documents will be needed in order to apply. The great thing is that there are only a handful of documents required for a registration loan.
Applying for a registration loan with the help of Max Cash Title Loans is hassle-free and straightforward. In most cases, you could even get the quick cash you need in as little as one business day! If you’re considering applying for a registration loan, but would like to learn more, we’re here to help seven days a week. Fill out a brief inquiry form online or contact us today to speak with a loan specialist. Keep reading below to learn more about the registration loan process and the documents that you will need!
How Do Auto Vehicle Registration Loans Work?
Everyone needs a little financial assistance from time to time. If you’re looking for a way to avoid borrowing from family or friends and use the value of your car for cash, a registration loan may be an alternative. For those unfamiliar with the title loan process with Max Cash Title Loans, it might be useful to get an overview prior to applying.
Title loans, also known as pink slip loans, are a type of secure loan that utilizes a borrower’s vehicle as collateral for a loan amount. The actual loan amount and borrower eligibility are determined by the car’s equity, as well as the borrower’s ability to repay the loan and their earnings.
Because of this process, things like credit checks and credit reports are not significant to the application process. Regardless of a bad credit score or poor credit history, you may be eligible to apply.
Many people turn to these short-term loans because of their flexibility. For example, you do not have to have a bank account for a title loan, nor do you need to be a member of a credit union.
Additionally, car title loans don’t have a lengthy registration loan application process compared to other title loan companies and financial institutions. Furthermore, you get to keep driving your car while you pay off your online registration loan.
At Max Cash Title Loans, we are the number one auto title loan marketplace in the United States. This means we connect individuals with direct lenders from our network of financial services.
With our carefully picked lender network, borrowers can expect a safe and secure process with benefits like competitive interest rates and affordable monthly payments. In addition, there is no obligation to continue with a loan arrangement after applying for pre-approval. This means you’ve got nothing to lose when applying!
What Documents Will You Need to Apply for a Registration Loan?
Before receiving pre-approval for your registration loan, lenders will need some necessary documents to apply. While a number of the files may vary between lenders, here is what you will likely need to provide:
- Be at least 18 Years of Age
- Proof of Residence (i.e., recent utility bill)
- A Government-Issued Photo ID (i.e., driver’s license)
- Proof of Income (i.e., recent pay stub or bank statement)
- A Clear Title on Your Vehicle
- Proof of Car Insurance
- Several Pictures of the Vehicle
- 3 References
What Benefits Come with Working with Max Cash Title Loans for Registration Loans?
When choosing a title loan service to work with, benefits are essential. When you decide to work with Max Cash Title Loans, borrowers can look forward to all types of unique advantages. Take a look at some of them below:
Complete the Entire Process from Home
From applying for your personal loan to getting your funds, everything with our process can be complete from the comfort of your home or office.
Competitive Interest Rates
When choosing lenders, Max Cash Title Loans works with lenders who provide our customers with highly competitive interest rates.
Flexible Payment Options
Whether you’re Looking for a short-term loan or something longer, we can help find you a lender who’s flexible with repayment.
No Hidden Fees or Prepayment Penalties
There are no hidden fees or charges when working with our network of lenders. Furthermore, you can also pay off your title loan as early as you’d like with no penalties.
Get Your Money Quickly
Once you receive final approval with a lender, your funds could be sent to you via check or direct deposit in as little as 24 hours!
How to Apply for a Registration Loan and Submit Documents Online
Applying for a registration loan is fast and easy with Max Cash Title Loans. If you are interested in applying for a registration loan, but are not sure how the method works, take a look at the steps below.
Complete an Online Application Form or Call Us
The first step in getting a registration loan is to fill out an online form. Our application process is fast and simple, typically only taking a few minutes to complete. During this process, you will be asked a few questions to allow us to gather the information on what you are looking for.
Speak with a Loan Specialist
After submitting your application form, a loan specialist will contact you directly to discuss your application in-depth. This step will help determine eligibility and gather any additional information.
Get Your Money
After your loan specialist finds you a title loan that matches your short-term financial needs, we will discuss the loan agreement with you. After you review the loan terms, you will sign the contract and can then receive your cash. We can send you your money via check or direct deposit into your bank account or checking account.
Registration loans defined
I had a customer email me the other day asking me all about registration loans and how they are different from title loans. Thought this was a great question and this post is meant to help clear the air about this issue and educate a few of you on what exactly all these terms mean.
REGISTRATION LOAN
A while ago the State of Arizona came down hard on title loans and this left the industry scrambling. There was actual talk of making it harder on title loan lenders, but the BIG change was that they hit the payday loan industry (about 20 times larger than title loans) hard… basically effectively removing them. The Department of Financial Institutions regulate title loan companies in Arizona but so does federal lending laws.
We all know that you simply cannot remove an entire industry because you don’t like them, especially if millions of people use them… so registration loans were born.
This type of loan is not a title loan because it does not mean you have to have your title… just your vehicle registration. But if you look closely, it LOOKS like a payday loan. It has basically the same requirements as a payday loan, but the exception… you have to have your registration to a car. This also means your car does not have to be paid off.
The amount of your loan is about what is offered by a payday loan.
I know what you are thinking here. Registration loans are the step child of payday loans and you may be right.
TITLE LOAN
If you are on this site and you at least checked the FAQ or How it works you don’t need much help here. You are using your car title to secure the loan.
AUTO PAWN
This term is used for EITHER a title loan or an actual pawn where you leave the car with the pawn shop. Since most people do not want their car left at a pawn dealer and they would much rather drive it themselves, consider anything that says auto pawn to actually be a title loan lender BUT I would ask the lender beforehand about this.
PINK SLIP LOAN
A pink slip loan is most known in California because the title to the car is actually pink with a blue border. Thus the words… pink slip loan. Tricky, huh.
INSTALLMENT LOAN
Installment loans (aka personal loans or signature loans) are not secured by anything. They are loans but the difference is they carry higher interest than a bank. Why is this? Because banks want you to have a high credit score and these types of loans are usually for people with marginal credit scores. Still, nothing to secure here. They are UNSECURED loans, but carry a higher than normal interest rate. Title loan leaders may offer this product, so you want to ask if your car does not qualify.
I hope this helps you understand the terms but more importantly you can choose the right loan that you need right now.