If an Arizonian is trying to gets funds, a car title loan may be a good way to find it. Car title loans in Arizona are legal for lenders to give out to qualifying applicants. Every state has its own rules and regulations regarding car title loans, Arizona is no exception. Once a person knows these rules and regulations it may be easier to move forward when looking for a car title loan in Arizona.
How Car Title Loans Generally Work
Car title loans are loans where the borrower gives a lender their vehicle’s title as collateral in exchange for a loan. Once that loan is repaid, the borrower gets back their car’s title. In order to get a car title loan, there are a few things that are necessary:
- A State I.D (the borrower must be at least eighteen years old)
- Qualifying Title (Registered to state in which state a car title loan is being looked into
- Proof of Income (bank statements, pay stubs etc.)
- Proof of Residency (something like a utility bill, or a copy of your lease)
- Pictures of the vehicle (some lenders ask for in person inspection, while others may just have a checklist done online)
After collecting these pieces of information, the lender will then ask for some basic information about the vehicle. This includes: make, model, year and mileage. Once the lender has all of this information they may make an offer to the borrower. Each state has its own rules/laws and regulations when dealing with car title loans, including the state of Arizona. If an Arizonian is looking for a car title loan they are probably curious as to what those are.
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 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 reposes 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.
Is Arizona A Good Place to Get a Car Title Loan?
Compared to other states, Arizona may be a pretty good state to get a car title loan in. This is because of the way its state regulations are set up. The borrower is much more protected in Arizona than some other states; Arizona is the only state that doesn’t require the lender to keep the borrower’s title. In addition the state keeps caps on interest rates for title loans. As a borrower in Arizona, it is important to look at the length of the car title loan, and interest. To find the most convenient lender it may be helpful to look at several places before making a final decision. This is where Max Cash Title Loans may be able to help.
At Max Cash Title Loans we offer a free service that connects people all over the country with our trusted lenders. We are actually located in Arizona, (1270 E. Broadway Rd. Suite 208,
Tempe, Arizona 85282) and can help you get informed about car title loans for the state or just in general5.
Car title loans may be an easy way for Arizonians to get the funds they need1. Every state, including Arizona has its own set of rules and regulations regarding car title loans. If you are located in Arizona and are looking for a car title loan it may be helpful to know about those specific rules before going to a lender. Max Cash Title Loans already knows these rules and has access to several lenders saving you both time and effort.