Auto Registration Loans, Can you Lose Your Car?December 4, 2019
Can a title loans repossess your car in Arizona?
Understanding a The Loan
If you are still making payments on your vehicle, then a tile loan may be the right choice. You are able to receive a lump sum of cash if you opt for a vehicle equity loan in Arizona, even if you do not own your vehicle outright. You will keep possession of your vehicle while the loan is out as well.
Understanding a Title Loan
If you have paid off the loan on your vehicle and have the title in hand, then you can opt for a title loan. The lender will use the title of your vehicle as collateral in exchange for the cash. You can usually receive a higher amount when you choose a title loan as the amount is based off of the value of the vehicle. Again, you will retain possession of your car while you repay the loan.
Repaying the Loans
One major worry for any driver is if they will lose their car if they default on a registration or title loan. While this is an unlikely situation, it can happen if you choose to take out a title loan from an Arizona lender. If you cannot pay the loan back, then the lender can repossess your vehicle. If you cannot pay back the auto equity loan, a lender will not be able to repossess your vehicle.Typically, a lender will first try to collect on the loan themselves. If this fails, they may hire a third-party bill collector to try to recoup their losses. Some may even take you to court to sue you over the balance due. If this happens, your wages could be garnished to pay back the amount that you owe.
To avoid the hassle of collection agencies and court, only take out a title loan if you know you can repay it. Remember, your title is the collateral if you opt for a title loan. The lender does have the legal right to repossess your vehicle if you fail to make the payments on time.
Getting a Registration Loan in Arizona
If you are in need of a title loan, you will need to have the following in your possession when you apply:
•Proof of income and residence
•A recent bank statement
•You current Arizona vehicle registration
•A debit card and account number
You must also be 18-years-old or older to apply. Bring the vehicle with you when you apply for a car equity loan.
The best part of registration loans is you can get one online is the fact that there are no credit checks and no hidden fees. You’ll be able to choose a term that fits into your budget. You can also pay the loan off sooner than the agreement with no penalties or fees.
Paying Off the Title Loans
It’s a good idea to know the steps to take if you are worried that you could possibly default on the loan. If you have taken the loan out already, speak with your lender as soon as possible. They will likely be able to extend your payment plan to give you extra time to repay the loan. This could even result in a lower monthly payment.
You might also consider taking out another loan to help pay off your old one. Look for a auto tile loan company that offers a better repayment plan if this is the route you decide to take.
A registration or pink-slip loan from and AZ title loan lender like will allow you to drive your vehicle while you make all of the payments back. The application process is super simple and you will be informed of a decision within minutes. We will always work with you in order to keep your monthly payments affordable.
It’s easy to get a vehicle equity line of credit when you live in Arizona. There are tons of benefits to choosing this option if you happen to need fast cash. A pink slip loan can help you with the money you need for any type of emergency, big or small.