The first step in getting a registration loan is to determine if you know what they are and if you need one in the first place. With a registration loan, you can use your vehicle registration paperwork to secure your loan. Compare this to a typical title loan where you use a paid off vehicle’s pink slip as collateral. There are a number of local companies that are known to make registrations, so it should take you only a little bit of time to find one. If you go with a smaller, local lender, you will also be able to talk to the representative by phone, if you need to. Most companies that are considered distant, or if you have trouble contacting a representative, are usually offshore companies.
What’s the Main Difference Between a Registration Loan and a Title Loan
Most borrowers don’t even know registration loans exist and some will go with a title loan provider as they think that’s their only option. In fact, you may be better off with a registration loan in some states as you don’t need to put up your car as collateral. That’s the main difference between these two lending options. A car title loan requires you to hand over your pink slip and you can lose the vehicle if the monthly payments become past due. Title loans are definitely more popular these days but we’re seeing an increase in registration loans being offered, especially in Arizona. Along with large and traditional financial lenders, there are also a few smaller, local companies that will work with borrowers looking for a registration loan. Most of these smaller title loan companies will have their own websites, and researching them should help you to find one that you may like. Most of them will offer a variety of different financing options, including online title loans, rv loans, car loans and personal loans.
What’s Required For A Registration Loan
When you are ready to choose a lender to work with, you will need to provide the following information. You will be asked your bank information, such as names, addresses, and account numbers for your bank. You will also need information about your employer, as well as your monthly income. If you are self-employed, the lender will need information on your business status. You will also need your previous residence address, the number of dependents you have, and the amount of the monthly payments for each title loan online. If you have insurance questions, the lender will want to know about your auto and home insurance coverage. You may need to consent to a credit check, and a listing of any banking institution that you owe money to, including the names, addresses, and account numbers of your banking accounts.
How Can I Get My Money After Being Approved For A Registration Loan
Once you have provided all of the information, and you have found a lender, then all you have to do is show up at the location that you have chosen, and complete the registration loan application. Similar to a title loan application, this usually takes about 15 minutes. Once completed, your loan will be processed, and about ten to fifteen minutes later you will be told whether you have been approved for the loan and whether your payments will be changing. Once the loan is approved, the loan officer will take your check; and you can deposit it at the location that you choose.
Loan amounts with a typical registration loan will vary based on your state of residence and other qualifying information. For instance, in Arizona, you can expect a loan amount of $400 to $1200 based on current state regulations. Some larger title loan companies will even give you cash on sight if that option is allowed. Make sure that you understand how the payments are scheduled; when you will have to pay two payments, for example. When you make your payments, keep in mind that you will probably get charged a fee for making the payment to the loan holder.
The Benefits Of A Registration Loan
There are a number of benefits to getting a registration loan versus an online title loan. The loans have a very short deadline, and you don’t need to worry about having your credit pulled every day. There is also no need to appear in court at the time of the loan closing because you don’t have to. There are also no finance charges because the loans are given to you at a very low interest rate. It’s all about finding a decent legitimate lender based on car title lending reviews and trusted online research. A good lender will also give you more time to pay the loan off, so that 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, instead of one lower payment.