A vehicle registration loan is a short-term loan that uses your car’s registration as collateral. The lending company places a lien on your registration info, and you make payments on the loan until it is paid off. These loans are popular for anyone who has a vehicle that’s not paid off. Unlike a car title loan, you don’t need a lien free pink slip, and some companies offer up to $2,000 simply with your registration documents.
How Does A Registration Loan Work
The first step in getting a registration loan is determining how much money you can borrow using your car’s registration as security. Compare this to a typical auto title loan that’s completely online, where you use a paid off vehicle’s pink slip as collateral. Many lenders in AZ will offer cash for your registration info, but most people can complete the process online. The entire process is quick, and the best part is that you can keep your vehicle and not have to surrender the car’s title as collateral.
The Difference Between Registration Loans And Title Loans
These loans are quite popular in Arizona, one of the few states with limited approval requirements. Most borrowers don’t even know registration loans exist; some will choose a title loan provider as they think it’s their only option. You may be better off with a registration loan in some states as you don’t need to use 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 more popular these days, but we’re seeing an increase in registration loans, especially in Arizona. Along with traditional financial lenders, a few smaller, local companies will work with borrowers looking for a registration loan. Most will offer various financing options, including auto title, RV, car, and semi truck title loans.
What Are The Main Requirements For Registration Loans
When you are ready to choose a lender to work with, you must understand that lenders may request additional info besides what you see with car title loan requirements. You need to submit your banking information, proof of income and they may be a credit check to see how many loan payments you’ve missed recently. Even though you won’t sign the pink slip, some companies will require proof that you own your vehicle.
How Can I Get Money With An Online Registration Loans
Apply With Car Title Loan Lenders USA to get cash within 24 hours using your vehicle registration info as collateral. We’ll take your application online, underwrite your loan request and match you with a local lender near you. Once the loan is approved, the loan officer will take your check; you can deposit it at your chosen location.
Loan amounts with a typical registration loan will vary based on your state of residence and other qualifying information. For instance, registration loans are offered in Phoenix, and you can borrow amounts ranging from $400 to $1,200 based on current state regulations. Funding amounts can be higher for more valuable cars with higher equity. But all together, you should expect a smaller loan than you usually see with car title loans because you’re not using a car title as collateral. Some larger title loan companies will even give you cash on sight if that option is allowed.
Ensure you understand how the payments are scheduled; when you must pay two payments, for example. Remember that you will probably get charged a fee for paying the loan holder when you make your payments.
Benefits Of Taking Out A Vehicle Registration Loan With A Company Near Me
There are several benefits to getting a vehicle registration loan near me versus an online title loan. The loans have a very short deadline, and you don’t need to worry about having your credit pulled daily. It’s all about finding a legitimate lender based on current reviews and lender information for car title loan companies. A good lender will also give you more time to pay the loan off, so 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 with your registration loan instead of one lower payment.