What Is A Registration Loan & How To Get One

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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 short term loans are popular as there is often little underwriting requirements and most borrowers can qualify for at least a few hundred dollars. The most important thing to remember is that you don’t even have to own the car outright to qualify!

 

How Does A Registration Loan Work

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 car’s paperwork to secure your loan. 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 compete 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

Compare the top registration loan lending companies.These loans are quite popular in Arizona, as it’s one of the few states with limited approval requirements. Most borrowers don’t even know registration loans exist; some will go with a title loan provider as they think it’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 more popular these days, but we’re seeing an increase in registration loans, especially in Arizona. Along with large and traditional financial lenders, a few smaller, local companies will work with borrowers looking for a registration loan. Most of these smaller 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 auto title loans, RV loans, car loans and personal loans.

 

What Are The Main Requirements For Registration Loans

When you are ready to choose a lender to work with, you will need to understand that lenders may request additional info besides what you see with car title loan requirements. You will be asked for 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, including the names, addresses, and account numbers of your banking accounts.

 

How Can I Get Money With An Online Registration Loans

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 application process. 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, 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 cars that are more valuable and have higher equity. But all together, you should expect a smaller loan amount than what you normally see with car title loans because of the fact that 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.

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.

 

Benefits Of Taking Out A Vehicle Registration Loan With A Company Near Me

There are a number of 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 every day. It’s all about finding a decent 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 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 with your registration loan instead of one lower payment.

 

Get a registration loan from Car Title Loan Lenders USA