After the prohibition on payday loans, registration loans have become an alternative for Arizona residents to get emergency cash assistance. It allows them to access quick cash using their vehicle registration, while they can still keep driving their cars. Registration loans are typically approved on the basis of your income and the vehicle’s condition.
Key Takeaways
- Borrow between $100 and $50,000 against your vehicle’s registration.
- You may get a loan even if you’re still making payments on your vehicle.
- A bad credit score is not a significant factor. You could still get the loan.
- There are no hidden penalties for early payment of your registration loan.
What Is a Registration Loan?
Registration loans are basically a short-term loan option for anyone who owns or leases a vehicle, like a car, truck, RV, etc. Plus, there isn’t a bar to taking registration loans with a bad credit history. These loans usually have high interest rates, as lenders only keep your vehicle’s registration rather than the title.
How To Get a Registration Loan Online?
To streamline taking an online registration loan and access the funds instantly, we’ve brought you 3 simple steps to follow:
Step 1: Gather Required Documents
The first and most important step is to have all the required documents before filling out the application.
Step 2: Fill Out the Application
The next step is to fill out our online request form, to begin with your loan application processing.
Step 3: Get Funds Upon Approval
Once approved, accept the terms, sign the contract, and you could get your cash on the same business day.
Requirements For an Arizona Registration Loan
When applying for a registration loan in Arizona, ensure you meet all requirements to get emergency fund assistance. These registration loan requirements consist of some crucial details from the borrower. Let’s go through each of them below:
Vehicle Registration
Taking registration loans online requires you to provide a valid Arizona VIN (Vehicle Identification Number) to the lender. Whether the vehicle is completely owned or you’re still making payments, you could get the funds.
Verify Income
Provide valid proof of income to confirm your ability to pay back the loan. These documents can include pay stubs, online statements, pension statements, worker’s compensation, and so on.
Confirm Identity
We require a government-issued photo ID to check and verify the accuracy of the information provided. These documents may include a valid driver’s license, passport, voter ID, military ID, and state ID.
Prove Residency
To validate your residency in Arizona, provide recent utility bills (mentioned name and address), ownership documents, and rental or lease agreements. This will help us know your transparency and reliability as a borrower.
Vehicle Information
Provide all the required information, like the car’s model, make, type of vehicle, photos, proof of insurance, and other related documents. These details will help us know the value of your vehicle and the amount you could get.
Difference Between Registration Loans and Title Loans
For those who are in urgent need of cash and have a bad credit history, car registration loans are a great option. A registration loan often appears similar to a car title loan, but there are some key differences that borrowers should consider.
These Differences Are As Follows:
| Registration Loans | Title Loans |
| Lenders will hold your vehicle’s registration during the loan term. | Lenders will keep your vehicle’s title as collateral during the loan term. |
| You must have a vehicle’s registration in your name, even if it has a lien. | You must have a vehicle in your name without liens. |
| Registration loans are only available for residents of Arizona. | Title loans can be applied for in several states in the United States. |
| Registration loans have high rates of interest due to the higher risk for lenders. | Car title loans have low rates of interest as compared to registration loans. |
| Registration loans have no risk of losing the vehicle in case of non-repayment. | Title loans have the risk of losing the vehicle’s title in case of non-repayment. |
Conclusion
Vehicle registration loans are introduced in Arizona only after payday loans have become unavailable. Note that registration loans are designed for quick cash needs. Therefore, the amount offered is lower than the title loans and comes with a high rate of interest.
Get a quick loan approval today!
Frequently Asked Questions
Are Registration Loans Available For Bad Credit?
Yes, Arizona registration loans are specially introduced for those with a bad credit history and in need of emergency funds.
Can I Get a Registration Loan If I Am Unemployed?
Yes, you could still get a registration loan even if you’re unemployed and have valid proof of your income. You just have to prove your ability to pay it back.
Will I Lose My Car If I Can’t Repay a Registration Loan?
No, in online registration loans, we just keep your car’s registration. So, there is no risk of losing your car. Plus, if you’re having problems repaying, you can talk to our representative to discuss options.
Can I Get Multiple Registration Loans At a Time?
Yes, you could get more than one registration loan based on your ability to pay and lending history. But it’s important to note that taking multiple loans can leave you with more debt.
How Will I Get My Registration Loan Amount?
After getting your loan application approved, you can claim your money in several ways. These methods include money being transferred to your bank account, mailing you a check, or picking up cash at a designated store. Apart from that, you can collect the cash at a Swift Title Loans location.
