What You Should Know About Registration Loans in Phoenix

Loans can be found for just about every financial need—auto, mortgage, school, personal—and for Arizonians—registration loans. Loans vary depending on the needs of the borrowers, as do the terms and conditions of the loan. Borrowers in the Phoenix area can secure registration loans that are flexible and convenient. Registration loans are an easy, straightforward way of securing the funds you need. The process is quick without any hassles.

What is a Registration Loan?

Registration loans are cash payments that can hold you over until your next payday or for several months. The money you borrow can then be debited from your bank account, or cash payment can be made in person. In order to qualify for a registration loan, a vehicle must be registered in your name. You cannot apply or be considered without a registered vehicle.

Registration Loans Phoenix

People in Phoenix should not confuse registration loans with auto title loans. The only thing they have in common is that you need a vehicle. As the names of each loan imply, borrowers need only to have a car registered in their name instead of having the title. If you have financed your car and are still paying the loan down, you are still eligible for a registration loan. Registration loans generally are for smaller amounts than car title loans for shorter periods of time. There are also only available to Arizonians.

Consider a Variety of Loan Rates

If you are considering a registration loan you would be well-advised to shop for competitive rates. Search for online brokerage services and title-lending agencies in your area. As you are not applying for a traditional loan from a bank or submitting an application for a credit card, you will not need to provide any information on your credit history or pre-existing loans. The majority of registration loans are approved within an hour or hours, with the money loaned out the same day. Generally, you have up to twelve months or less to pay back the loan. Most lenders will not penalize you if you pay the loan off sooner (be sure to read the terms of your loan to make sure). It’s a good way to save money on additional interest rates and related fees.

Educate Yourself About Loan Requirements

Because registration loans are non-traditional loans, they are a convenient way to borrow money. Some lenders may have more requirements than others, but overall they are few, which is one of the big reasons for their appeal. This makes registration loans very attractive for people who have bad credit, limited credit or live on a fixed income. At the very least, the minimum requirement is having your car’s registration in hand to use as collateral. You will also need to provide a valid Arizona drivers’ license, proof of income, and your Social Security card.

Work With the Right Lender

Finally, taking out a registration loan is a convenient way to secure needed funds quickly. However, when taking out a registration loan, or any short-term loan, should only be considered only if circumstances require it. In the long run, you can save yourself time, money, and aggravation by working with the right lender. Shop carefully and do your research, and you will find an acceptable rate and terms that you can afford. Only borrow what you need and make your payments on time. Borrowing more money than you need will only increase your financial problems—paying off the loan that meets your needs, on time, will also improve your credit.

Want to learn more about registration loans? Contact the experts at Tio Rico today for additional loan information in Phoenix!