Before the next paycheck, most of us were in the remote employee management software position of having cash to support us. You have another option: a car title loan if you do not have a friend or family member willing to make a loan for you. A clean car title is all you need in most situations, but you will still need to provide complete evidence of car insurance for larger loans.
The best thing is that there is no need for you to have a decent credit record. This is because the worth of your car is instead of your credit history acting as evidence that you're going to pay the money back.
For those that do not have poor credit or bad credit, one of the few ways available to get money quickly is a car title loan. How quickly? In 30 minutes or less, you will usually complete the auto title loan application and approval process. Here's a step-by-step guide to how you can get a loan for a title.
Phase 1: Call companies with car title loans in Arizona.
To see which one best fits your needs, you can compare the conditions, payment terms, interest rates, and loan value that will be offered to your vehicle. You can find that the terms of repayment of the six-month loan differ from week to week, fortnight, and month, and you will borrow between $100 and $50,000. Interest rates also differ, but they must be subject to the law of Arizona.
Phase 2: Find the documents that are required.
For small loans, this generally only implies the title of the vehicle, but you might need to provide evidence of car insurance as well. As the current owner, the car title must bear the name (otherwise the owner must be present to secure the loan) and must be lien-free. You might be asked for a replacement key in some situations, but in some areas (like Phoenix), this is illegal. You may also want to have a more presentable way for your car to illustrate how much it is worth.
Phase 3: Bring your vehicle and documents to the company.
You will be asked to complete an application while you are at the car title lender. Then, your car is examined by an employee and you are given a loan number. Usually, the maximum sum your car qualifies for would be given to you, however if you don't need the full amount, you may still apply for a smaller loan. To calculate how much they can afford on the loan, some people find it convenient and then ask the clerk to base the loan sum on that figure.
Only the interest due on the loan will cover this monthly amount. You would need to pay the theory in one go at the end of the six months. This is also included with your last payment, and you always have the right to ask that you be presented with a payment plan in writing (including amounts due on each date to ensure that you are not confused about this. That's when it expires.
Phase 4: Read the conditions on the loan again.
The most significant move is this. You want to make sure that what you comply on is understood and that you can fulfil those criteria. The terms of the loan must be transparent by statute, which means speak up if you have any questions! If the car title lender's representative refuses to respond, it is best to take your business elsewhere. To answer all your questions, a reliable company would take the time.
The clerk will give you a check for the loan sum after you have completed all the necessary documents.
Step 5: Make the payments demanded.
View this schedule of payments and make payments on or before due dates for your loan. You could pay extra late fees or additional interest payments if you don't, and you could lose your car as well.
You can contact the car title lender as soon as possible if you miss a payment or fall behind, to see if you can work out a favourable settlement. Without being used to it many businesses are happy to collaborate with you as long as you connect.