Rising costs in the growing desert city of Prescott, AZ can make it difficult to cover unexpected expenses. This is particularly true when you don’t have the credit to get a traditional bank loan. In such cases, a title loan in Prescott may help. The cash you need could be available to you quickly – if you have a car or truck in your name and a steady income.1 Here is what you need to know to get vehicle title loans in Prescott.
What is a Title Loan in Prescott and How Does it Work?
A car title loan is a vehicle-secured loan you can use for any personal or household purpose. To qualify, you must reside in the state, be at least 18 years old and have a steady source of income. Traditional employment isn’t required, as alternative income sources, such as Social Security, retirement benefits or alimony may also be accepted.1 The vehicle you use as collateral must have sufficient value to support the amount you want to borrow. Its value is assessed based on the make, model, mileage, age and overall condition.1
When your application is approved, you’ll review and sign your loan agreement, after which the funds are released and a lien is placed on your vehicle’s title.1 You ‘ll keep your vehicle and may continue driving it as long as you make payments on time. After you’ve fully paid off your loan, the lender will remove the lien. Should the loan go into default, the vehicle can be recovered and sold to pay for the outstanding loan balance.
The Title Loan Process in Prescott Explained
Applying online for a car title loan serviced by LoanMart can take just a few minutes when you have the right documents ready. These include the title to your vehicle, a government-issued photo ID and proof of your Prescott address (such as a utility bill or current lease). You’ll also be asked to provide recent pay stubs or other income documents for verification. Clear, up-to-date photos of your vehicle’s interior and exterior will also be requested, along with pictures of its VIN and odometer reading. In some cases, you may also need to submit an Arizona MVD form authorizing the placement of the lien.
Once you’ve gathered your documents, you can complete the simple application process:
- Fill out the short online form or apply by phone at 855-422-7412
- Submit the required documents
- Once you’re approved, review and sign your loan agreement1
- Provide your vehicle title
- Receive your funds
Do I Need a Bank Account to Get Loan Funds in Prescott?
Several of the options for receiving the funds from LoanMart-serviced loans don’t require a bank account. These include cash pickups at approved money transfer locations, wire transfers, ACH deposits or mailed checks. The same flexibility applies to payments, with options including MoneyGrams, phone payments, automatic bank account or debit card withdrawals, and cash payments at participating money transfer businesses.
How Will a Title Loan in Prescott Affect My Credit?
While your income and your vehicle’s value are the primary factors in qualifying, a car equity loan serviced by LoanMart will include a credit check.1 This could result in a small, temporary drop in your credit score. However, making your payments on time can help strengthen your credit standing over the long term.
How is a Title Loan in Prescott Different from Other Loan Options?
Compared to payday loans, title loans serviced by LoanMart typically provide higher borrowing limits and longer repayment periods. The interest rates are usually lower as well. In addition, as noted earlier, borrowers in Prescott who take out vehicle-secured loans can continue to drive their vehicles as long as they make payments as agreed. This differs from a vehicle pawn, as the lender usually holds on to the car until the loan is repaid.
Compared to traditional bank loans, approval for LoanMart-serviced title loans depends more on the vehicle’s value and the applicant’s income. Traditional bank loans rely more heavily on credit scores.1 Approval and funding can also be quicker with car title loans serviced by LoanMart when compared to bank loans,
Frequently Asked Questions
These are some of the most common questions about title loans in Prescott, Arizona.
- What if I don’t have my car’s title? The Arizona DOT’s Motor Vehicle Division (MVD) can provide you with a copy of your vehicle’s title.
- Does my vehicle’s title need to be in my name? Yes. The vehicle used as collateral must be registered in your name. If you own the car but the title is not in your name, you can request a title transfer through the MVD.
- Is my personal data safe with LoanMart? Definitely. Your information is kept secure in compliance with all applicable laws and industry best practices.
- Is a bank account necessary to get LoanMart-serviced loan funds? LoanMart-serviced auto title loans offer several funding options that don’t require a bank account.
- Can I get a title loan with bad credit? Even with past credit challenges, approval for a title loan serviced by LoanMart is still possible. The primary factors considered are the equity in your vehicle and your ability to make loan payments.1
- What if I can’t make a payment? Contact LoanMart as soon as possible to discuss your options if you expect to miss a payment. Late payments may affect your credit score and could lead to a default on your loan.5
- How soon can I apply for another title loan? Once your loan is paid in full, the lender will remove the lien from your title. You’re free to apply for another loan serviced by LoanMart when the lien is removed. If you have an existing loan, you can potentially qualify for an increase on your loan if your loan is in good standing.1
Whether you’re in Prescott or another Arizona city, such as Mesa, Peoria or Scottsdale, an Arizona title loan serviced by LoanMart may provide the support you need during a financial emergency. What’s more, you can expect reliable customer service, helpful support and clear, transparent terms. Apply for your Prescott car title loan serviced by LoanMart today!
