Are Title Loans Legal in Phoenix?
Yes, borrowing against your title is legal and you can apply for car title loans in Phoenix. To obtain a title loan in Arizona, you will need to meet the title lender’s loan criteria and provide some documents to verify your application information and vehicle ownership.1
With online title loans serviced by LoanMart, you can take advantage of a convenient application process, and pre-qualify your car or truck in minutes for a Phoenix vehicle title loan!13 Apply online 24/7 from the comfort of your home. You don’t even need to have a bank account or good credit to apply for the cash you need in Phoenix.1
If you qualify, you could receive your title loan proceeds in as little as one business day.3 Visit the FAQ page or call 855-422-7412 to learn more about auto title loans in Phoenix.
How Do Car Title Loans Work in Phoenix, Arizona?
Before you apply for title loans in Phoenix, it’s important to understand a few facts about them. Auto title loans are a secured loan option that can allow an applicant to access a percentage of the available equity in their vehicle. Qualified applicants can use their vehicle title as collateral for the loan and access the money they need for urgent personal or household expenses.1
Following the completion of the loan, the title lender will place a lien on the borrower’s title. The lien is the lender’s legal right to the asset, and remains on the vehicle until the loan is paid back in full. Borrowers can maintain access to their vehicles during the repayment period while making on-time payments.
What are the Requirements for an Auto Title Loan in Phoenix?
A traditional loan, like a personal loan from a bank or credit union, can be challenging to qualify for if you have a bad credit score. An Arizona car title loan on the other hand can be a lot more flexible. You do not need a perfect credit score to qualify for an online title loan. But, you will need to meet the following initial requirements to apply for a car title loan in Phoenix:1
- Have a Title to a Qualifying Vehicle in Your Name
- Be Able to Provide Proof of Income
- Be 18 Years of Age or Older to Apply
A 9-5 job is not required to obtain loan approval. As long as you have an alternative source of qualifying income – self-employment income, pension income or other benefit income for example – you can still apply for car or truck title loans in Phoenix.1
In order to qualify for a car title loan, your vehicle must have a certain amount of positive equity. Vehicle equity is defined as the difference between the market value of a car and what you currently owe on it. You can use LoanMart’s online calculator to obtain an equity estimate and a loan quote, free of obligation.1 Or, call 855-422-7412 to find out if your vehicle has enough equity to qualify for a title loan serviced by LoanMart in Phoenix.1
Do Phoenix Title Loans Affect Your Credit Score?
Your payment history makes up around 35% of your FICO credit score. So, it’s important to pay all of your bills on time each month. If you frequently miss payments or end up defaulting on a loan, that can potentially leave a negative mark on your credit report.
Make your loan payment a priority each month and make sure to reach out to your lender or loan servicer if you are struggling financially. You can potentially refinance your title loan if your loan is in good standing.
If you do end up missing some of your title loan payments, your credit score can be affected if your title lender or loan servicer reports your loan to one of the major credit bureaus. Defaulting on your car title loan can potentially also result in your vehicle being repossessed, which could significantly impact your credit score if it’s reported. However, most title loan lenders and loan servicers prefer to work with the borrower if they’re struggling to make a payment to avoid a repossession.
What are the Advantages of Auto Title Loans in Phoenix?
When you are in a difficult financial situation, you need a loan option that is accessible and accommodating. You can submit an application for a title loan serviced by LoanMart online at any time of the day or night.1 Take a look at some of the advantages you could expect if you qualify for an auto title loan serviced by LoanMart, whether you apply in Phoenix, or another city in Arizona like Chandler, Gilbert, Mesa or Tucson:1
- A Flexible and Convenient Application Process1
- Quick Funding and Competitive Interest Rates1
- Keep Driving Your Vehicle
- Exceptional Customer Service
Ready to see if your car can qualify for online title loans in Phoenix? You could get the cash you need for an emergency in as little as 24 hours if you’re eligible.1 3 Call 855-422-7412 today to get started on your loan inquiry or apply online from the comfort of your home.
