When you don’t want to risk losing your home but still need money, taking a Phoenix auto title loan from Auto Title Loans USA is a good solution. As it is a secure loan, you have to put your car as collateral against which the loan amount is calculated and sanctioned. Usually the amount that you can borrow is calculated on the basis of the car’s equity that you hold and its condition. The best aspect is that you get the money and continue to use the car so in a way, it is better than selling your car when you need money. And as the Phoenix auto title loan fro Auto Title Loans USA is a secured loan, you have low interest rates but the high interest rates are applicable if you default on the payments or have low credit score.
The interest rates and the amount that you can borrow on your car vary from lender to lender. However, when you a re looking to apply for the auto title loan, there are two ways of doing it:
- Online application: This is the easiest option that you have without going out of your home. Shop around online and save money. These online Phoenix vehicle title forms are not extensive and require basic information about your car and your contact information. However you need to agree to the terms and condition of the company before the form can be submitted.
- Visit the office: Additionally, you can visit our office and show us the proof of the liability insurance. You will need to list the current employment status and be a US citizen. In some companies, you will need to show proof of 6 months of Phoenix residence where you are staying. These are few prerequisites of getting the loan.
Most of the lenders will give you 50% of the car’s value as loan but there are few that might give you more. Usually they look up the resale value of your car based on the condition, model o the car and the brand to evaluate the price. Usually the lender prefers that the owner needs to have a full insurance, has a clear title of the car that is it should be paid in full with no current financing obligations.
The interest rates vary from 35% to 100% depending upon the state you reside in. Though you can select from different payment schedules, you still need to pay the interest on time. In cases when the borrower defaults, the car is repossessed and the lender waits for 30 days before selling it off to recover the dues.