For most people taking an auto title loan are surprised when they come to know that only the vehicle is evaluated as a precursor to the loan and the credit history is not considered. Most of the loans provided by financial institutions and banks consider your FICO score as the most important aspect of the eligibility criteria for approvals. However when it comes to car title loans in Arizona, your credit rating is not considered. You may have the lowest credit score but a clean car title and you can get the loan quickly. Usually short rem loans are difficult to be approved for and most people with low credit are hesitant about applying for any loan with the misconception that credit history is checked. Thus, if you have been denied traditional loans, you know that you are always eligible for title loans and get immediate cash.
As title loans are secure loans wherein your vehicle title is transferred in the name of the lender, they have the right to sell the car to receive the borrowed amount in case you default on the loan. As this is a high-risk, short term loan with repayment within 30 days, the interest is high so you need to calculate the amount of interest you’ll be paying before you sign the contract. The amount of loan that you can borrow depends upon the value of the vehicle which has been evaluated as per the Kelly’s Blue Book. The condition of the car, model, year and mileage is considered before the value is appraised. Your proof of income and clear title deed is scrutinized and that is all that is needed before you are approved to get the loan. After the vehicle has been appraised and the loan approved, you can cash in the check at the nearest bank and tide over the financial difficulty within the same day.
If you are looking for free quotes before actually taking the loan, there are numerous online calculators that can give you an estimated value that you can borrow against your car as collateral. Additionally, title loan online forms can be filled with the details and you can get quotes within 24 hours. Shortlist the most reputed service with the best quote, call them and ask about the procedure. Most lending services try to assist you with all of the requirements as they know you are in a hurry to get the cash quickly and pay the bills, or use the money as needed.