How Car Title Loans Work in Arizona

What You Need to Know

Traditionally, applying for loan has never been an easy process. It usually requires lengthy visits with bankers and personal lending agencies. They’ll check your credit, talk to your references, and make sure that you have the means to pay them back every cent before they even consider loaning you money. They can also take weeks to approve your loan in the first place.

Although title lenders in AZ check credit scores, the value of your vehicle is the most important qualifying factor.

That’s where title loans come in. If you’re willing to pay a higher interest rate, you can use your vehicle as collateral to back a short-term loan. The amount of the loan will be determined by the market value of your vehicle. In most cases, you’ll get the money the same day no matter what your credit score looks like.

How Do I Apply for an Arizona Title Loan?

Every state has their own individual laws and regulations on lending agencies, especially when it comes to short-term title loans. There are two ways to go about applying for title loans; online or in-store. In most cases, you’ll be getting the same deals, but there are a few differences in procedure. Here are the basics.

Online Title Loans AZ

Due to the age of the internet, you can do just about anything online that you would have previously had to go to the store for. You can even take out title loans online. The main advantage here is that you don’t have to leave your house and you can complete your application without having to take time out of your day to make an appointment.

When looking for a reputable lender online, be sure to verify the business on the state’s registry.

You’ll just have to be sure that you have digital copies of all of your personal documents, and detailed images of the interior and exterior of your vehicle as the lender won’t be able to complete a vehicle assessment in-person.

Applying In-Store

Applying for your title loan in-store is definitely more straightforward than online, but it does require you to take at least an hour out of your day to meet with a lending agency, get your vehicle looked at, and overview the terms of the loan.

The nice thing about applying in-store is that you can speak to your lender face-to-face and they’ll usually be able to answer all of your questions. Many borrowers tend to be skeptical about handling large sums of money without interacting with their lender in-person.

Auto Title Loans AZ

How Much Money Can I Get?

The amount of money that you can borrow will vary depending on the value of your car. Most lending agencies will allow you to borrow an amount that’s equal to the market value of your vehicle or less. Title loans generally tend to be high-interest, so it’s wise not to borrow any more than you can pay back in less than 12 months. The average AZ title loan is usually between $2,500 and $5,000.

Lender Requirements

Obtaining a title loan is generally far simpler than a traditional bank loan. However, your lender will still require you to provide some basic information. This is so that they can prove that you are who you say you are and that the vehicle is actually yours.

  • Arizona driver’s license
  • Lien-free car title
  • Proof of residency
  • Proof of income
  • References

Arizona Title Loan Laws

Compared to a lot of states, Arizona definitely has some stricter laws regarding how much interest that lenders can charge borrowers. These laws were put in place to prevent borrowers from falling into endless cycles of debt due to high-interest loans that they can’t pay back. To learn more about the monthly interest caps, please read this article.

Another interesting fact is that Arizona state law doesn’t require the lender to retain possession of or place a lien on your vehicle’s title. However, the majority of lenders will want to place a lien on your vehicle to protect them in the event that you default on your loan.

Best Title Loans in AZ

  • Maximum Title Loans – (602) 242-5626
    2701 W Northern Ave
    Phoenix, AZ 85051
  • 1 Stop Title Loans – (623) 907-1447
    11435 W Buckeye Rd
    Avondale, AZ 85323
  • Southwest Title Loans – (623) 266-9154
    1025 S Power Rd
    Mesa, AZ 85206
  • Anthem
  • Apache Junction
  • Avondale
  • Buckeye
  • Bullhead City
  • Casa Grande
  • Casas Adobes
  • Catalina Foothills
  • Chandler
  • Douglas
  • Drexel Heights
  • El Mirage
  • Eloy
  • Flagstaff
  • Florence
  • Flowing Wells
  • Fortuna Foothills
  • Fountain Hills
  • Gilbert
  • Glendale
  • Goodyear
  • Green Valley
  • Kingman
  • Lake Havasu City
  • Marana
  • Maricopa
  • Mesa
  • New River
  • Nogales
  • Oro Valley
  • Payson
  • Peoria
  • Phoenix
  • Prescott
  • Prescott Valley
  • Queen Creek
  • Rio Rico
  • Sahuarita
  • San Luis
  • San Tan Valley
  • Scottsdale
  • Sierra Vista
  • Sierra Vista Southeast
  • Sun City
  • Sun City West
  • Surprise
  • Tanque Verde
  • Tempe
  • Tucson
  • Yuma
  • Apache
  • Cochise
  • Coconino
  • Gila
  • Graham
  • Greenlee
  • La Paz
  • Maricopa
  • Mohave
  • Navajo
  • Pima
  • Pinal
  • Santa Cruz
  • Yavapai
  • Yuma

Arizona has hundreds of different title loan organizations, and many of them are owned by the same large company. To help you narrow your search down, here are the top 3 most popular lenders in the state.

Maximum Title Loans

Maximum Title Loans are arguably the biggest lenders in the state. Looking through the reviews, you’ll find that most of the locations have very positive reviews and are very easy to work with. You can also apply online by simply providing a photo of your vehicle and your title.

1-Stop Title Loans

1 Stop Title Loans specializes in providing the quickest service in the industry. They promise same-day cash to all qualified borrowers, and they have a great reputation in terms of customer service.

Southwest Title Loans

Southwest Title Loans is another big lender in Arizona and they have plenty of locations across the state. They provide both title loans and registration loans (which don’t require you to own your vehicle outright). They provide a very professional service and also let you make all of your payments online, which means you don’t have to go out of your way to make a payment each month.

References

“Arizona Lawmaker Wants Curbs on Title Loans”, Tucson.com, 2018, https://tucson.com/news/local/arizona-lawmaker-wants-curbs-on-title-loans/article_5a2fbb48-685a-5ce3-8d83-dadc56c0fe1d.html