{"id":380,"date":"2017-12-17T18:17:33","date_gmt":"2017-12-17T23:17:33","guid":{"rendered":"https:\/\/titlelo.com\/learn\/?p=380"},"modified":"2024-06-03T11:48:53","modified_gmt":"2024-06-03T15:48:53","slug":"arizona-title-loan-laws","status":"publish","type":"post","link":"https:\/\/titlelo.com\/learn\/arizona-title-loan-laws\/","title":{"rendered":"Arizona Title Loan Regulations"},"content":{"rendered":"<h2><span class=\"ez-toc-section\" id=\"what_you_need_to_know\"><\/span>What You Need to Know<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>If you are at least 18 years old (with government ID to prove it) and have a lien-free title in your name, you may be able to get a title loan in Arizona. You will be able to borrow as much as the lender is willing to give, which will probably depend greatly on the trade-in value of the car. A prospective lender may also inspect your vehicle to confirm the trade-in value based on actual condition and not just the typical make, model, and year of the vehicle.<\/p><div id=\"ez-toc-container\" class=\"ez-toc-v2_0_71 ez-toc-wrap-left counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/titlelo.com\/learn\/arizona-title-loan-laws\/#what_you_need_to_know\" title=\"What You Need to Know\">What You Need to Know<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/titlelo.com\/learn\/arizona-title-loan-laws\/#contract_requirements\" title=\"Contract Requirements\">Contract Requirements<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/titlelo.com\/learn\/arizona-title-loan-laws\/#requesting_an_extension\" title=\"Requesting an Extension\">Requesting an Extension<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/titlelo.com\/learn\/arizona-title-loan-laws\/#how_youre_protected_from_repossession\" title=\"How You\u2019re Protected from Repossession\">How You\u2019re Protected from Repossession<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/titlelo.com\/learn\/arizona-title-loan-laws\/#you_may_be_responsible_for_additional_charges\" title=\"You May Be Responsible for Additional Charges\">You May Be Responsible for Additional Charges<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/titlelo.com\/learn\/arizona-title-loan-laws\/#references\" title=\"References\">References<\/a><\/li><\/ul><\/nav><\/div>\n\n<div class=\"tip\">Title loans in <a class=\"anchor\" href=\"https:\/\/titlelo.com\/arizona\/\" rel=\"noopener\" target=\"_blank\">Arizona<\/a> are governed by the Motor Vehicle Times Sales Disclosure Act under statute 44-281 et seq.<\/div>\n<p>Unlike in other states, Arizona law does not require you or your lender to keep possession of your vehicle\u2019s title, though this does not stop the lender from securing a lien against it. While it is not state mandated a lender may very well ask that the vehicle\u2019s title be turned over, just to be on the safe side. Given that the state-mandated legal requirements are so minimal, most requirements for getting a title loan, like maintaining insurance on the vehicle will be mandated by the individual lender, not by the state. <\/p>\n<h3><span class=\"ez-toc-section\" id=\"contract_requirements\"><\/span>Contract Requirements<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>When applying for and negotiating a title loan, you will probably have many questions and your lender will be the best person to answer these. When deciding on a loan agreement that eventually becomes a contract your lender should tell you the interest rate he\/she intends to charge and give you a payment schedule. It is important to get all your questions answered before you enter the contract. Your loan agreement should also include the name and address of the title loan office, and yours. <\/p>\n<div class=\"tip\">The state of Arizona does not set any contract requirements. It is up to you to request as much information as possible.<\/div>\n<p>Lenders are entitled to charge interest on loans, but the state of Arizona has put a limit on how much interest they are allowed to charge. There is no minimum interest requirement, so interest rates may be lower, but the limits are:<\/p>\n<ul class=\"checklist\">\n<li>For loans of $500 or less, the maximum monthly interest rate that can be charged is 17%.<\/li>\n<li>For loans between $501 and $2,500 the maximum monthly interest rate that can be charged is 15%.<\/li>\n<li>For loans between $2,501 and $5,000 the maximum monthly interest rate that can be charged is 13%. <\/li>\n<li>For loans of $5,001 or more, the maximum monthly interest rate that can be charged is 10%.<\/li>\n<\/ul>\n<p>While there is a limit on how much interest you can be charged, there is no term length limit. That means a loan can last for as long as the two parties agree it should, but the due dates of any payments should be carefully laid out no matter the duration of the loan. If a borrower misses a payment by ten days, on the 10th day they can be charged a late fee of up to 5% of the unpaid installment. <\/p>\n<h3><span class=\"ez-toc-section\" id=\"requesting_an_extension\"><\/span>Requesting an Extension<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>If you are going to be more than ten days late on a payment and require an extension, you should let your lender know. Extensions are available if the lender agrees to it, and the requirements to qualify for an extension will vary on a lender-by-lender basis. Typically, paying the owed interest is enough to extend the loan and carry the principal into a new loan period. <\/p>\n<p>For example, if you took out a $1500 30-day loan at a 15% interest rate and then found that you couldn\u2019t pay the loan off in full in 30 days and needed an extension, your lender might require that you pay the interest only, $225 (15% of 1500) and then extend the loan for another 30 days during which you\u2019re expected to pay the $225 interest charge again and the principal of $1500.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"how_youre_protected_from_repossession\"><\/span>How You\u2019re Protected from Repossession<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>If you do not make the payments required in your loan contract, you will be in default. (Though you may also default on your loan by failing to meet other requirements in the contract non-payment is the most common). Once you have defaulted on your loan, your vehicle is at risk of being repossessed. Your lender is under no obligation to alert you that you have defaulted and that your car can be repossessed at any moment. This does not mean that just because they do not have to that your lender will not contact you. <\/p>\n<div class=\"tip\">Title lenders in Arizona are not required to notify you when you&#8217;ve defaulted or when your vehicle will be repossessed.<\/div>\n<p>If alternative arrangements are not made and agreed to, then your lender may get a court order and at any moment repossess the vehicle you used as collateral. After your car is repossessed and a sale has been arranged your lender should notify you of the date of sale. At this point, even after repossession, both parties can arrange for the balance to be paid in full or in installments. If so, you can keep your vehicle. The new balance owed will include the cost of repossession, preparing for sale, and all related costs. <\/p>\n<h3><span class=\"ez-toc-section\" id=\"you_may_be_responsible_for_additional_charges\"><\/span>You May Be Responsible for Additional Charges<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>If no agreement is made and the vehicle is sold, the money should be applied to the borrower\u2019s balance. The balance will include the amount of default plus further interest and costs associated with repossession and sale. If the car sells for more than is owed the excess belongs to the borrower. However, if the vehicle sells for less than what is owed, the lender is still entitled to receive the full balance. Therefore, they may continue to bill you for the difference.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"references\"><\/span>References<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>&#8220;Arizona Revised Statutes&#8221; Arizona State Legislature, 2017,<br \/>https:\/\/www.azleg.gov\/arsDetail\/?title=44<\/p>\n","protected":false},"excerpt":{"rendered":"<p>What You Need to Know If you are at least 18 years old (with government ID to prove it) and have a lien-free title in your name, you may be able to get a title loan in Arizona. You will be able to borrow as much as the lender is willing to give, which will&#8230; <\/p>\n<div class=\"link-more\"><a href=\"https:\/\/titlelo.com\/learn\/arizona-title-loan-laws\/\">Read More<\/a><\/div>\n","protected":false},"author":4,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mi_skip_tracking":false,"spay_email":"","jetpack_publicize_message":"Arizona Title Loan Regulations","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[11,16],"tags":[],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p9sr8f-68","_links":{"self":[{"href":"https:\/\/titlelo.com\/learn\/wp-json\/wp\/v2\/posts\/380"}],"collection":[{"href":"https:\/\/titlelo.com\/learn\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/titlelo.com\/learn\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/titlelo.com\/learn\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/titlelo.com\/learn\/wp-json\/wp\/v2\/comments?post=380"}],"version-history":[{"count":9,"href":"https:\/\/titlelo.com\/learn\/wp-json\/wp\/v2\/posts\/380\/revisions"}],"predecessor-version":[{"id":390,"href":"https:\/\/titlelo.com\/learn\/wp-json\/wp\/v2\/posts\/380\/revisions\/390"}],"wp:attachment":[{"href":"https:\/\/titlelo.com\/learn\/wp-json\/wp\/v2\/media?parent=380"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/titlelo.com\/learn\/wp-json\/wp\/v2\/categories?post=380"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/titlelo.com\/learn\/wp-json\/wp\/v2\/tags?post=380"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}