Can You Get a Title Loan in Arizona?

A resident of the Grand Canyon State, you need some cash – fast — to take care of an issue that came out of the blue. A bank loan is out of the question, and close friends are tapped out, too. So, what to do? Well, if you have a vehicle in your name and a lien-free title, chances are you’re eligible for a vehicle title loan. But can you get a title loan in Arizona? Why, yes you can. Here’s how.

What is a Title Loan?

These are short-term loans that are usually due in 30 days, although terms of a year or so are not unheard of.

Your vehicle secures the loan, although you can drive it as usual while you’re making timely payments. The title loan company merely holds onto the vehicle title until the loan is paid off. 

Note, though, that that if you do not make payments as agreed, you very well could lose your vehicle; the lender could seize and sell it to cover its losses. So, while title loans help scores of people who find themselves in a financial predicament, you must be certain you can pay the loan back.

And by the way, in addition to car and truck, “vehicle” can often mean boat, RV, or motorcycle.

How Much Can I Get?

It depends on the company and the state in which the lender’s located, but you can generally expect to get between 25-50 percent of your vehicle’s value, and maybe more. The lender decides the vehicle’s value based on make, model, age, overall condition, mileage, and sometimes trim level.

The amount you can borrow also depends on your ability to repay the loan. What it won’t be based on is your creditworthiness, although some companies do look at your report. 

Having said that, loans typically range between $100 and $10,000.

What is Required?

As we say, in addition to a vehicle in your name and a clear title, you must show that you have sufficient income to pay the loan back. This proof can be in the form of bank statements or pay stubs or the like. Employment isn’t required, though. If you can show consistent income from a settlement, self-employment, pension, retirement, or a rental property, that works too.

You’ll also need to submit recent photos of your vehicle from all four angles, plus a shot of the hood. You’ll also usually need a photo of the odometer and VIN.

For title loans Arizona, you’ll need to be at least 18 to obtain a loan from lender locations that stretch from Chandler to Tucson. A bonus is that you can apply completely online from the comfort of your home or office.

Some lenders require proof of residence and personal or professional references.

Is the Process Lengthy?

Not at all. In fact, it’s pretty speedy. After you’ve submitted required application materials online, you’ll likely hear back that day, sometimes within minutes. After all, your vehicle is collateral, so approval rates are high. Once you are approved, you can usually pick funds up at a participating MoneyGram – usually within 24 hours. 

Look for a title lender that doesn’t sneak in hidden fees. Most don’t, but some do.

So, yes, with a car, lien-free title, and ample income, you likely CAN get a title loan in Arizona. Just gather all the required documents, then go on and apply. While it’s imperative that you make payments on time, plus interest, title loans are a solid, fast way to get help in a pinch.