Are Title Loans Legal in Phoenix, Arizona?
Yes, car title loans are legal and you can apply for car title loans in Phoenix, Arizona. To obtain a title loan in Arizona, you will need to meet the necessary criteria and provide certain documents during your application. That includes a car title in your name, proof of your ability to repay the loan, and a few other key documents.1
Apply for an auto title loan serviced by LoanMart today and take advantage of a flexible application process! You can apply for a car title loan from the comfort of your home with your smartphone or computer. You do not need to have a bank account or good credit to apply online or over the phone with a title loan representative.1
If you qualify, you could receive your title loan proceeds in as little as one business day.3 Visit the FAQ page or call 855-422-7412 to learn more about auto title loans in Phoenix.
How Do Car Title Loans Work in Phoenix, Arizona?
Before you start your search for a title loan in Phoenix, Arizona, it’s important to understand a few facts about them. Auto title loans are a secured loan option that can allow an applicant to access a percentage of the available equity in their vehicle. Qualified applicants can use their vehicle title as collateral for the loan and access the money they need for emergency expenses.1
Following the completion of the loan, a title lender will place a lien on the borrower’s title. The lien is the lender’s legal right to the asset, and if the borrower defaults on the loan, the title lender can repossess the car. It’s possible for borrowers to maintain access to their vehicles during the repayment period. But, it is important to repay the loan on time.
What are the Requirements for an Auto Title Loan in Phoenix, Arizona?
A traditional loan, like a personal loan from a bank or credit union, can be challenging to qualify for if you have a bad credit score. A car title loan can be a lot more flexible. You do not need a perfect credit score to qualify for an online title loan. But, you will need to meet the following initial requirements to apply for a car title loan in Phoenix, Arizona:1
- Have a Title to a Qualifying Vehicle in Your Name
- Be Able to Provide Proof of Income / Alternative Income
- Be 18 Years of Age or Older to Apply
A 9-5 job is not required to obtain loan approval. As long as you have an alternative source of qualifying income, you could still apply for car or truck title loans in Phoenix, Arizona.1
In order to qualify for a car title loan, your vehicle must have a certain amount of positive equity. Vehicle equity is defined as the difference between the market value of a car and what you currently owe on it. LoanMart has an online calculator tool available for applicants to obtain an equity estimate and a loan quote, free of obligation.1
Call 855-422-7412 to find out if you can qualify for a title loan serviced by LoanMart in Phoenix, Arizona:1
Do Phoenix Title Loans Affect Your Credit Score?
Your payment history makes up around 35% of your FICO credit score. So, it’s important to pay all of your bills on time each month. If you frequently miss payments or end up defaulting on a loan, that can potentially leave a negative mark on your credit report.
If you do end up defaulting on your car title loan, your car could be repossessed by the title lender. However, most title loan lenders would prefer to work with the borrower if they’re struggling to make a payment to avoid a repossession.
Make your loan payment a priority each month and make sure to reach out to your lender or loan servicer if you are struggling financially. You can potentially refinance your title loan if your loan is in good standing.
What are the Advantages of Auto Title Loans in Phoenix, Arizona?
When you are in a difficult financial situation, you need a loan option that is accessible and accommodating. You can submit an application for a title loan serviced by LoanMart online at any time of the day or night.1
Take a look at some advantages you could expect if you qualify for an auto title loan serviced by LoanMart in Phoenix, Arizona:1
- Quick Funding3
- No Hidden Fees5
- Competitive Interest Rates1
- Keep Driving Your Vehicle
- A Flexible and Convenient Application Process1
- Exceptional Customer Service
Ready to see if your car can qualify for online title loans in Phoenix, Arizona? You could get the cash you need for an emergency in as little as 24 hours if you’re eligible.1 3 Call 855-422-7412 today to get started on your loan inquiry or visit the LoanMart website to apply online from the comfort of your home.
