Car Title Loans Nogales, Arizona
A title loan is a form of secured loan in which borrowers can utilize their automobile title as collateral. Before borrowers receive the loan amount, lenders must place a lien on their vehicle title. Additionally, borrowers are required to surrender a hard copy of their car title to the lender temporarily. Loans are important to most Americans. They use them to pay for expensive purchases including vehicle, homes in Nogales AZ, and vacation. However, with the recent economic crisis, many people do not qualify for loans due to their wanting creditworthiness. Fortunately, title loans in Nogales allow borrowers to achieve their financial goals by using the title of their vehicles as collateral. Additionally, individuals who are still making payments for their car can access title loans by applying for Arizona registration loans.
Why title loans Nogales are unique
Most times, people who get these loans are those who have poor credit limits. Many vehicle title loans firms do not check the credit score of a potential borrower at all. Through title loans, people can get cash for paying rents, emergency medical bills, as well as late utility bills. People who are experiencing financial hardship can get back on their feet by taking vehicle title loan. Platinum Lending is a prominent company that pairs interested individuals with the best lenders of title loans in Nogales.
How to apply for car title loans in Nogales
Platinum Lending provide an opportunity for borrowers who have a genuine source of income and a flawless vehicle title to apply for loans. All they need to do is to fill out application forms with vehicle’s basic information such as year, type, mileage, as well as personal information (name, telephone number, and zip code). After they have completed the form, the applicants will receive title loan estimates immediately.
Platinum’s agents guide borrowers in completing the loan process and answering all questions that may arise. Interested individuals can complete the whole application process from the comfort of their homes through the online platform. Online title loans with no inspection are issued provided the borrower can prove his or her car has no liens, and she or he has a source of income. People who own high-value cars can get significantly higher title loans in Tucson.
How title loans work/legal regulations in Nogales, Arizona
The federal and state laws regulate companies that offer vehicle title loans in Nogales. The state agency responsible for licensing these companies is called the Department of Financial Institutions. Under the state laws, a title loan company is known as Secondary Motor Finance Company.
- Interest rates: The state protects the right of consumers by setting a limit on the amount of interest, which a firm can charge on a vehicle auto loan for each 44-291 (G) ARS. For car loans that are $500 or below, their monthly finance rate does not exceed 17 percent. For auto loans ranging from $500 to $2,500, their finance rate cannot be more than 15 percent. Loans ranging from $2,500 to $5,000 have a limit of 13 percent financial rate and 10 percent for those loans exceeding $5,000.
- Default and seize of cars: The law allows the lender to seize the car from the borrower if she or he defaults or declines to pay the title loan. Nevertheless, the borrower can liaise with lender and request for the extension of loan repayment period.
Benefits of car title loans
Quick and convenient
The process of applying for auto title loans is simple and quick. In fact, an applicant may take only ten minutes to get quick cash. After submitting the application form, the borrower can receive the money within the same day.
Owning a car, perfect title, and source of income are the only requirements for getting an auto title loan. Even people who have poor credit score can secure this loan since lenders do not check their credit scores.