Title Loans Sierra Vista, Arizona
If you are interested in title loans, then you likely have a lot of questions about what, exactly, they are and how they work. To explain them in laymen’s terms, title loans are short-term, collateral-based loans. In this case, the collateral involved isn’t jewelry or your mortgage; instead, it is something much simpler- the title to your vehicle.
In order to qualify for title loans Sierra Vista, AZ residents, just as Tucson, AZ residents and statewide, need to possess a lien-free vehicle title in their name. In other words, they must own the vehicle in question outright. The title loan quote is estimated regarding the value of the vehicle only. However, that is the only major requirement to meet, though some lenders may also require borrowers to be employed or to have some other verifiable source of regular income to ensure that they can pay back the loans that they are given.
Aside from these very basic requirements for title loans Sierra Vista residents do not have to jump through any hoops to get the loan funds that they need. In fact, when it comes to title loans Arizona residents do not even have to have good credit or even any credit, which is quite the opposite of more traditional loans, such as bank or credit union loans, which typically require nearly perfect credit in order to qualify.
What You Need to Know About Repossession
The big fear people tend to have about taking out title loans, despite all of their many benefits, is that their cars will end up being repossessed. And, while repossession is legal in the state of Arizona should you fail to make your loan payments as agreed upon, there are a few things that you should be aware of:
- Lenders utilize repossession as a last resort; they will do everything within their power to help you make your loan payment before repossessing the vehicle
- Repossession does NOT meant that you have lost your vehicle for good; if you can get caught up on your loan payments, you can get back your vehicle
- Loan extensions are very common for title loan borrowers
As mentioned above, lenders want you to make your payments; they would rather have your payments than your vehicle. As such, they make every effort to work with you before repossessing your vehicle. However, your lender cannot work with you if you fail to communicate with your lender. Thus, if you know that you are not going to be able to make your loan payment on time and/or in full, let your lender know what is going on! Your lender will more than likely provide you with a loan extension, which gives you more time to pay. This is the best way to avoid repossession of your vehicle.
If you fail to communicate with your lender and repossession does happen, then there is still time left to talk with your lender. If you are honest with your lender about what is going on and why you haven’t paid, the lender can typically help you to work out a plan to get your vehicle back and to get caught up on your loan, but communication really is the key.
Remember, your lender is on your side and wants to help you; you just have to help your lender to help you, plain and simple.
If you fail to make your loan payments and to communicate with your lender, your account will likely be handed over to a debt collection agency. If this does happen to you, keep in mind that you do still have some rights that must be respected as the debt is collected upon.
However, there is no reason for you to worry about debt collection if you make your loan payments as agreed upon and/or stay in good contact with your lender, which is always the recommended course of action.