What You Need to Know About Registration Loans
A lot of people are finding themselves in trouble when it comes to finances these days, sadly. Bills are adding up, car payments have got most people down, and the house payments are running behind. A lot of people just like you or I have almost no idea what to do about these problems anymore. Thankfully, there are options out there to help such issues. A lot of people are turning to payday loans, which can be very costly, but there are alternatives, such as registration loans. Car registration loans are a wonderful opportunity to use the vehicle you’re still paying on monthly as collateral in an effort to receive an Arizona registration loan and get yourself ahead of the game.
In simple layman’s terms, a registration loan is nothing more than a cash loan. It is fast, easy, and the perfect solution for a short-term problem. Of course, being a loan from a private company, you will be required to pay back every penny you borrow from the local business, plus any interest and fees, which the company will go over in the introduction and while discussing the contract that you must sign before seeing any money whatsoever.
The application process is generally quite simple. You only require a few documents, including:
- A current Arizona registration
- Your most recent bank statement, Account Number, and your debit card
- Proof of Income
- The vehicle you wish to use as collateral
- Valid ID
- And you must be 18-years or older.
Registration Loans in Arizona
Most Arizona registration loans will offer as much as $1500, but how much you receive really depends on the qualifications you possess for the loan itself. This will depend on your proof of income, which will reveal how well you can pay back the money each month, plus the worst of your vehicle, which the company could sell if they feel you aren’t paying back the money in the timeframe they offered.
The easiest way to receive a registration loan these days is by shopping around online. Thanks to the power of Google, car registration loans online are easier than ever to receive and be qualified for.
The Better Option
So, after doing a bit of research there is probably one question on your mind: What makes a registration loan better than other financial options out there today? The answer to that question is actually quite simple. Seeing as a registration loan is a private cash loan, you can expect an Annual Percentage Rate that is generally lower than other options around. The allowable range within Arizona is actually between 120 and 204 percent, which translates to 10 to 17 percent monthly. This may seem incredibly high to the average individual, but in reality these percentages are actually a bit lower than what you will find with other private loans, especially those dealing with nothing but cash, which is a bit more risky than some would really like.
Even better, the non-payment implications are quite wonderful, too. Those who enter into a short-term loan agreement, which is marked by the signing of a contract, will be required to repay the loan on a monthly basis. Should you be late with a payment, however, a late fee will be administered to your account. This is generally only around $10.00, which really isn’t too bad. You will also receive a grace period usually, which is around 10 days for most loan businesses.
No Clear Title?
A lot of people are worried about the title on their vehicle. They fear that if they don’t have a clear title on their car or truck, then they will be unable to receive a registration loan within the state of Arizona. This is not actually the case, for the most part. A lot of loan businesses won’t actually require you to have a clean title. You get to keep your vehicle during the entire loan process, which is another huge plus for many people, especially those who require a working vehicle to get back and forth to work these days.
You are fully capable of using your vehicle as a piece of collateral to receive the loan, and if it does not have a clear title, then the company will offer you an Auto Equity Loan, which is along the same lines as the registration loan these days.
So, in the end, you really only need to know a couple of things about registration loans to be a tad bit knowledgeable about them.
To start, make sure you have all of your required documents prepared beforehand. That means you should bring your proof of income, your identification cards, which may include your state issued license, plus you will want to bring along the vehicle and the registration that you intend to use as collateral, of course.
You should also know that if you fail to repay the loan within the time frame offered by the loan company, then they are well within their rights to repossess the vehicle and sell it as their own. They will use the money received from the sale in order to pay themselves back the money they loaned you. On top of that, as previously mentioned, the company make take you to court in order to receive their money back in full. It is a tricky world.