When you need quick cash, whether it is $100 or up to $50,000, you might find an auto title loan could be one of the easiest ways to secure the money you need. Usually, it takes days or maybe even weeks to try to get a loan from a place like a bank or a large lending company, but with an auto title loan in Phoenix, you will typically be able to get your money in under an hour.
One of the major differences between auto title loan providers and bank loan providers is auto title loan companies are there to give people a second chance, even if their credit is less than ideal. Auto title loan providers don’t rely on your credit score, not even checking it. If you have made some missteps in your financial life previously, you can still get the money you need from title loan providers because they believe in your future more than in your past.
The amount you can qualify for in your auto title loan Phoenix will not be evaluated by your income or by your credit, but rather by the actual value of the vehicle itself. The title to the car or truck will serve as your collateral. The current blue book value of your vehicle will serve as a general guideline for the amount of money that your auto title loan provider will offer to you, however, you do not have to take the full amount if you do not wish to.
The repayment of your title loan will work according to the terms of your individual loan, but in most cases you will be able to make several payments until your auto title loan is repaid. The entire time that you are making your payments, you will still be able to drive your vehicle. The only difference in your life will basically be that your vehicle title will be held by the auto title loan company while you make payments. Once the loan has been repaid you will immediately receive the title back!
A title loan does not report to the credit reporting agencies, so good payments will not help improve your scores, however, failure to pay your title loan off in a timely basis could result in the forfeiture of your car.
