Title Loans Tuscon, AZ

Have you ever found that you need some extra cash to manage your finances for the month? Do you sometimes wish to make large purchases or investment that you need some extra cash to help you along with? If either of these scenarios are familiar for you, you should learn about what title loans Tuscon are and how you stand to benefit from them.

Just about everybody could benefit from these loans because just about everybody can use some extra funds now and then. Being aware of what title loans are and how the process of taking out a title loan works is great because it gives you some options. If you want to explore this product, you can read on to learn about the process, the state laws that influence it, and some special distinctions regarding this type of loan.

Learning how the process of title loans Tuscon works

Basically, a title loan is a secured loan that you use your vehicle as collateral for to take out. Because you’re providing collateral in the form of your vehicle, your credit score is not going to be such a big consideration. If you thought you couldn’t be approved for a loan before, you should know that you can probably be approved for this the of loan as long as you have a qualifying vehicle.

The process starts when you fill out an application. On the application, you’re going to have to provide some details about your vehicle that the lender is going to use to figure out approximately what your vehicle is worth. Because the vehicle is collateral for the loan, its value is an important consideration.

You can fit out the application online and wait for a response. If you are offered a loan with terms that are acceptable to you, you can take out the loan. However, you’re going to have to submit your vehicle title to the lender before you can get the loan funds. The vehicle title is going to have to be made out in your name.

Title loans Tuscon and how state laws come into play

As a resident of Arizona, you will probably want to familiarize yourself with how laws in your state are going to influence title loans online in Chandler. Title loans are regulated on the state level. The following are some important factors to remember about title loans Tuscon:

• The interest rate is limited at 17 percent if the loan amount is $500 or less.
• The interest rate is limited at 15 percent if the loan amount is between $501 and $2,500.
• The interest rate is limited at 10 percent if the loan amount is greater than $5,000.

There is no limit on the maximum loan amount for a title loan in Arizona.

Important distinctions about these loans to keep in mind

• A title loan is a secured loan- You need to know that title loans Tuscon are secured loans. That means that they are loans that involve some sort of collateral. In this case, the form of collateral is your vehicle.
• A title loan offer flexible repayment plans- When you take advantage of these loans, you’ll enjoy flexible repayment options. This is very helpful to consumers and makes borrowing easier to budget for.
• A title loan is a unique type of alternative loan product- Title loans are generally considered alternative loan products. However, don’t get them mixed up with payday loans. You do not have to sign a paycheck over to the lender.