Car Registration Loans in Tucson AZ
Short-term lending options have recently spread like wildfire across the United States.
Traditionally, only established financial institutions – banks, in other words – have provided American consumers with loans. These loans have been designated for certain purposes, such as buying homes, paying for cars, or starting up businesses. Without having such a purpose to use loans for, lenders have generally been unwilling to provide them.
As the United States’ lending market has become saturated with loans, new competitors have been forced to offer short-term lending options to subprime borrowers, both of which are things that traditional lenders have eschewed for decades.
While traditional lenders’ operations have largely and long been regulated by the federal government, newer, short-term lenders’ operations have only recently been regulated, and at the state level, at that.
Every state has different laws regarding short-term lending. Arizona, for example, is the only state in the United States to offer registration loans.
What is a Tucson registration loan?
As long as people and financial institutions have lent money to prospective borrowers, they have asked borrowers to present assets as collateral. Collateral, which is signed off to lenders in the event that borrowers fail to adhere to financing agreements’ terms, is a way of reducing risk and recouping potential losses.
One of the most popular forms of collateral over the past century has been cars, trucks, and other automobiles.
In Arizona, rather than only being able to present automobiles as collateral, consumers are able to borrow against their vehicles’ registrations.
Unlike traditional forms of loans, Tucson registration loans are available on a short-term basis. For example, many residents of Arizona who apply for Tucson registration loans are able to receive funding the same day that they apply for them.
Tucson registration loans are an ideal way to receive cash quickly in order to take care of financial emergencies for several reasons.
One of these reasons is that applicants are not judged based on their credit scores, meaning that even people who have poor lending histories are likely to be approved for Tucson registration loans. Further, lenders that offer these registration loans don’t turn applicants away based on any information they might find on their credit histories – not just their credit scores.
The only thing you need to do to go forward with getting fast cash with Tucson car registration loans is temporarily sign over your car’s registration, as long as it is legally registered with the state of Arizona.
Although there’s no ascribed limit to how much you can receive from a Tucson registration loan, you’ll usually be able to borrow up to roughly three-quarters’ the current market value of your vehicle. The market value of your vehicle is how much money you could reasonably expect to receive from the sale of your vehicle at the current point in time. You can search for your vehicle’s market value by searching online for the current sales price of vehicles that are similar to yours.
Check out these other benefits of Tucson registration loans
We offer competitive interest rates on all of our Tucson registration loans. This means we won’t charge you significantly more than other lenders will.
Our clients typically receive funding in as short as one business day. Further, you’ll be able to drive your car the entire time, even though we’ll have your car’s registration.