How to Pay Off a Title Loan Quickly in Arizona

 How to Pay Off a Title Loan Quickly in Arizona
Photo Credit: Tio Rico Loan Centers

A vehicle title loan sounds like a great fit for a looming situation for which you’ll need extra cash. While you’ll likely go to term with payments, you may be the type to want to expedite the process a skosh. With that in mind, here’s how to pay off a title loan quickly in Arizona.

Just What are Title Loans?

These are short-term loans of 30 days or less, although some lenders offer longer terms. You’ll put up your vehicle as collateral, which means timely payments are a must to avoid the seizure and selling of your vehicle.

Your vehicle — car, truck, RV, motorcycle, or boat — serves as loan security, so approval rates are high because you’re considered less of a risk. A huge plus is you’ll get to keep your vehicle while you’re making payments. The lender will merely hold onto your title, which must be lien free. The vehicle must be in your name.

How Much May I Borrow?

That’s determined in part by the state in which the lender is located, and by your income. The amount you can borrow also primarily turns on your vehicle’s value, which is based on its make, model, age, mileage, and overall condition. Generally, you can expect an offer of between 25 percent and half your vehicle’s value, as decided by the lender. The loan range is between $100 and $10,000 or more, with the average loan pegged at around $1,000.

What Will I Need?

In addition to the vehicle and title, you’ll need to provide photos of the vehicle in natural light from all angles, with a clear shot of the VIN and odometer reading. For an AZ title loan, you’ll also need proof of residency (utility bill, etc.), plus the industry standard government-issued photo identification and proof of income (pay stubs or bank statements). If you don’t have a job but have income from a source such as rental property, Worker’s Compensation, retirement, Social Security, or self-employment, that would work as well.

What you won’t need, by the way, is good credit, or any credit, for that matter. While the lender may pull your credit report, they won’t focus on it. This is a big advantage title loans have over bank loans.

How Can I Pay Off the Loan Quickly?

Another advantage of title loans is that repayment in Arizona is easy and flexible. One feature in that regard is the ability to pay off your loan early, sans any fees or penalties. Make sure the title lender you choose has no hidden fees, surprises, or huge payments at the end of the loan term.

How Fast Can I Get Cash?

A prominent industry selling point is the approval and lending processes are fast. You can apply totally online and hear back the same day, sometimes within minutes. Once approved, cash is usually available by the next business day. But in Arizona, it’s possible to have money in hand the day you apply.

Ultimately, paying off a title loan quickly in Arizona involves finding a lender that will allow you to get rid of your debt without being penalized for it. They’re out there. Just keep in mind that before you apply, you must be certain you can make timely payments.

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