When you’re short of cash and if you own a car, you’ve probably heard of using it to secure a loan. But have you wondered if you can use your registration certificate to get a loan? In Arizona, you can actually do that and you don’t have to worry about still paying off your auto loan. They’re designed to be quick and easy to get, especially when you really need some cash on the double without getting bogged down in all sorts of paperwork and complicated loan terms.
What Vehicle Registration Actually Does
Vehicle registration proves that your car is roadworthy. This is what ties your vehicle to you in your state’s records.
When you register your car, you usually get:
- A registration certificate that shows the car’s VIN number, who you are and all about your vehicle
- License plates to put on your car
It needs to be renewed every now and then. It confirms you’ve paid the fees, got the right insurance and met all the legal requirements.
From Registration to Immediate Financial Relief
A registration loan is a way to turn what you already have (your car’s valid registration) into some short-term breathing room. Instead of putting up your car title as collateral you use your vehicle registration as the basis for the loan. You get to keep driving your car, you don’t have to own it entirely and you don’t have to wait around for some underwriting committee to make a decision and nor do you have to wait weeks for some official to get around to it.
The whole thing is built for speed because emergencies aren’t exactly polite and don’t send you a reminder. The loan amounts can be anything from $50 to $4,000, depending on how much equity is in your car and how much you can reasonably expect to afford to repay.
The Speedy Process
The steps to get quick registration loans online usually look something like this:
- Fill in a quick online form and tell them a bit about yourself – name, phone number and address
- Take a quick call from one of their people to go over the loan details and make sure it’s all good
- Visit a local store with the necessary paperwork and get your information checked out
- Take a few minutes to sign on the dotted line
- Get the cash you need, either the same day you apply or the very next business day
What You Actually Need
The requirements aren’t at all complex. Chances are, just about every Arizonan has all the necessary documents.
Typically, you’ll need:
- A photo ID issued by the state
- Your Arizona vehicle registration in your name
- Vehicle Information: Make, model, year, mileage (exact odometer reading), photos
- An active checking account
- A valid Social Security Number
- Proof of income (bank statements and/or pay stubs)
- Proof of residency
The Repossession Question
The important thing to know is that a registration loan lender doesn’t hold onto the title of your vehicle. Which means your car isn’t automatically at risk of being taken. That said, if you miss a lot of payments, you could still be subject to collections, legal action or have it reported on your credit.
Where You Can Get One in Arizona
Quick registration loans online are widely available all over Arizona, from Phoenix and Mesa to Glendale, Tucson, Yuma and Flagstaff. Many lenders have multiple office locations across the state and most let you start the process online before finishing up in person.
Conclusion
A registration loan is fast because lenders’ approval focuses on your valid registration, your income and how much equity your car has. You don’t have to hand over the title and they don’t care about your credit score as long as you can pay back the loan amount, including the agreed interest. But that speed comes with a bit higher interest rates than title loans and if you miss a payment, it could hurt your credit. It’s supposed to be a short-term fix, so just borrow what you need to get by, know when you have to pay it back and use the time to get your finances back on track.
