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Title Loans in Arizona

If you are looking for a title loan in Arizona, it can be hard to know which is the best option available to you. One of the first questions you may find yourself asking is which title lenders are open now, but finding a title lender in Arizona with convenient or flexible hours shouldn’t be the only thing you look for.

Title loans open now are important, but what else is important includes finding a title lender with good reviews, one with fast and convenient services, and more.

Luckily, here at TitlePlan, we make it our job to put you in touch with only the best Arizona title lenders in your area. It makes the process to getting the money you need fast, easy, and pain free.

Arizona title loan

Why Title Loans in Arizona?

If you are wary of the risks that title loans come with, you have good reason to be! Whenever a secured loan is involved there is clear inherent risk. When it comes to car title loans, your willingness to trade in your vehicle title in order to take out a fast cash loan means that if you fail to pay back your loan, you could face repossession. 

Still, while other states do not put emphasis on protecting the borrower, Arizona state law makes sure that the borrower is strongly protected when taking out a car title loan. 

There are a number of laws in place to protect the borrower when it comes to interest rates connected to car title loans in Arizona. 

The reason why the interest rate connected to your title loan is so important is because it essentially dictates how much you will have to pay in order to borrow the money. The higher the interest rate, the more expensive the loan, and a cheaper interest rate often means saving hundreds (if not thousands) of dollars depending on how much you take out in the first place. 

In other states, the annual percentage rate (APR) attached to title loans can be as high as 300 percent. Most title loans only last a month, but still that translates to a 25 percent interest rate per monthly payment term! 

In Arizona, state law requires interest rates to remain much lower:

  • For loans worth $500 or less, the maximum monthly interest rate that can be charged is 17 percent.
  • For loans between $501 and $2500, the maximum monthly interest rate that can be charged is 15 percent.
  • For loans between $2501 and $5000, the maximum monthly interest rate that can be charged is 13 percent.
  • For loans of $5001 or more, the maximum monthly interest rate that can be charged is 10 percent.

 Cities in Arizona

 

An Option for Bad Credit Borrowers

Overall, having a bad credit score can lead to very real difficulty securing any kind of loan. Whether it is for a new credit card, a mortgage, or a small business loan, having a history of bad borrowing could very likely get in the way of your ability to get the cash you need. 

Car title loans in Arizona are very different. It is actually quite common for potential borrowers to never be asked for a credit score check before securing a title loan. The reason for this is because unlike unsecured loans, which depend heavily on credit scores to dictate approval, title loans are secured loans. The value of your loan is directly related to the value of your car. 

 

Typically, a car title loan is worth somewhere between 30 and 70 percent of the value of your vehicle. There are several factors that go into a lender determining the value of your car.

  • Your vehicle's mileage
  • Your vehicle's age
  • Your vehicles condition, both body and mechanic
  • Your vehicle's resale value

Much of the resale value will be based off of your car’s market value. If you are interested in looking into your car’s market value before you contact us, feel free to to head to Kelley Blue Book’s website and enter your car’s information to get a good idea.

Arizona Title Loans

If you are interested in taking out a car title loan in Arizona, contact us at TitlePlan and let us help you get the fast cash you need to get back on your feet!