State regulations, what you’ll need to apply, where you can find reputable lenders and more.
We break down where you can find reputable lenders, the laws in place to protect your money and what you’ll need to secure an auto title loan in Arizona.
LoanMart Auto Title Loans
A LoanMart auto title loan allows you to borrow money against your car, even if you have bad credit and no bank account.
- Must have verifiable income.
- Must live in AL, AZ, IL, MO, NM, SC or UT
- Min. Loan Amount: $1,000
- Max. Loan Amount: $50,000
- Loan Term: 1 to 5 years
- Turnaround Time: 1 business day
Compare your auto title loan options in Arizona
Where can I get an auto title loan in Arizona?
Title loan shops are scattered across Arizona. In general, it’s going to be easier to compare your options if you live in one of the larger cities like Tucson or Phoenix, but that doesn’t mean you don’t have options if you live in a small town. Title loans are a growing business because of the need for short-term lending, so you’ll likely be able to find a physical title loan store wherever you live in Arizona. You can also find title loans online, which lets you compare lots of lenders without leaving your home.
Arizona auto title loan locations
Online auto title loans in Arizona
While online title loans are available in Arizona, the process usually isn’t completely online. This is because many lenders want to inspect your vehicle before approving you for a loan.
Every lender has a unique application, but you can expect similar steps no matter where you go. The process usually goes something like this:
- Select a lender that suits you.
- Visit the provider’s site.
- Fill out your initial application.
- Confirm your car inspection with your lender.
- Visit a storefront to complete your application.
You won’t always have to visit a lender, but if a provider is offering an inspection-free process, be wary. Make sure the rates you’re given match the laws of Arizona and that the lender is reputable before you complete your application.
What are the auto title loan laws in Arizona?
Arizona state law regulates the interest rates title loan lenders are allowed to charge. The maximum monthly interest rate for your loan is calculated based on the amount you borrow:
- $500 or less: The cap is 17%
- $501 to $2,500: The cap is 15%
- $2,501 to $5,000: The cap is 13%
- $5,001 or more: The cap is 10%
There isn’t a maximum or minimum loan term. Your lender will likely set a term based on your pay schedule, with most loans lasting between 30 and 60 days.
When you receive your loan contract, read it carefully. Your lender should list your name, your lender’s name and a description of the vehicle. It should also include the monthly or annual financing rate, which should comply with the interest rates listed above.
If you’re unable to fully repay your loan plus interest by the end of your term, you can contact your lender and request an extension. Many lenders allow this, provided you’re able to pay the interest, but be cautious — this can lead to owing much more than you borrow.
Arizona law doesn’t require that the lender hold the physical title during the loan, but it may request this as a provision of the loan. You’ll still be able to drive your car while you pay off the loan, however if you default, you risk having your car repossessed and sold.
Requirements for auto title loans in Arizona
Unlike some states, Arizona doesn’t have stringent regulations on who can or cannot borrow a title loan. Instead, these details are left up to the specific lender and will vary based on the company you choose. However, you’ll still need to meet three basic criteria:
- Possess a lien-free car title
- Be at least 18 years old
- Have a valid government-issued ID
Your lender may also require you to have proof of insurance or a vehicle worth a minimum amount to qualify for a loan. While a lien-free car title is required, you don’t have to have the physical copy unless your lender specifically requests it.
Provided you know the laws that protect you and have a solid plan to repay your loan on time, title loans can be a tool when you’re struggling to make ends meet. These are short-term forms of credit and shouldn’t be used to solve frequent financial issues. If you’re ready to take out a title loan, you can start comparing your options.
Frequently asked questions
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