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Registration Loans – How They Work And What To Know

Registration loans are a unique way to borrow money in Arizona without dealing with the hassles of a credit check or vehicle collateral requirements. With these loans, your vehicle’s registration documents are used as collateral for a small loan of $100 or more. Unlike a title loan, you don’t need to own your vehicle, and you can even be approved if there’s an active loan on the vehicle.

Once approved for funding, you will continue driving your car as you pay off the loan according to the agreed-upon terms, and even if you default, you’re never at risk of having your vehicle repossessed. Payoff the loan in full, and you can register the car without issues.

Premier Title Loans can help with an online registration loan if you need quick and affordable financing until the next pay period. We provide an easy and fast application process with options to apply over the phone or online. Once you submit the required documentation, our team will get you a quote for a registration loan in Arizona, and some customers can be approved and funded in one business day!

How Registration Loans Differ From Title Loans

Both registration loans and title loans are good options to borrow money when you can’t qualify for an unsecured personal loan. However, there are differences between these types of loans that you must know before applying:

Vehicle Ownership: You must own a paid-off vehicle to qualify for a car title loan. However, you can get approved for a registration loan even if a lienholder or a cosigner is attached to the vehicle’s pink slip.

Amount: Car title loans allow you to take out a more significant loan amount and often come with more substantial borrowing limits than registration loans. Loan amounts on car title loans start at an average of $4,000 in most states, while registration loans in Arizona are typically capped at $1,000.

Rates: Registration loans are riskier for lenders than a typical car title loan, as there’s no collateral backing up the loan. Interest rates, in general, are higher across the board for all types of loans these days, and you can expect to see the same with a secured loan.

What’s Required For A Registration Loan?

We need a few documents before you can get approved for a registration loan. These include:

• Proof of income such as employment disability, retirement, self-employment, or another income source
• Your vehicle registration documents from the Arizona MVD
• Proof of comprehensive insurance coverage
• Verification of the vehicle’s mileage and VIN
• Valid driver’s license (In Arizona, you often have 30+ years until the license expires!)

Some lenders in Phoenix may ask for additional documentation and requirements, including proof that you have a checking or savings account with direct deposit.

How Much Can I Get With a Registration Loan?

Registration loans are typically funded for $100-$2,500, depending on your application information and lending profile. The average registration loan in Arizona is funded for about $400, with higher amounts for customers with good credit and no recent unpaid title loans. These loan amounts are less than a typical title loan, but that’s because there’s no collateral like a car or truck acting as security for your loan.

Cash with a Registration Loan. Do I Need a Vehicle Inspection?

Whether you need to bring your vehicle for inspection depends on your requested loan amount and underwriting profile. At Premier Title Loans, we understand that a vehicle inspection can waste your time and resources, especially if you are trying to get fast cash with a registration loan. We can sometimes pre-approve your application without a vehicle inspection, and that’s often the case for registration loans of $500 or less. A registration loan doesn’t need to be a hassle; we will work to process your loan in just a few hours.

Can You Get Multiple Registration Loans & How Long Do I Have To Repay My loan

Depending on the lender, getting multiple registration loans out in one name simultaneously is possible but not recommended. Remember, any title loan company in Arizona will look up your lending history and credit utilization and likely deny your application if multiple loans are outstanding.

Regarding how long you have to repay the loan, most registration loans are repaid quickly, within 30 to 60 days. This repayment term is much quicker than a title loan that’s typically repaid in 12 to 48 months. The payoff time is faster for a registration loan because the loan amount is much smaller, and customers also need to renew their registration with MVD every year.

What Happens If I Don’t Pay a Registration Loan?

If you fail to repay your registration loan, the lender may attempt to collect the money themselves or assign the account to a third-party bill collector. The lender may also take additional action and sue you in civil court for the amount owed. If you ignore the lawsuit or lose the case, your lender will end up with a judgment, and they can garnish your wages to collect the amount owed. However, compared to a typical title loan, they can’t repossess your vehicle as they’re not listed as a lienholder on the car’s title.

In addition to your lender initiating collection proceedings, you’ll also have trouble renewing your vehicle’s registration if you fall behind on the loan payments. Remember, registration loans are backed by your registration documents and you must repay the loan to register the vehicle in Arizona.

Apply For A Registration Loan With Premier Title Loans

Are you still paying off your vehicle and need urgent cash? If you live in Arizona and have a car registered with the MVD, Premier Title Loans can help. Complete our application for a registration loan online and get your cash today. Registration loans come with the following benefits:

• No credit check: Your credit history is not part of the pre-approval process with Premier Title Loans. Our loans are specifically designed for people with poor credit!
• No prepayment penalties: We don’t charge our customers fees for paying their loans early. This means you can take out a registration loan and repay the loan at your own pace.
• Convenient and flexible: With Premier Title Loans, you can apply online 24/7 and get a lending estimate in 10 minutes or less. Once approved for a registration loan, you can get your cash in one business day.

Premier Title Loans provides access to auto registration loans in AZ for anyone with a registered vehicle. Contact us at 800-250-6279 for quick pre-approval and underwriting. Most applicants with valid vehicle registration documents can qualify for $200 or more!