Arizona Drivers: How to Use Your Car as Collateral for a Loan

By March 9, 2018Title Loans
Arizona Drivers - How to Use Your Collateral for a Loan in AZ_Oro Express Chandler

 

Life happens and sometimes we need a little extra money to get us through an emergency or a rough patch. If you don’t think you’re a good candidate for a loan, you may be wondering how you’ll get the money you need. Fortunately, you can easily get a loan by using your vehicle as collateral. But how does trading in your car work? Here is everything Arizona drivers need to know about an auto title loan in Chandler.

What Is a Title Loan?

A title loan is simply a loan that uses your car as collateral, in case you can’t pay off the loan. Generally, when trading in your car for a loan, it’ll be a short term loan, nothing like the five years or so that you would have signed for when you bought the car. We also don’t check credit scores or even income.

I Need My Car. Can I Still Get a Loan?

The best part about trading in your car for a loan is that all you’re really trading in is your title. You get to keep driving the car while you’re paying off the loan, so you won’t need to worry about how you’ll get back and forth to work or school.

When Is a Title Loan Useful?

Are you wondering when is a good time to trade in your car? This kind of loan is great for when you’ve had an unexpected expense that’s not too big, but just big enough that you can’t afford it on your own. Because it’ll be a short term loan, you can pay it off and get on with your life. And you don’t need to take the full value of the car, either. Just borrow what you need.

What Do I Need to Bring?

If you’re wondering how to trade in your car, don’t worry. It’s not difficult! All you need to bring with you when you go to trade in your car is your car’s title, your driver’s license, and, of course, your car. The loan officer will do a quick assessment of your car to determine how much you can borrow.

What Happens If I Can’t Pay It Back in Time?

Typically when you trade-in your car’s title, it’s for a short term loan – in our case, 90 days. However, we understand that sometimes you can’t pay back the entire loan during that time, and are willing to work with you if needed.

Arizona Drivers Can Get Worry-Free and Hassle-Free Title Loans

Trading in your car is so easy that you’ll never have to worry about those little surprise expenses again. Contact Oro Express Chandler to find out more about title loans and get the help you need, stress-free, today!

Featured image: Dmytro Zinkevych/Shutterstock