In Arizona, you can have up to five registration loans in your name at one time. Multiple registration loans is a method of financing in Arizona where the borrower uses the registration card to their vehicle as collateral in exchange for fast funding. Some people in Arizona mistakenly think that having multiple registration loans are a quick, convenient way to get money, but they might not know about the many disadvantages that can come with this type of loan.
Other types of funding, such as payday loans or signature loans also have a cap. You can typically only have one payday loan and one signature loan out in your name at one time. This is because these types of lenders will usually never approve you for another loan if you have not paid off your first one yet.
All of these types of loans almost always come with very high interest rates. Did you know the interest on any given registration loan can reach as high as 300 percent? This can turn an initially small loan credit into a massive bill that you are expected to pay right away.
Another major pitfall to payday loans and signature loans are the unmanageable terms. These loans typically come with extremely short terms, usually around 30 days. When short terms are combined with high interest rates you are basically being set up for failure by these loan lenders. Therefore multiple registration loans, payday loans, and signature loans are a very risky way to borrow money.
Why Multiple Registration Loans (and Other Loans) Are Harmful
While it is possible to get up to 5 registration loans in your name, this is most likely not a good idea for you or for your financial well being.
Let’s say at one point you had the maximum of 5 registration loans on one car in your name, each funded for a mere $400. Five registration loans funded for $400 each would make the total amount of funding $2,000. That might not seem like too much to handle, but remember that initial $2,000 is not including the registration loan interest rate charged.
Each of your registration loans could be charged an interest rate of a whopping 300 percent! If this were the case, that would make the total amount of money you would have to pay back your registration loan lender about $8,000! Do you have $8,000 to pay back in a month? This could be the situation you find yourself in if you risk your finances by taking out multiple registration loans.
Thankfully there are better options for you. Car title loans can bring you you the fast and efficient funding you are looking for, without all the hassles that can come with registration loans, signature loans, or payday loans!
Can You Get a Car Title Loan in Arizona?
Yes! You can get a car title loan in Arizona! In fact, you can get a car title loan from car title loan lenders in multiple states throughout the U.S.! It is possible to receive a car title loan from usually in the following states:
- New Mexico
- South Carolina
Car title loans associated with Max Cash Title Loans are more accessible than registration loans, payday loans, or signature loans because car title loans are offered in more than one state. While registration loans are only offered in Arizona, you can work with Max Cash from various states across the country!
What You Need to Get a Car Title Loan in Arizona
- Government issued photo ID
A driver’s license, passport, or state issued ID are all acceptable forms of government issued photo ID. Membership cards that have your picture on them are not acceptable forms of photo ID, we can’t accept them because they aren’t issued by the government.
- Proof of residence
A piece of mail such as a utility bill or a lease would work. Something like a magazine subscription wouldn’t be a good piece of mail to pick for a proof of residence. Stick with crucial financial documents, or anything sent to you by the government.
- Proof of income
A pay stub is an excellent proof of income, but there are more ways to prove your income for a car title loan. Disability, unemployment benefits, social security, and more can be acceptable forms of proof of income. You can always talk to your title loan agent for the details!
- Vehicle title
If you are worried because you can’t find the title to your vehicle or because your name isn’t the only one listed on your title, breathe for a second, we still may be able to help you! Your lender might be able to aid you in getting a new vehicle title for your car in your name, your title loan agent can give you the specifics of that process.
- Photos of your car
Your car title loan lender will need several photos of your car before we can fund you for a car title loan. It’s best to take the pictures of your car outside during the day, so your car looks its best. You can even take your pictures straight from your cell phone and text them to us at 855 561 5626!
How to Get a Car Title Loan in Arizona
Getting a car title loan associated with Max Cash is simple, easy, and fast! In some cases, you can receive your funding in as little as 24 hours in some cases!
- Send in your information
To get started on your car title loan, all you have to do is go online to our homepage. This will bring you to your information request. Here you will fill out some basic information to send to us, and we can tell you if you are approved right away!
- Talk to your agent
After you have been approved, your car title loan agent will contact you to discuss the details of your free quote. At this time your agent will also request your documents, so it’s a good idea to have those on hand as soon as you can.
- Get paid!
The last step is to sign your car title loan contract! You can also pick how you receive your car title loan money. can pay you through …
- Electronic deposit
- Money gram from a Wal Mart cash center
- Stopping by our licensed location and getting your money from in person
You could have your money as soon as the next business day3. Get started on your car title loan today!