What is a Registration Loan, and How Does it Work?

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So,  what is a registration loan? Registration loan lenders allow borrowers to access funding by using their car’s registration as collateral. Since they are not payday loans, they do not follow the same lending guidelines. The rates for both financing options can be notoriously high! For a registration loan, you are not providing your car title as collateral,  so the interest rates tend to be higher. 

Instead, consider your other secured options- like a title loan! Use your car’s title to secure cash and hopefully secure a more competitive interest rate.4 Max Cash Title Loans can help connect borrowers to the best deal through an online title loan marketplace.4 5 

What is a Registration Loan, and How Can I Get One?

Now that you know what a registration loan is,  you might want to know how to get one. Registration loans are secured through your car’s registration, but they may not be considered secured loans because the title to the vehicle is not always clear. If you do not own the car outright, you may have no collateral to secure your funding.

You will find that many lenders in Arizona will want your business, but please get more information before deciding to get a registration loan. You will also find that registration lenders want you to bring in your vehicle so they can verify and inspect it. That can make the process a bit more complicated. 

On the contrary, car title loans brought to you through Max Cash Title Loans can be a fantastic way to quickly get the money you need!5 Max Cash Title Loans can connect you with online car title loan lenders who can fund you as soon as the next business day. 2 5 Don’t waste your time with slow-poke lenders who don’t care about your finances. 

While it usually differs from state to state, in Arizona, you can have up to five registration loans in your name at one time. Some borrowers in Arizona choose to have multiple registration loans at once to cover unexpected bills and expenses. Some Arizona people mistakenly think having multiple registration loans is a quick, convenient way to get money. But,  they might not know about the many disadvantages of this type of loan.

Since there is no real collateral to secure the loan, some registration loans will lead you to collections if you do not pay them back promptly. This can be a huge disadvantage to consider.

What is a Registration Loan, and How is it Different from a Title Loan?

Registration loans can allow you to borrow funding with your car’s registration. Max Cash Title Loans can refer you to an online lender through the marketplace. With thousands of verified lenders to connect with, it is possible to get access to a great deal. 5

 There are so many benefits that come with Max Cash Title Loans provided car title loans as opposed to registration loans online, here are just a few of them5:

  • Online Services – You can get your title loan funding while using our online resources to connect to a lender.²  Ditch the hassle of having to drive to a lender just to meet with them. With Max Cash Title Loans, you can find out if you qualify and start your car title loan completely online!
  • Quality Customer Support – Max Cash Title Loans is here to help you. That’s why we have experienced and qualified car title loan representatives available for you seven days a week with extended hours. Max Cash Title Loan agents are waiting by the phones to answer your questions and help you along with your Max Cash Title Loan process².
  • High Approval Rate – It can be frustrating to deal with lenders who immediately reject you because you have a low credit score. Max Cash Title Loans knows your financial situation is more than just a number, so we look at other factors when we refer you to a car title loan lender. We care more about your vehicle’s value and ability to repay your loan. 
  • Convenient Terms and Competitive Rates⁴ – When you get a car title loan with Max Cash Title Loan,² we can connect you to a lender with representatives who will come up with a payment plan just for you. Using competitive rates and convenient terms, your lender can create a payment plan that works for your unique financial situation and your schedule.

 

How the Car Title Loan Process Works

To get started and see if you qualify, fill out our quick and easy pre-approval web form. The form consists of a couple of personal questions and will tell us about yourself and your vehicle.

Once completed, our knowledgeable team will review the information and let the applicant know if they have a good chance of securing a loan. Using the information, we can determine what lenders will work best with the inquirer and connect them to a specific loan company.5 

If approved, the lender contacts a potential borrower and quotes the maximum number they can lend them.1  A borrower doesn’t have to accept the full price, if they choose, they may undertake a smaller amount. Along with the loan value, a lender will quote an interest rate. The duration request is decided by the borrower and the lender. Monthly payments will be based on the loan duration, interest rate amount, and principal.

But if both parties agree to the loan terms, the lender will verify the car’s condition and check the odometer. The inquirer will then be placed as a lien holder on the title until the vehicle title loan is paid off.

 

What Are The Requirements To Receive a Title Loan?

  • Driver’s license
  • Possession of the car’s title, registration, and insurance
  • Proof of residency
  • Proof of income and bank account 
  • Several photos of the vehicle
  • Social Security Card or Tax ID number
  • A few references

Do not worry if you aren’t sure where to find some of those documents. Our skilled representatives can help direct you! 

Instead of a Registration Loan, Why Choose Max Cash Title Loans? 

Title loans can be a secure way to access the money you need. Borrowers can use their car’s title as collateral to secure their cash. This type of loan is low risk for the lender because they are guaranteed their money back one way or another. 

This means that title loan lenders may be able to offer inquirers higher loan amounts, along with affordable interest rates and terms.4 5  Try working with Max Cash Title Loans today and get connected to the help you need! 5