What is a car registration loan? That’s a good question. Chances are unless you live in Arizona, you are unfamiliar with that type of loan. But for those who do live in Arizona, they are a convenient way for consumers to borrow money. The terms are favorable, in the sense that lender requirements are generally few, and the funds can be had quickly. The loans are available for people with limited, poor or no credit. Plus, people who live on a fixed income can benefit from the easy terms of a registration loan, too.
For consumers, loans can be found for nearly every financial need. Whether it is for a house, school, personal or auto, loans vary depending on the needs of the borrowers, and so do the terms and conditions of the loan. However, registration loans are a type of loan that is unique to Arizona.
Flexibility & Convenience
Known for their flexibility and convenience, registration loans are an easy way for borrowers to secure the funds they need. They are often utilized to hold over customers until the next payday or for over a period of several months. Money borrowed can be directly debited from the borrower’s bank account or cash payment can be made in person.
The qualification for a registration loan, as the name suggests, is that the borrower must have a vehicle registered in his or her name. The application process is entirely dependent on an Arizona vehicle registration. You will not be considered without a registered vehicle.
Some lenders may have more requirements than others, but in total, they are few. Be prepared when applying. In addition to a current Arizona registered vehicle, other supporting documents will be required to secure the loan. Such documents may be: a valid ID showing you are 18 years or older, e.g., your Arizona driver’s license; a recent bank statement, with the account number and a debit card; proof of employment of some type of income such as a pension statement or pay stub; additional proof of residences such as a phone bill or utility bill; and you must also show physical proof of your car.
Because registration loans are non-traditional loans, they have become a convenient way for consumers to borrow money. They have no hidden fees, require no credit history check, and most lenders offer terms that fit the budget of the borrower. Because borrowers need only to have a car registered in their name instead of having the title, even if you have financed your car and are still paying the loan down, you are still eligible for a registration loan.
Finally, taking out a registration loan is a convenient way to secure needed funds quickly. However, when taking out a registration loan, or any short-term loan, it should only be considered if circumstances require it. Registration loans are unsecured loans, meaning that there is no collateral required to obtain one. Because there is no collateral, unsecured loans generally have higher interest rates or fees. In the long run, you can save yourself time, money, and aggravation by working with the right lender. That lender in Arizona is Tio Rico Te Ayuda. If you are considering applying for some type of unsecured loan to meet short term financial needs, then consider Tio Rico Te Ayuda, Arizona’s leading lender of registration loans.
Tio Rico Te Ayuda offers borrowers registration loans as well as an array of lending services and related products. Having helped thousands of families get the cash they need when they need it the most, Tio Rico has an all-credit welcome policy and generally quick application approval. Contact Tio Rico today for more information on applying for a loan—one designed to help people take care of their finances.