When you need emergency cash, one option you have to get a quick loan is a car title loan if you have a valid title that shows you own a car, truck, motorcycle, or RV. This type of loan is made against the equity of the vehicle. As long as you make your payments on time, you can continue to use your vehicle as you normally would.
The auto title loan industry is regulated by state and federal laws. These types of loans are perfectly legal in Arizona, and the state agency that licenses auto title loan companies is the Department of Financial Institutions. In the state statutes, auto title loan companies are referred to as “secondary motor finance companies.” (more…)