FREQUENTLY ASKED QUESTIONS (FAQ) ABOUT PHOENIX TITLE LOANS
As a title loan company, and a business in general, we understand the nature of our business is cause for concern for our customers. This page of Frequently Asked Questions (FAQ) is designed to address such concerns and we encourage our customers to use this as well as contact us if there are questions that you would like us to answer or clarify.
PLEASE HELP ME!? I NEED MONEY!
Calm down. Everyone is in need of money to help get past financial slumps; Phoenix Title Loans knows this question/concern all too well. That’s why we offer our car title loans as a means to get the money customers need. It’s also the reason customers come back when times like these demand it.
WHAT ARE CAR TITLE LOANS?
The most asked questions of us are, “What are car title loans,” and “What is a car title loan?” The answer is simple, a Car Title Loan, Auto Title Loan or any other Vehicle Title Loan is one that is secured by using your vehicle’s title as collateral. This benefits you because not only do you get the cash you need but you keep driving your car as well. Also, since this is a collateral loan, your credit, whether it’s good, bad, slow or no is never an issue.
HOW DO I GET AN AUTO TITLE LOAN?
How to get an auto title loan is one of the easy questions we are asked with an answer just as easy. Phoenix Title Loans, LLC wants this to be as simple a process for you as possible so we have tried to design a system for this process that makes your getting an auto title loan as fast, easy and enjoyable as possible. The first step is to fill out our application available on this website or come in to one of our convenient locations in Phoenix Metro, Scottsdale, Avondale, Mesa, Tempe, Chandler and Casa Grande.
When you fill out our online application, you will then receive a call from one of our representatives who will verify that you and your vehicle meet the necessary requirements for a title loan and give you an idea of how much we can lend. Finally, you will come to one of our conveniently located stores to where our expert representatives will look over your vehicle, confirm your loan amount, complete some paperwork and within minutes you will be walking out with the cash you need, and the keys to your vehicle.
HOW DO TITLE LOANS WORK?
How car title loans work is pretty simple; just about every vehicle has a value. Cars, trucks, vans, SUV’s, motorcycles, commercial trucks, RV’s and motor homes, trailers, 5th wheels, ATV’s, boats and jet skis all have a value attached to them. How much value is determined by the age of the vehicle, mileage or hours used, overall condition and extra features such as custom tires and wheels, stereos and other power and trim features all help to determine the value of your vehicle. When you apply for a title loan the Phoenix Title Loans, LLC, our representatives will evaluate your vehicle and, using the most up to date values available determine the value of your vehicle. How much cash you get for your auto title loan is based on this value.
WHAT TYPE OF VEHICLES ARE ELIGIBLE FOR A TITLE LOAN?
Phoenix Title Loans, LLC will provide you with a title loan on most any type of vehicle. Of course we do car, truck, van and SUV Title Loans but we also do motorcycle title loans, big rig title loans, commercial vehicle title loans, RV title loans, 5th wheel title loans, toy hauler title loans, travel trailer title loans, ATV title loans, boat title loans, jet ski title loans, antique auto title loans, classic car title loans, custom car title loans, exotic car title loans and if you can get it down to one of our stores we can probably do aircraft title loans as well.
BUT MY CAR IS PRETTY OLD. WILL THAT HURT MY CHANCES AT A TITLE LOAN?
Not really. What matters is that the vehicle can reach us under its own power. What also matters is how well you maintain the vehicle. If the vehicle is severely damaged but can still operate, there are ways to help. Contact us about our restored salvage title loan options in this regard.
HOW LONG DOES THE PROCESS TAKE?
At Phoenix Title Loans, LLC we work very hard at making this process as easy and fast for you as possible. The first step is to apply either online or at one of our 10 convenient locations throughout the valley so we can get a little information about your vehicle. Once you bring your vehicle and respective documents in, have our representatives take a look at it and determine the value. You will complete some paperwork and usually within 30 minutes from the time you walk in, you will walking out with the cash you need in hand.
HOW MUCH CAN I GET FOR A TITLE LOAN?
Unlike banks, credit unions and other traditional lenders, Phoenix Title Loans, LLC bases the title loan amount solely on the value of your vehicle. Once you have been approved and your vehicle appraised we will give you a car title loan providing you cash on the spot.
BUT MY CAR IS FAIRLY NEW. HOW MUCH DOES MY CAR HAVE TO BE WORTH?
All vehicles have some value and we look at the wholesale value of the vehicle in determining a loan amount. To get an estimate of how much your vehicle might be worth and how much you might qualify for, fill out our online application and one of our representatives will be in touch with you to discuss your car title loan.
DOES IT COST ANYTHING TO QUALIFY?
There is absolutely NO COST TO YOU! At Phoenix Title Loans, LLC we understand that your main reason for inquiring about an auto title loan is to find out how much money we can lend you. Other than a little time to answer a few questions and fill out a couple of forms our process costs you nothing.
DOES MY CAR NEED TO BE PAID OFF?
Not necessarily. If your vehicle is almost paid off and has only a few payments left to go you may still qualify. Phoenix Title Loans, LLC can pay off your existing loan and help your credit score, as well as provide you with the extra cash you need. Even if you have an existing auto title loan from somewhere else, we can possibly help you get a better rate and still get you the extra cash along with giving you $50.00 CASH JUST FOR REFINANCING WITH Phoenix Title Loans, LLC.
DO I NEED TO BE CURRENTLY EMPLOYED?
No. In fact, many of our customers are retired, on disability, are self-employed or have incomes that vary monthly. As long as you have some means with which you can pay back your title loan, we can work with you.
DO I NEED A CHECKING OR SAVINGS ACCOUNT?
No. Phoenix Title Loans, LLC does not require you to have any type of banking account.
BUT MY CAR IS A RENTAL. DOES IT QUALIFY?
No. This is only because the vehicle MUST be under your ownership, hence the need for the title. If it is under the ownership of a rental company, then we cannot offer money to you for that vehicle. The Title for that rental vehicle is not under your name.
CAN I STILL GET A TITLE LOAN IF I HAVE A BANKRUPTCY OR BAD CREDIT?
YES! Good credit, bad credit, slow or no credit will not prohibit you from getting an auto title loan since the loan is based upon the value of your vehicle. At Phoenix Title Loans, LLC we do not run your credit as part of the application process since you are providing you vehicle as collateral for the loan.
WHAT DO I NEED TO BRING WITH ME TO GET A TITLE LOAN?
• Arizona Title*
• Driver’s License
• Proof of Income
• Proof of Address
• Proof of Insurance (If your vehicle is valued at over $4000.00)
• Spare Key
(* Although we do take out of state title from time to time there is a higher cost to process these titles and that might result in a lower amount for your title loan.)
HOW DO I PAY BACK MY AUTO TITLE LOAN?
Based on this FAQ, this is up to you. Traditionally, an auto title loan is a Short Term Loan which is good for 90 days with you making monthly payments. We realize that in today’s economy and based on the amount borrowed 90 days is not always a realistic goal so we are willing to extend your loan terms for as long as you might need to pay it back. You are only required to make a monthly interest payment towards your loan to keep it renewed however you need to understand that by paying the interest only, nothing is being applied to your principal balance. We recommend that you budget yourself so you are able to not only pay the interest but apply some of your payment to the principal each and every month. Doing this lowers each monthly payment as you work your way down to paying off your loan.
IS THERE A PRE-PAYMENT PENALTY?
No. You can pay off your vehicle title loan at any time. We recommend that you pay it back as soon as you can but if you need more time, then we will write the loan for an extended period to give you the time you need.
IF I PAY DOWN THE PRINCIPAL OF MY CAR TITLE LOAN IS THE INTEREST CALCULATED ON THE ORIGINAL AMOUNT BORROWED?
No. At Phoenix Title Loans you will pay only the interest on the amount of principal remaining on your car title loan so as you pay down the principal you will be paying less interest as well.
WHAT IS A TITLE PAWN?
This is an interesting FAQ. Although there is little difference between the terms, most title pawns involve you surrendering the vehicle to us and we hold it in one of our safe and secure storage facilities until you redeem your pawn, as opposed to an auto title loan wherein you get to still drive your vehicle.
WHY GET A TITLE LOAN?
A title loan allows you to get the money you need now while still being able to drive your vehicle.
HOW DO I GET MY TITLE BACK AFTER I HAVE PAID OFF THE LOAN?
Immediately upon paying off your loan, the title for your vehicle is returned to you with the option of picking it up directly from the store or we can mail it to you.
CAN I INCREASE MY TITLE LOAN?
That depends entirely on the value of your vehicle and how much money you were approved for. For example: If you were approved for $2000.00 but only used $500.00 of that only to realize that you needed more money, then you could take the remaining $1500.00. Another example would be if you were approved for a title loan for $2000.00, used the entire amount and paid back $1500.00 then, barring any changes to the condition of our vehicle, you can borrow that back from the balance.
HOW LONG DO I HAVE TO WAIT TO OBTAIN ANOTHER TITLE LOAN AFTER PAYING MINE OFF?
If needed, you can obtain a new title loan on your car immediately after you have paid your existing title loan off.
WHAT HAPPENS IF I MISS A CAR TITLE LOAN PAYMENT?
If you miss a payment on your title loan, Phoenix Title Loans, LLC will make every effort to work with you. However you do need to understand that you did place your vehicle as collateral for the exchange of the money you received. Should you default on your car title loan, your vehicle then becomes the property of Phoenix Title Loans, LLC and is subject to repossession.
WHERE CAN I GET A TITLE LOAN?
RIGHT HERE! You can start the process now by completing our online application, and getting an instant quote.