PLEASE READ THIS IMPORTANT INFORMATION BEFORE YOU APPLY FOR AN AUTO TITLE LOAN FROM PHOENIX TITLE LOANS
Auto Title Loans, Car Title Loans or Pink Slip Loans are SECURED LOANS in which you would use your clear vehicle title as collateral. By accepting an auto title loan from Phoenix Title Loans, LLC, you are allowing us to place a LIEN on your car’s title which means that you will surrender your title over to us in exchange for the loan amount that you receive. We will require you to sign a Loan Agreement which will show you the amount borrowed, the Annual Percentage Rate (APR), the amount of interest and fees that may be charged and the payment terms of your loan. Once you have repaid your auto title loan, the lien is removed and your car’s title is returned to you.
Phoenix Title Loans attempts to be as transparent as possible throughout the entire loan process. If there’s something in this Important Information section that you feel is unclear, or that you’d like to ask questions about, please feel free to reach out to us. As the leading title loan lender in Phoenix, Tempe, Mesa, and Scottsdale, we want to be your title loan lender under any circumstances and will always strive to do that. We’re available for the vast majority of the day at most of our locations, and you’re always more than welcome to simply stop by in person to look at your options.
YOU NEED TO KNOW that AUTO TITLE LOANS are intended for short-term financial relief and SHOULD NEVER BE CONSIDERED as a long-term financial solution. The fact is that Auto Title Loans may be one of the more expensive borrowing options available to you. Phoenix Title Loans, LLC encourages you to review Federal, State and Local laws governing auto title loans and to understand some of the risks that might be involved. You are also urged to look into other possible loan alternatives that might be available. If you are having credit or debt difficulties perhaps you should seek credit or debt advisory help or possibly credit counseling.
Phoenix Title Loans, LLC will not run your credit to determine your qualifications for an Auto Title Loan, Loan Amount or Interest Rate. You should also know that we do not report your payment history to the credit bureaus so your auto title loan will have no impact either positive or negative on your credit score. But we do ask you to understand that we may take necessary steps to verify the accuracy of the information you provide including, but not limited to, clear title, social security number, verification of employment, driver’s license number, National and/or State identification.
FINANCIAL ASPECTS/RENEWAL POLICY
As stated earlier, our auto title loans are considered and should be used as a short-term financial relief. A title loan is primarily a 30 day interest only loan. The only fees that are associated with obtaining an auto title loan is a $20.00 Lien Transfer Fee. You can choose to pay off your car title loan at any time by paying the principal and interest that had accrued for the time you held the loan. With an auto title loan through Phoenix Title Loans, LLC there are never any fees or penalties associated with paying off your loan early. Should you need more time to pay off your loan, you can choose to renew your loan for another 30 days with no fees.
If you are unable to pay your loan in a timely manner or fail to renew your monthly interest only payments, we may pursue your payment through collections which could make you responsible for additional legal fees, court costs and repossession of your collateral vehicle under the provisions of A.R.S. Title 47, Chapter 9. Our collections practices are subject to the Fair Debt Collection Practices Act which may include calling your home or place of employment , voicemail messages, notices by mail, door to door and in some instances by e-mail.