Perhaps you looked into a short-term installment loan and found you wouldn't be able to take out enough money to cover your expenses, but putting a lien on your car might be a better option regarding getting you the cash you need. You can take out more money because you are using your car as security. So lenders are more assured that they will be able to get the money back that they lend out. In this article, we're going to talk about how to get a loan against your car title either in Nevada or Arizona.
Can You Afford to Put a Lien on Your Car Title for a Loan?
First and foremost, you need to decide whether or not you can afford to pay off the title loan, and the only way to do that is to go through the application process and look at all the options available for you.
Usually, lenders won’t try and take advantage of you by insisting you take out more money than you can afford to pay back because there are disadvantages for both you and them. Their goal is to provide you with money, but also to collect interest on the loan. This is how they can stay in business; therefore, it is not beneficial for them to force you into a bad loan.
Of course, we recommend taking a look at CASH 1 for a loan on car title because we offer the best title loan service, get you the best possible rates, and the most value for your vehicle regarding a loan.
One of our friendly title loan professionals will be happy to sit down and discuss with you the equity in your vehicle, what kind of loan you can get with it, and your ability to repay the title loan within the defined terms of the loan contract.
Remember, you do not have to take the full loan amount based on the vehicle's value. For instance, let's say you qualify for $10,000, but you only need $6,000. You can take a loan just for the $6,000 and are under no obligation to get the full amount. You're also under no obligation to take out the loan even after you complete the application and can back out at any point in time. Some lenders will even let you return the money within a couple of days of taking out a loan if you change your mind. It is perfectly reasonable, understandable and legal to go through the application process and still turn down a loan offer. I fact, we encourage you to take a look at your options and decide which loan (and loan amount) is the best for you.
Putting a Lien on a Car for a Loan in Nevada and Arizona
When you do begin looking into vehicle registration loans, it's important to understand that you need to be in possession of the title of your car in Nevada and be up to date with the payments on your car in Arizona. The difference is that each state has its laws regarding small loans and title loans, so the process is different in Arizona than Nevada. In some cases, you can get a loan based on the equity of your vehicle even if it is not paid off. Please see the CASH 1 Title Loans FAQ section for more information.
You should also know that you do not have to leave your car with us if/when you do take out a title loan. You can keep your vehicle and continue to use it throughout the course of the terms of your loan.
Have Full Coverage Insurance When Putting a Lien on a Car Title
We highly recommend that you have full coverage insurance on your car during the period of the title loan so that you won't incur any additional expenses should you get into an accident.
To be more specific, if you were to get into an accident during the term of your title loan, and it is your fault for the crash, then you could be liable for more than just the loan amount if you do not have full coverage insurance. You can always change your insurance terms with your provider and then change them back to what they were later on. Better to have the full coverage and pay a little extra each month than to be liable for even more unexpected expenses.
After Putting a Lien on a Car
Once you accept the terms of your loan, a lien is put on the vehicle and the title is transferred to the lender. Don't be nervous about the word 'lien', as even though people think it has a negative connotation, it merely means that you owe someone money and they can take over that piece of property if you fail to live up to the terms of the title loan with lien contract.
In this particular case, a lien means that you owe money based on the value of your car and are in the process of paying it back. This lien does not get reported to any credit agency and only has legal ramifications if the loan is defaulted.
If You Have Payment Issues with Your Loan
If you do find you are going to miss a payment or get behind on your loan, call us in as far advance of this occurrence as possible. We don't want you to default on your loan, and we don't want you to lose your vehicle. To put it plainly, we're not in the auto repossession business and we would rather work with you to find a solution that is acceptable to all parties involved.
Sometimes life throws you a curveball, and when it does happen, the best thing to do is to communicate with your title loan lender. Tell them everything you're dealing with, and why you cannot make the payments on the loan (and if possible, have documentation that will prove this, such as an unexpected medical bill or something similar).
If you don't communicate these issues, your lender will assume you intended to default on your loan in the first place and may take action such as repossessing your vehicle or other legal action.
Get a Lien on Other Vehicle Titles
If you have more than one vehicle (an RV or motorcycle) and you're not comfortable with putting a lien on your primary use automobile, then look into the possibility of putting a lien on your alternate use vehicle.
Loans can be obtained on just about any vehicle with a title, and values are assessed according to fair market practices so if that RV sitting in the side yard is doing nothing more than collecting dust and spider webs, perhaps it can serve a more useful role in obtaining much-needed cash for those times when unforeseen expenses pop up. The best part is you get to keep and continue to use that RV or motorcycle while you pay off the loan!
We offer liens on your car title in Nevada and Arizona, you can learn more about Las Vegas car title loans and Phoenix title loans near me .