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Pawn1st Questions and Answers for Title Loans in Phoenix/ Scottsdale/ Mesa/ Tempe/ Gilbert/ Arizona

Q & A

 Questions & Answers for Auto Title Loans and Registration Loans / Personal Loans

 

Pawn Loans and Title Loans are different from Registration Loans / Personal Loans. They are Collateral Loans. Registration Loans and Personal Loans are the exact same type of loan in the industry. They are loans based off of your vehicle registration and income. All loans Pawn1st Pawn & Title Loan Centers provide are short term lending options for immediate cash needs to relieve a financial emergency or financial hardship. If you are confused in any way or have unanswered questions about Title Loans, Registration Loans or Personal Loans please contact any of our 9 locations for further advice. We are always more than happy to clarify any aspect of our loans and loan process. For Pawns or Pawn Loan question and answers please follow this link Pawn and Pawn Loan Q & A. For additional information on title loans and registration loans visit Arizona Title Loan Company.

 

Title Loans

Offering  Title Loans in Phoenix, Scottsdale, Surprise, Glendale, Goodyear, Gilbert and  Mesa Arizona

 

Q. What is a Title Loan?

  • A Title Loan is a short-term cash loan against your motorized vehicle. Basically, a title for any property you may own, that requires registration, can be used as security for a loan.

Q. Do I get to keep and drive my motorized vehicle?

  • Yes.

Q. Do you loan money on anything besides cars?

  • We can loan cash on just about anything with a clear title. Examples include semi’s, RVs, commercial vehicles and industrial equipment.

Q. What is the minimum and maximum loan amount?

  • $100 to $100,000.

Q. Do you need to see the vehicle for a title loan?

  • Yes

Q. Are there any year, make or mileage limits on my motorized  vehicle?

  • There are no year, make or mileage limits.

Q. What if I have bad credit?

  • Our loans are not based off of credit. Bad credit, no credit, bankruptcies, etc, won’t be an issue.

Q. How are my Title Loan funds issued? 

  • We pay in cash on anything we buy or loan on.

Q. Does my vehicle need to be paid for?

  • Yes

Q. What if I have a Title Loan with another agency?

  • We can buy out the loan and offer you a better rate. Qualified parties can receive more cash.

Q. What is the interest rate on a Title Loan? 

  • Title Loan interest rates vary depending on the amount of the loan.

Q. Do I need an Arizona Certificate of Title?

  • All Arizona lenders will require an Arizona title.

Q. How long does it take to get my CASH?

  • In most cases 30 minutes or less.

Q. Do I need an appointment?

  • No appointment is necessary. Although you can set one up. Our title loan department is separate from our pawnbroker department. There will always be a specific loan specialist to help you.

Q. What if I become late on my payment?

  • It is very important to keep communication with us as we are always willing to help.

Q. What if I am not able to pay-off my loan by the end of my contract?

  • You can pay the interest only and extend the contract for another month.

Q. What will my payment schedule be?

  • Auto/Car Title Loans are monthly. Registration loans are bi-weekly. (in some cases monthly).

Q. How long is the loan?

  • Title loans are month to month.

 HOW TO QUALIFY FOR A TITLE LOAN:

 

 

Registration Loans

 Offering Registration Loans in Phoenix, Scottsdale, Surprise, Glendale, Goodyear, Gilbert and  Mesa Arizona

 

Q. What is a Registration Loan?

  • This is a short-term loan where you need a motor vehicle registration with your name on it. The vehicle does not have to be paid off. Registration loans are also known as personal or equity loans throughout the industry.
Q. Do I need my Title?
  • No, only current registration
Q. Does the car have to be registered to me?
  • Yes
Q. Does my car have to be registered in Arizona?
  • No, but you must have an Arizona bank account.
Q. Does my vehicle need to be paid off?
  • No
Q. What is the minimum and maximum Loan amount?
  • $100 to $1000
Q. What is the interest rate for a Registration Loan? 
  • The interest rate varies depending on th amount of the loan.

Q. Do I need to have good credit?

  • We do not look at your credit for any of our loans. pawn, title or registration.
Q. Do you need to see the vehicle for a registration loan.
  • No
Q. How long does it take?
  • Between 20 and 30 minutes.
Q. How do you pay?
  • All loans are paid in cash.
Q. How do I apply?
  • You can pre-apply online or visit one of our 7 Locations.
Q. What will my payment schedule be?
  • Your payment schedule can be bi-weekly, semi-monthly, or monthly.
Q. How long is the loan?
  • It is based on how you get paid, either bi-weekly, semi-monthly, or monthly.
Q. Do I need auto insurance?
  • No insurance is required.

HOW TO QUALIFY FOR A REGISTRATION LOAN:

 

Financing Q & A for Title Loans & Registration Loans / Personal Loans

 

Q. How much does a Title Loan or Registration Loan Cost?

  • The monthly interest rate charged for Secondary Motor Vehicle Transactions will vary depending on the amount borrowed. For loans of $500 or less the maximum monthly finance rate of 17%, for loans of more than $500 but not more than $2,500 the maximum monthly finance rate is 15%, for loans of more than $2,500 but not more than $5,000 the maximum monthly finance rate is 13% and for loans of more than $5,000 the maximum monthly finance rate is 10%.
Q. What is the APR for the loan?
  • The APR will vary depending on the size of the loan but the maximum APR is 204%.
Q. Are there any other fees charged?
  • Yes, depending on the type of loan there will be a Documentation / Filing Fee of $7.50 or $15.00.
Q. How long do I have to repay the loan?
  • We offer loans that can be paid in as little as one week or can be paid over 48 months.
Q. How are the loans repaid?
  • We offer multiple payment options, including interest only payments with a balloon payment at the conclusion of the loan or equal payments which reduce
    principal with every payment.
Q. Is there a penalty if I pay off the loan early?
  • No, there is no penalty and because interest accrues daily the sooner you pay off the loan the more money you will save.
Q. Can I renew my loan?
  • Because our loans are installment loans as opposed to single payment loans and therefore payments are spread out over time loan renewal is rarely necessary. If, however, you do have a need to renew a loan you simply need to reapply. This may require you to update certain documents and complete a new application.

Q. What happens if I am late with a payment?

  • Interest will continue to accrue daily but you will not be charged a late fee unless the payment is not made within ten days of the due date.
Q. How much is the late fee?
  • The late fee is $10.00 or 5% of the overdue payment, whichever is less.
Q. Will I lose my car if I am late with a payment?
  • While Pawn 1st retains the right under Arizona State Law to foreclose upon its lien and liquidate any Collateral securing the loan according to law, our goal is to work with you so that you will be able to repay the loan without having to foreclose.
Q. What if I stop making payments?
  • As noted above Pawn 1st retains the right under Arizona State Law to foreclose upon its lien and liquidate any Collateral securing the loan according to law. Pawn 1st may also initiate legal actions through an appropriate court to recover funds owed, including any expenses incurred while attempting to collect the debt.

HOW TO QUALIFY FOR A LOAN?

 


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Call, email, or stop into any of our 9 Locations in Phoenix, Scottsdale, Mesa, Tempe, Gilbert or Goodyear.