Many people purchase their vehicles with the help of a financial institution’s financing, whereby consumers are able to pay small monthly installments toward the total purchase price of their vehicles; oftentimes, Americans are unable to afford the outright purchase of an automobile, even if it’s used, non-luxury, and several years old.
Vehicles that you haven’t paid off yet have what’s known as liens. A lien is simply a legal claim against an asset that creditors – people or businesses that are owed money – use in courts of law to repossess such cars.
You’ve probably heard of title loans. These loans are common among Tempe AZ residents, especially among low-income, poor, or otherwise not-so-well-off individuals and households. However, if you owe a financial institution or another lender money on a vehicle that’s in your name, you won’t be able to use it as collateral to secure a title loan.
What is a registration loan?
Registration loans, although they might seem to be the same thing as title loans, are exclusively available to legal residents of Arizona.
The difference between title loans and registration loans is that the latter type of lending – registration loans – can be used despite whether or not one or more creditors have a lien against your vehicle.
Okay – it’s time for another question; Can I receive a registration loan if I live outside of the city of Phoenix?
You probably want a registration loan if you’re reading this right now. Assuming this is true, I’ve got some good news for you.
Of course, you can be considered eligible for a registration loan, even though you don’t live within the city of Phoenix, Arizona!
Many people who live in rural areas are more prone to suffer problems related to maintaining reliable transportation. As such, many people who reside in rural areas often find it difficult to make their way to financial institutions such as banks, as well as those that provide lower-level financial services such as title loans or vehicle registration loans and are licensed to do so within the state of Arizona.
Thank goodness for the Internet, right?
In today’s world, lenders have widely adopted the World Wide Web as a way for people to apply for loans such as registration loans.
Assume that you live 30 minutes away from Phoenix, Arizona. Your car isn’t reliable – the car you plan on posting as collateral for a registration loan – or you might not have enough money to afford gas to visit one or more financial institutions or other lenders in Phoenix.
Also, you simply might not have enough time to arrange in-person meetings with potential lenders in the Phoenix, Arizona area.
No matter what the situation, online lending is for you
Web-based lending is ideal for everybody, really. Some people do, in fact, prefer to meet potential lenders in person when seeking out loans or other financial services related to lending and borrowing. However, as we grow accepting of the use of the Internet to tend to our responsibilities and obligations more and more closely, more people become open to the idea of applying for car registration loans online.
All of this information holds true no matter where, exactly, you live throughout the state of Arizona. Even if you’re hours away from Phoenix, Arizona, you’ll still find yourself able to be considered eligible for a registration loan.
What do you need to make it happen?
In the name of convenience, gather things like your driver’s license, a few recent utility bills sent to your current address, a few months’ worth of bank statements, and the like. You don’t have to do this, but it likely will make things easier.