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Title Loan Requirements: What You Do (and Don’t) Need

Title Loan Requirements: What You Do (and Don’t) Need

We get it. Throughout life, unexpected expenses come up. But when they do, Southwest Title Loans is here to help with our reliable, convenient, and trustworthy vehicle title loans. If you’re unsure about what a title loan is or what is needed to apply, you’ll find all the information you need regarding title loans and the application process in this article.

What is a title loan?

Before jumping into title loan requirements, you may be wondering what a title loan is and how it differs from a bank loan. A title loan is a loan given to you in exchange for the title of your car, truck, or motorcycle. Unlike a traditional bank loan, applying for a car title loan is a simple process that can take as little as 20 minutes.

Since car title loans differ from bank loans, they typically have easier requirements. In this article, we reveal what you do (and don’t) need to apply for a title loan.

What you DO need to apply

Before applying for a title loan, you’ll need the following:

  • Valid driver’s license
  • Vehicle title in your name
  • Proof of income
  • Proof of residency

Valid driver’s license

A valid driver’s license is required to verify your identity. In addition, the form of identification must match the name on the title of the vehicle in order to issue the loan.

Vehicle title in your name

Because the title loan is being issued to you, your vehicle’s title must be in your name and lien-free (or close to lien-free). A lien-free car title means that you have complete ownership of the car—it’s completely paid off with no outstanding balances or loans against it. Proving that your vehicle is lien-free is important because the amount of money you receive from the loan is based on the value of your vehicle at the time of application.

If your vehicle is close to being paid off, give us a call at 623.266.9163 and we’ll discuss potential options that are available.

Proof of income

At Southwest Title Loans, we don’t solely rely on credit scores. Rather, we ask that you show proof of income such as paystubs, bank statements, or monthly allowances like retirement accounts. Proof of income shows you have means necessary to pay off your loan.

For more information on repaying your title loan and our flexible payment options, please visit our How It Works page.

Proof of residency

Because title loans aren’t issued in every state, you must provide proof that you’re a current resident and have been an ongoing resident of the state of Arizona for the past two years. This requirement is also used to verify your identity.

The title of your vehicle must also be issued in the state of Arizona. However, if you’re an Arizona resident with a vehicle registered in a different state, your title can be easily transferred. If you’re in this situation, feel free to contact us for more information.

Are you worried because you don’t meet one or any of these requirements? Don’t be discouraged. At Southwest Title Loans, we pride ourselves on being considerate and flexible to everyone’s situation. Before turning away, we encourage you to contact us to see how we can help you get approved.

What you DON’T need to apply

There are many misconceptions about what you need to apply for a title loan. For example, you may think you need:

  • A perfect credit score
  • A bank account
  • A high-paying job

But contrary to popular belief, none of these are requirements to begin applying for a title loan through Southwest Title Loans.

A perfect credit score

You don’t need a perfect credit score to get a title loan. At Southwest Title Loans, we don’t solely rely on credit score to determine eligibility for a loan.

A bank account

If you’re worried about not having a bank account, don’t be. We can provide you with a check for your loan amount without requiring an account number from you.

A high-paying job

One of the most popular misconceptions about title loans is that you need to have a high-paying job to be considered. We have flexible payment options for a realistic repayment schedule and amount you’ll feel comfortable accepting.

What you need to do to get a car title loan

Applying for a title loan at Southwest Title Loans is easy and can be explained in just three simple steps:

  • Apply for your loan
  • Come into Southwest Title Loans
  • Get your money

Apply for your loan

At Southwest Title Loans, we want to make applying for a loan as convenient as we can for you. You can apply for a title loan online from the comfort of your own home or call us at 623.266.9163. You’re also welcome to stop by any of our Southwest Title Loans locations.

Come into Southwest Title Loans

Visit any of our Phoenix locations to complete your application. There, we’ll make sure the details of your loan are straightforward and simple. Our friendly and knowledgeable team will be available to answer any questions you may have before, after, or during the process.

Visit our locations page to find the Southwest Title Loans nearest you.

Get your money

When you visit a Southwest Title Loans location, it’s not uncommon to walk out with your money that same day. We make our process seamless and hassle-free for all our customers. Just make sure to bring your valid driver’s license, vehicle title, proof of residency and income, and you’re more than halfway there.

Where can I get a loan?

Home to the best rates for title loans, Southwest Title Loans is your go-to title loans shop. We have several locations in the Phoenix area, so there will always be a location close to you. We can accommodate loans up to $50,000 if you qualify, so matter how big or small your loan need is, we’re here to help you out. Plus, we offer flexible payment options.

Remember, the first step is to apply!

Don’t be discouraged if you don’t initially meet the qualifications to receive a title loan. Rather, give us a call to see how we can work together. Our staff is available to answer any questions you may have via email at customerservice@swtitleloans.com or by phone at 623.266.9163.