How Title Loans Work
Getting a title loan is a lot easier than most people think! If you are thinking of getting a title loan as a solution to your short-term financial emergency, learn how title loans work and if one is the right solution for your situation.
Title loans are offered by Cash-N-Go as a short term solution for individuals and businesses who are needing money for financial emergencies including rent, bills, auto repairs, tuition, and more. Auto title loans are issued based on the equity in your paid off or almost paid off vehicle and the vehicle is used as collateral for the loan. Title loans issued by Cash-N-Go carry low rates, flexible repayment options, and no prepayment penalties. Our title loan specialists will work with your individual situation to construct a loan to best fit your needs and with manageable monthly payments.
How do I start the process to get a title loan?
- To start your loan application, click here. Or, you can call our Phoenix title loan office at (602) 264-3640 or stop in one of our two convenient Valley locations. To help expedite your service please give us a call for a fast and friendly car title loan quote and pre-approval. If you would like your loan processed the same day, please be at our office an hour before the close.
- Once you and Cash-N-Go have arrived at a loan amount based on your application and the value of your car, you will sign loan documents prepared in accordance with Arizona regulations governing Arizona Secondary Automobile Finance Transactions (Arizona Statute). The terms of the statute are available here, and a copy of those regulations is available in our office. Whether or not you read the regulations, you should read the loan agreement and have all your questions answered thoroughly before you sign.
- During the term of the contract, you must continue to pay auto license fees and maintenance. We also require that you maintain Arizona State minimum liability insurance, and depending on the loan amount, we may require full coverage insurance as well. Cash-N-Go will be named as the policy loss payee.
- Loans may be structured either as “Interest Only” or “Fully Amortizing” depending upon which type best fits your needs or preferences. In either case payments are due twice a month on the 1st and 16th.
- When the loan documents are completed, you will be given a complete copy of everything you signed. Using the documents you will sign, Cash-N-Go will be placed onto the vehicle title as a lien holder.
What is required for an auto title loan?
- Arizona title (with lien release if applicable)
- Current Arizona registration
- Proof of insurance (loans over $2500 need full coverage)
- Valid driver’s license
- Proof of residence (current utility bill, mortgage statement, lease with another piece of mail confirming lease address, or four pieces of mail dated in the last thirty days)
- Proof of income (recent pay stub, direct deposit, award letter, co-signer’s income, or if self-employed a recent bank statement)
- If you have a co-signer on the loan, we’ll need an application from them as well as their driver’s license, proof of residence, and proof of income
- Spare key (if costly, this can be waived)
- Four to five references (not living together, only for emergency)
- Vehicle for inspection
- Come in at least one hour before close to get the loan funded on the same day.
If you still have questions about how title loans work, please visit our frequently asked questions page to learn more.