If you need money on the quick, take out an Phoenix auto title loan. They are easy to get as you are putting your car up as collateral. Well, it does make sense when the payday loans and other subprime loans have high interest rates while the vehicle title loans do have a slightly higher interest, but the quick availability and a minimum of 30 days on the first payment ensures you can arrange finances accordingly.

In case you want to extend the loan, you might have to pay higher charges but if you are able to pay off the complete loan within the stipulated time or pay extra to get more time to repay the loan. However, you need to ensure that you only work with BBB-accredited Phoenix title loan services to safeguard yourself from predatory lenders and practices. To understand the working of a car title loan, it is easy as it is a secure loan and your loan is based on the car’s current value.

You are given the loan on the percentage based of the equity of your car and that depends upon the lenders discretion. There are numerous lenders that allow you to keep your car as collateral even while you pay the installments on it. But in such cases, the car is evaluated on the basis of the amount that has already been paid and the loan amount will depend upon it.

You have the option to apply for the Phoenix vehicle title loan online or go to the auto title lender’s service and fill in the details. Unlike the home loans and mortgages, auto title loan applications do not require much details or too much paperwork. All you need to do is that the car is in your name and its related value is evaluated, put in the amount of cash that you need and sign over the Phoenix title deed of the car to the lender. However, you get the car to drive around and keep paying the minimum amount that is needed to be paid back in case, you are unable to pay back the total amount due that month.

Regardless of the credit score that you have, to qualify for the loan amount you need to have some equity on your car which can be put as collateral for the secure loan. The best aspect is that if you have emergency medical bills or sudden cash requirement, you can avail this loan within a few hours. However most of the lenders will just consider the value of the vehicle and your pay slip that ensures them that you can pay off the loan otherwise your car will be repossessed.