If you have a sudden need for cash, you can use a vehicle to secure a title loan in Phoenix. It’s easy to qualify, and same-day funds are available. But it’s important to work with a lender offering clear and fair terms, since ownership of your car is at risk. Our partners at ConsumerAffairs researched the best title loan companies in Phoenix so you borrow confidently.
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A title loan is a short-term loan that is guaranteed by your car. If you fail to repay, the lender can take the vehicle and sell it to get the money back.
Because of the risk of losing a valuable possession — and the relatively high interest rates that come with title loans in Phoenix — you should first consider alternative types of borrowing:
Loan from a small bank or credit union
Loan from a friend or family member
Credit card cash advance
Extensions from creditors or loan servicers
If you do decide to apply for a title loan in Phoenix, you should know what to expect. Here are some answers to common questions.
What do I need to qualify for a title loan?
The requirements to obtain a title loan in Phoenix vary from lender to lender, but it’s generally easy to qualify. You must be 18 and have a government-issued photo ID. You need a vehicle with a clean title in your name. Have proof of registration, insurance, residence and some form of income just in case. Good credit isn’t necessary.
Most applicants apply in person for a title loan, but some companies may allow you to start the application online before you go in for a vehicle appraisal. Once you sign for the loan, you hand over the title and drive away in your car.
How much can I borrow with a title loan? How long is the loan term?
Arizona law does not limit how much title loan companies can lend. There are also no restrictions on term lengths. Most title loans in the state are between $1,000 and $10,000, and 30 days is a common term. The amount you can borrow is based on the value of your vehicle, which the lender determines.
How much interest is there on a title loan?
When you take out a title loan in Phoenix, you will owe back the loan amount (principal) plus interest. Arizona law caps the interest rates title loan companies can charge.
Maximum monthly interest rate
$500 or less
Over $500 up to $2,500
Over $2,500 up to $5,000
What happens if I can’t repay a title loan?
If you are unable to repay a title loan, a title loan company may allow you to renew the loan, but you should avoid this scenario if possible because it puts you in further debt.
Title loan companies in Phoenix are allowed to charge a 5 percent late fee on the unpaid balance after you are late by 10 days. They are also allowed to take the vehicle and sell it to collect on the loan, plus charge for related expenses. Any excess funds after the sale are paid to the borrower.
What else should I know?
Always read the loan contract carefully before signing, asking questions if you have them. Be familiar with how many payments you have, when they’re due and how to make them. Avoid working with any lender that charges a prepayment penalty. Only borrow what you can afford to repay.
Speedy Cash, an Arizona-licensed lender, lets you know within minutes if you qualify for a title loan. Bring your vehicle and clean title to any of the Phoenix locations, and you can get up to $25,000 cash on the spot. Customers have multiple payment options and can prepay without penalty. Staff at Speedy Cash are polite, helpful and efficient, according to reviews from borrowers.
TitleMax is a national title lending company with locations all across Phoenix. Applicants of all credit types can qualify and get cash in as little as 30 minutes. All you need is a vehicle, clean title and government-issued ID. Borrowers have the option of using the TitleMax Mobile App to track balances and due dates and make payments. Many customers in Phoenix have given this company five stars and recommend it to others.
Finova Financial, founded in 2015, is an online title lending company offering the Finova Consumer Loan on Car, or C LOC. Apply online, and you’ll get a quick decision and same-day funds if you qualify. Good credit isn’t necessary, and there’s no prepayment penalty. Customers say Finova Financial loans are simple to get and helpful during a financial crunch.
Cash-N-Go, family owned and operated since 1995, has two locations in the Phoenix area for title loans. Borrow $300 - $75,000 in as little as 30 minutes with low rates and no hidden fees or prepayment penalty. Start by filling out an application online, and Cash-N-Go specialists will help you find the best loan solution. Customers in Phoenix say they’ve had great experiences getting title loans from Cash-N-Go.
1 Stop Title Loans
With locations across the Valley, 1 Stop Title Loans is a fast and easy solution if you need a title loan in Phoenix, even if you have bad credit. Find out within minutes of applying if you qualify, and get same-day cash up to $50,000 in as little as 30 minutes. You don’t have to worry about hidden fees or penalties, and you can pay off a balance anytime. Customers in Phoenix say 1 Stop Title Loans representatives are professional and knowledgeable.
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