Understanding Title Loans Vs. Registration Loans

title loans registration loans

If you’re looking for a quick cash option that will bring you the funds you need in the short term, you have a few good options available. Perhaps the most popular is the title loan, which allows you to put your ownership of a vehicle up as collateral for a temporary loan while you wait for additional funds.

At Utah Money Center, we’re here to help with all title loan needs you may have, whether for cars and trucks, ATVs, motorcycles, snowmobiles and more. One very similar and related alternative, but one that’s different in a few ways, is called the registration loan. Let’s go over all the basics you might need to know about this loan, even if it might not be important for you until down the line (it’s not yet common or legal in every state).

title loans registration loans

Comparing Registration and Title Loans

When it comes to title loans, ownership of the vehicle in question is a primary requirement. Those who borrow using these loans cannot be in the process of financing a vehicle or making payments, and the title cannot contain pre-existing liens or similar issues at the time of application. Once this is accomplished, borrowers can submit key vehicle details for a clear title.

With registration loans, however, the requirements for ownership are relaxed. First introduced in Arizona, registration loans allow borrowers to be leasing or financing a vehicle in their name to qualify, rather than requiring full ownership. The basic requirements for registration loans include:

  • At least leasing or financing a vehicle, which is in your name.
  • Current vehicle registration and driver’s license from that state. The vehicle in question must be the one shown on this registration.
  • Important vehicle details must be provided, including things like make, model, year, mileage and others.
  • You must acknowledge that your vehicle cannot be repossessed, nor can an additional lien be placed against it. However, traditional collection practices will be applied if the loan is not paid.

In addition, there are some differences to the maximum loan amounts. Borrowers submit information about employment and income, and this information is used to discern this maximum rather than solely the value of the car.


Both of these loan types can be approved in very little time, and offer good estimates for repayment schedules and fees. They are paid quickly and can be repaid just as quickly in most cases. In addition, title and registration loans are both strictly regulated to ensure consumers get a good deal.

Legality of Registration Loans

Arizona is the most notable state for registration loans, which have replaced payday loans in some ways. Within other states, the line between these two areas might not be large – you can contact loan professionals to understand if a registration loan or something similar is possible.

To learn more about any of our title or signature loan options, speak to the staff at Utah Money Center today.

Available Alternatives to Payday Loans

available alternatives payday loans

When you’re in need of some quick cash for emergencies ore immediate expenses, you have a few options potentially at your disposal. These options include payday loans, title loans and various kinds of personal loans, all of which offer this kind of fast cash for various requirements in return.

At Utah Money Center, we’re proud to offer affordable car title loans and signature loans if you’re in need of these kinds of funds. We don’t offer payday loans – why is this, and why are our options generally preferable alternatives? Here are some basics on payday loans plus some of the other options at your disposal so you don’t have to give up quite so much financial equity.

available alternatives payday loans

How Payday Loans Work

Available in 36 of the 50 states in the US, payday loans are those based on borrowers writing a postdated personal check for the amount set to be borrowed, plus a finance fee to the lender. When the loan period, usually two weeks, is up, the borrower either pays the lender the loan amount plus the finance fee or allows them to deposit the post-dated check. If borrowers want to extend the loan, they can write another post-dated check plus another finance fee. Additional fees come for not paying the debt in full.

Payday loans, unfortunately, have very high interest rates that can make them tough to pay on time. They’re usually set at an APR of around 400 percent, which is much higher than title or signature loans in most comparable situations. The fees involved in them can also become exorbitant quickly, putting borrowers in a bad position.


You have a couple specific alternatives if you need similar quick cash options:

  • Car title loans: Offered in about half the states in the country, title loans involve getting a value for your vehicle, then giving the lender your title as collateral for a loan you’ll be receiving. Title loans are offered in larger amounts than payday loans, but just like payday loans do not generally affect your credit score. Their APR rates are lower than payday loans, and borrowers generally have more success repaying them due to less stringent requirements and fees.
  • Signature loans: Also called an unsecured loan, signature loans mean you have no piece of your own property tied to them as collateral. As the name suggests, all that’s needed is your signature. Depending on your credit history and income, you can get a signature loan for up to $50,000 in some cases – though most of them are for smaller amounts between $500 and $1,000. They’re often used for helping consolidate debts, with fixed interest rates that make it easy to plan for the future.

For more on your alternatives to payday loans, or to learn about any of our signature or title loan options, speak to the staff at Utah Money Center today.

Tips for Shopping Around For Your Title Loan

good deal title loan

At Utah Money Center, we’re supremely confident that we provide the highest quality when it comes to car and truck title loans. We’re so confident, in fact, that we put our affordable car title loans up against any other lender in the area – we’re confident we can match or beat their rates.

Down those same lines, we encourage our clients to shop around for rates, as we know we provide the best services – and your research will prove it. When you’re looking at your choices for a title loan, here are several factors that go into getting the best deal possible both in the short- and long-term.

good deal title loan

Know Payment Options

Before you make any transactions, find out how you’ll be expected to repay the loan. This is usually through direct payment or through a specific paycheck. You also need to find out how long your repayment period is – a longer period means lower monthly payments but higher finance charges, while a shorter period means higher payments but less overall money spent.

Understand Application and Approval Process

Some lenders have a fully online application process, while others may require other forms of verification. Applications may range from 20 minutes or less up to a couple hours. Also, find out whether the lender requires visual inspection on the car before giving a title loan.

Check on Repayment Penalties

There are times where paying your loan too early won’t be allowed. Check with your lender about a repayment penalty, and what period of time it refers to.

Manufacturer Guidelines

Some lenders will only accept cars that were manufactured in the year 2000 or later, while others may have different cutoffs. Your car’s mileage may play a role here – if it’s greater than 100,000 or close to this number, ask about a mile restriction.

You Get To Keep Driving

Almost all title loan lenders will allow you to keep driving your car after a loan has been issued, including our lenders. Every now and then, though, you might meet a lender that requires the car be impounded for the life of the loan. Others might put a tracking device on your car to monitor you. In general, you should avoid these kinds of lenders.

For more on getting the best deal possible for a title loan, or to find out about all our cheap title loans, speak to the pros at Utah Money Center today.

Comparing Signature Loans and Title Loans

At Utah Money Center, your first stop for cheap cash loans, we’re proud to provide a few different options for people in a tough situation who need a little quick cash. Two of our primary options: Title loans and signature loans, each of which have their specific qualities and benefits depending on the financial situation you happen to be in.

How do these loan types differ, and which might be best for you? There are a few different factors involved here Let’s take a look.


Secured Vs Unsecured

In the loan world, there are two broad types: Secured and unsecured. Secured loans are the kind that are protected by collateral – an item or asset of value that you put up to protect the lender’s investment in cases where you aren’t able to properly repay the loan based on the terms and conditions you and he lender agreed to.
An unsecured loan, on the other hand, has no collateral involved at all. This generally means that lenders will have to take higher interest rates to account for the additional risk they’re taking. This kind of basic trade-off is present throughout the loan world in one form or another.

Signature Loan

A signature loan is an unsecured loan, as it does not require any collateral. These are generally for smaller amounts than title loans, and interest rates will generally be higher since the lender has no collateral to fall back on in case of a default.

For signature loans, a lender may check your credit score and your payment history, and may require proof of sufficient income to repay the loan. A cosigner might also be required, but generally this person would only be called in during a case of default. If anyone asks you to be a cosigner for their signature loan, just be aware of your basic responsibilities.

Title Loan

A title loan, on the other hand, is a secured loan – your vehicle becomes the collateral that’s used. Because this safety measure is in place for the lender, interest rates and a requirement of your credit score will often be far more flexible. A title loan can range up to $10,000 in some cases, and will vary depending on the funds you need and the value of your car.

For more on the differences between these types of loans, or to inquire about an affordable signature loan or title loan, speak to the experts at Utah Money Center today.

Title Loans May Help in These Situations

At Utah Money Center, we’re happy to provide title loans for a variety of vehicles. Whether you’re looking at car title loans, ATV title loans, motorcycle title loans or even title loans for snowmobiles, we’re here to get you the quick cash you need with no hassle.

A title loan works through you using your vehicle as collateral for the funds we’re giving you. We’ll appraise your vehicle and make you an offer based on the value, then retain the title to your car as the loan is active. Know that we don’t keep your vehicle during this period – only your title, which we retain in case of a default on your loan.

Who are the types of people who often can benefit from our title loans? Here are a few situations that might work perfectly for a title loan.

Bad Credit

When applying for standard loan types, credit is one of the most important considerations. Many banks won’t even think about lending you money if your score isn’t over 700, and if you’re below 600, there’s almost no major financial institution that will deal with you.

This is where title loans come in. They require no credit check for you to obtain funds – your car’s title is the collateral on the loan, so there’s no need to look at your credit history as a result. Even if you have a past bankruptcy on your record, you can still get a title loan from Utah Money Center easily. We understand that even those with some credit issues may need some quick cash from time to time, and we’re here to help.

Quick Cash

Life can come at you fast, as they say, and this often hits you harder in your wallet than anywhere else. There are a number of emergencies or individual situations that might cause you to be in quick need of cash with no hassle, and a title loan is a great option here. You can generally get approved in about 10 minutes from start to finish, walking out the door with cash in hand.

Short Term

There are a number of situations where you might be stuck on cash temporarily, but expecting a windfall shortly. Maybe you’re a contractor expecting lump sum payments from a client in a couple months, for instance, but you’re a little thin on funds until then. A title loan is a perfect way to help you get through that brief patch without issue, then land right back on your feet quickly when your funds come in.

Payday Alternative

In the past, payday loans were the standard option for people in these situations outlined above. Today, though, many borrowers are moving to the title loan because it’s more affordable and generally comes with lower interest rates.

For more on the kinds of situations where title loans might be great for you, or to learn about any of our money lending options, speak to the pros at Utah Money Center today.

Why Your Title Loan Might Be Rejected

For those looking to get some assistance from a non-traditional lender, car title loans are often a great outlet. These basic loan options, which allow you to get a bit of quick cash based on using your vehicle as collateral, help people get out of a little financial bind in many situations. For those who are able to quickly recoup this money and pay the sums back in relatively short order, car title loans are some of the best short-term financial assists out there.

At Utah Money Center, we have a variety of car title loans and signature loans to help you out. We don’t mind if you have bad credit, and our loans are flexible and transparent. Now, this doesn’t mean we simply say yes to everyone – there are a few rare situations where you might not be able to get a title loan, or might have to work out a separate detail first. Let’s look at these situations.

Not Enough Car Value

To serve as proper collateral for the money we’re lending you, your vehicle needs to have enough value to match this number. If you want to take out a loan for more than the actual value of your car, you could find that you can’t get approved in these cases. In these situations, we can work with you to provide you with a smaller sum based on the value of your car.

Car Title Status

While it’s okay if you have a lost title at Utah Money Center, you might run into issues if your car title has a lien on it. In some other cases, you may not qualify if you have no equity. If you have only a few payments left, though, we can usually help you out. This kind of flexibility is what separates us from other similar lenders.

Inability to Repay

Finally, even if your car does have value and a proper title, you need to have enough reasonable income to be able to repay the loan. Being unemployed or self-employed does not necessarily disqualify you here, but you do need to be able to make us confident in your ability to make your monthly payments by showing gross monthly income.

For more on why a title loan might get rejected, or to learn about any of our title or signature loans, speak to the pros at Utah Money Center today.

Factors That Determine Borrowing Limits

At Utah Money Center, we’re proud to offer title loans to numerous clients to help them with any kind of brief financial bind. Our goal is to provide loans with simple terms that most people can take advantage of.

One of the most common questions we get: How much money am I eligible for with a title loan? There’s no single way to answer this question, as the true answer will depend on a few important factors. Let’s take a look at these factors when it comes to how much you can get on a car title loan.

Important Factors

While you have to have a source of income for a title loan, this is just to ensure that we know you can pay it back – it has nothing to do with the amount you can get for your loan. In reality, there are two important factors here:

  • Vehicle value: This is the primary factor in determining the loan amount you can receive. We will evaluate the condition of your vehicle, potentially utilizing a vehicle history report like Kelly Blue Book for assistance.
  • State of residence: Certain states have rules that limit the maximum available title loan amount – Utah, however, is not one of these states. In our next section, we’ll go over a few specific considerations for Utah.

Utah Title Loan Requirements

As we noted, there is no maximum title loan amount in Utah. While many other states set a cap at $2,500, $5,000, $25,000 or another limit, there is no such concern in Utah.

Down similar lines, it’s important to note that Utah also does not place any cap on title loan interest rates. There is no set term limit for title loans, which means title loan companies and borrowers can work together to determine terms. However, most basic terms are generally set at 30 days.

For more on the factors that go into your title loan amount, or to learn about any of our loan options, speak to the pros at Utah Money Center today.

Navigating Title Loans Responsibly

For a number of different potential reasons, you may find yourself and your family in a tough financial situation that requires a short-term cash infusion. One of your best options in this situation? Affordable title loans from a reputable company like Utah Money Center.

Our car title loans are a great, easy-to-obtain form of financing that are perfect for filling a short-term gap for a variety of reasons. As title loans come with higher interest rates and faster repayment periods, however, it takes a little care to ensure you don’t use them irresponsibly. With that in mind, here are three tips to help you manage a title loan properly.

Know Your Lender, Know Your Terms

When searching for a title loan in Utah, it’s important to only consider reputable providers of these loans like us. Unfortunately, this is a marketplace that does contain some unsavory characters who may try to take advantage of folks in a rough financial situation.

In addition, it’s vital to carefully understand the terms and specifics involved in your loan. Know exactly when payments are due, the penalties for missing payments or going overdue, and other important details. The last thing you want is to be surprised down the line by some fine print you didn’t take the time to read.

Lower Interest Rate Circumstances

As we noted above, title loans do generally come with higher interest rates than standard loans. However, there are a couple situations where you can get a lower interest rate on a title loan: Two good examples are directly following a divorce, or directly following a recent unemployment. In these situations, creditors may offer more leeway.

It’s important, however, to be careful here. Just because you have been extended a lower rate than you had expected doesn’t mean you should go crazy and borrow a huge amount you don’t really need – know your limitations and stick only to an amount you truly need.

On-Time Payments

Maybe the single most important factor in staying financially responsible with a title loan is paying on time. Set out a plan in advance for how you’ll meet all your due dates without being late on any of them, as delays in payment can cause penalties or even the repossession of your vehicle.

For more on navigating a title loan responsibly, or to learn about any of our car title loans available, speak to the pros at Utah Money Center today.

Protections for Military Veterans

At Utah Money Center, we’re proud of the financial assistance we can provide to veterans and active service members in the US military. These heroes of our country are afforded special protections under federal law and the Department of Defense when it comes to car title loans, and we’re proud to abide by these and even often go a step further to help veterans get the funds they need if they’re in a pinch.

What are the special protections you’re afforded for title loans if you’re a veteran? Here are some of the basics to know.

Military APR

One of the most significant rules when it comes to the military and title loans refers to APR, or annual percentage interest rate. This amount refers to all interest costs narrowed down to a single yearly rate figure.

For military members or veterans, APR thresholds are limited. All car title loans offered since October 1, 2007 must have an APR at 36 percent or lower if the term is 181 days or less. In addition, nearly all fees and charges will be included in this number.

Creditor Requirements

There are also restrictions on creditors when it comes to military veterans, to stop them from being taken advantage of in any circumstance. Creditors cannot require use of a check or access to a bank account, for instance, and also cannot require mandatory arbitration or serve unreasonable legal notices. If not followed, these restrictions come with major penalties to creditors.

Disclosures and Protections

As a military veteran or service member, you must be offered disclosures about your rights as a borrower and your loan costs. Any arrangement where you were not made aware of these precise details in advance can be ruled void. For this reason, you may be asked to sign a statement about your military affiliation during the process.

For more on title loans and military veterans, or to learn about any of our signature loans, personal loans or other financing options, speak to the pros at Utah Money Center today.

Why Title Loan Interest Rates Are High

At Utah Money Center, we’re happy to offer title loans as a perfect alternative if you’re in need of some quick cash. Our programs can get you in and out with a little more flexibility than you had before.

One of the most common questions we hear from our customers who come for a car title loan is this: Why is my interest rate so high? Well, there are a few general reasons why. Let’s look at these basic explanations.


A title loan can be very helpful to many people, but it’s considered a high-risk loan for a lender to take. This is due to several factors, including the checks that are required – or not required – on potential borrowers before a loan can be given. The higher the risk in any loan situation, the higher the interest rate has to be so the lender can be adequately compensated.


There is virtually no documentation required for title loans, which is part of what makes them so convenient – but there’s a trade-off here. Once again, little documentation means that the loan company in question is taking a high amount of risk in giving you a loan, and they have to ensure they’re covered.

Credit Check

The biggest documentation area that differs from most other loans is the credit check, which isn’t generally required for a title loan. Without the ability to see your credit, a lender can’t be as certain of your ability to repay the loan, and must charge higher interest.

There is a high rate of default in the title loan industry, and this is just another risk for a lender. Therefore, it’s another reason why interest might go up.

How to Get Better Rates?

In some cases, title loan lenders are able to give lower rates to clients that come back for additional loans. There can also be interest-free loans for clients in good standing with a given lender.

To find out more about a title loan, speak to the experts at Utah Money Center today.