A car can be a source of money through Evergreen Finance Auto Title Loans -- provided the person seeking the loan owns the vehicle.
The new company opened in Payson in late March, the second of two branches owned and operated by partners Jeff Ford and Eric Wolfe. The business is licensed and regulated by the state banking department.
Ford said he and Wolfe decided to open a branch of the business in Payson after seeing the number of pay day loan companies in the community.
"We can provide much larger loans," Ford said. "We also charge much less than what the pay day loan companies do."
The amount of the loan is based on a percentage of the blue book value of the vehicle being used for collateral, Ford said. It usually takes only about 30 minutes to complete the transaction, depending on how long the line is at the Motor Vehicles Division office, he said.
"It's a secured personal loan," Ford said. The time allowed to pay back the loan and the amount of interest charged is determined on a case-by-case basis.
"We're very competitive, so long as the person seeking the loan owns the car," he said.
Ford said business has been good in Payson.
"We've had a lot of positive feedback and we're seeing the number of clients we expected to see," he said. "We're doing good and I believe we're going to be here for awhile considering the reception we've had."
Clients don't have to have a checking account or credit check to obtain a loan from the company. What Ford and Wolfe require are: clear title (no lien) to a car, truck, van or sport utility vehicle; registration; spare keys; proof of residence and a physical address; proof of income; and an Arizona driver's license.
In time, Ford said he and Wolfe hope to expand into other communities, but the size of the operation in Payson is where they want it to be right now.
Evergreen Finance Auto Title Loans is at 614 S. Beeline. Telephone: (928) 472-3255.