The 2016 presidential election proved to be one of the most interesting in the history of the United States. The election of Donald Trump as president will surely bring about some changes. One of the new president’s goals is to reduce the amount of regulation on businesses. What results from those changes may have an impact on the market for car title loans?
What Are Car Title Loans?
If you do not already know, car title loans are short-term loans that are backed by the title to a vehicle. The value of the car or truck is collateral in exchange for a sum of money. You get to keep the car and repay the loan over a short period. Embassy Loans is one of Florida’s leading title loan companies and has assisted tens of thousands of customers through the years in gaining access to much-needed cash. The process of obtaining car title loans is very easy.
How to Obtain a Car Title Loan
At Embassy Loans, prospective buyers fill out an application either online or in person to begin the process. Applicants will be instructed to provide some documentation, including the title to the vehicle. There are some requirements related to the vehicle – a clear title, for example – that you must meet. Once verified, the vehicle can be assessed for its value, the loan agreement drawn up, and the money in your hands.
The Benefits of a Car Title Loan
The big advantages of a car title loan are that there are no credit checks, which ultimately speeds up the process. Unlike other loans, a car title loan is not based upon the borrower’s credit history. A borrower’s credit history often prevents a loan from being approved. Minus the credit check, it’s possible to complete a car title loan at Embassy Loans in as little as an hour. You can apply for the loan and have your money a day or two later.
The Impact of the 2016 Election
With the planned reductions in regulation, there may be some impact on car title loans. Regulations across the lending industry over the past decade have increased the costs associated with administering these loans. Borrowers pay more in costs because lenders must meet these regulations. With these rules relaxed, borrowers may end up paying less in costs when taking out any loan, including car title loans.