Car title loans are easy to obtain. Embassy Loans, one of Florida’s leading consumer finance companies, has helped thousands of customers since 2005. The company requires potential borrowers to fill out an application to begin the process. Applications can be filled out conveniently online or applicants can visit a local office and fill one out in person.
Once the application is complete, Embassy Loans asks for a few pieces of documentation, which is typical of title loan lenders. A potential borrower must prove his or her identity and residence as well as have a valid copy of their vehicle’s title. Lender’s verify a person’s identity, residency, and make sure that the title matches the vehicle being used as collateral.
Lenders will then evaluate an applicant’s vehicle and determine its value. Establishing a value for the vehicle is important since that value will determine how much money can be borrowed. Once the car’s value has been found, the loan can be finalized. The lender will figure out a repayment plan, a monthly payment, and issue the borrower the funds. It is a pretty simple process that usually takes less than 20 minutes. Many car title loans completed by Embassy Loans are completed the same day that they are started.
Title loans differ from conventional loans in that they are secured by a vehicle. Unsecured loans, like you would get at a bank or at a credit union, require much more paperwork and much more time to complete. There are background checks, employment verifications, and credit history reports to review. Lenders have to determine whether or not a person is a good candidate to repay a loan. It may take several weeks before a person is approved for a conventional bank loan.
A title loan allows a person to avoid all of those hassles and get access to money very quickly. Whatever the reason, someone with a clear title to a vehicle has the ability to borrow money and have it in hand within a day or two. If you are looking to make a large purchase, consider a car title loan to help out.