Unlike traditional bank loans, a car title loan is a secured loan that usually takes between 24 and 48 hours to process. In applying for a loan from a bank or credit union, the process may take several weeks before you find out if you are even approved. With a car title loan, you can have the cash in your hand the same day you apply.
The application process is simple. Most lenders, like Embassy Loans of Florida, allow potential borrowers the opportunity to apply online. In just a few minutes, the application is complete. There are not many requirements when it comes to an auto title loan, so the application is pretty short.
Once the application is finished, applicants will normally have to provide proof of their identity as well as their residency. A representative of the lender will verify everything that is on the application, for the most part. Since there are not many requirements for a title loan, this process does not take long.
The applicant’s vehicle will then be inspected to make sure that it matches the title and also to come up with a value. Once a value has been determined, the loan can be finalized. The entire process from beginning to end can take as little as an hour. Once complete, the funds are transferred to your bank account and you can begin the process of starting your business.
To start a new business requires money and an easy way to raise the capital necessary is through the use of car title loans. You should be sure to have a plan to pay back the title loans very quickly to save you even more on interest and finance charges.
Your dream of owning your own business is possible. Use the power of auto title loans to help get your business off the ground. The money you receive from an auto title loan can pay for many of the incidentals that you may have forgotten. Things like legal fees, taxes, and advertising can be taken care of with the proceeds from your car title loan.