A car title loan is one such loan where a person’s credit history has no bearing on whether or not the loan is approved. Those interested in a vehicle title loan must own a car or truck that has a clear title. In most cases, the vehicle needs to be completely paid off. There are some title loan companies that will lend to those whose vehicle is almost paid for completely.
The process of obtaining an auto title loan is pretty simple. An interested party can find a title loan company, like Embassy Loans of Florida, and apply either in person or online. At Embassy Loans, applicants will present identification and the title to the vehicle. The lender will verify an applicant’s identity and will make sure that the title matches the vehicle.
Embassy Loans will assess the vehicle for its value in order to determine how much money can be borrowed. The company has 21 different locations where potential borrowers can take their vehicles in order to have them appraised. Once the car’s or truck’s value has been determined, the loan is finalized. The loan documents are drawn up and then signed by the borrower. All that is left is to pick up the money.
The entire process from start to finish is usually an hour. There are many cases where the entire process is completed within a few hours. These types of loans are processed so quickly because there is no need for those lengthy credit checks or background checks. The title loan companies do not need to do so because the loans are secured by vehicles. Should a borrower fail to repay his or her loan, the lender can take possession of the vehicle.
Car title loans are one type of loan that does not require a credit check. The proceeds of the loan can be used for anything. Many borrowers use the money to help pay rent or mortgage payments and other related bills. The loan can also be used to complete a home improvement project, finance a vacation, or even pay attorney fees.