If you are unaware, a car title loan is a short-term loan taken out against the value of a borrower’s car. It is a financial instrument that can help many during financial emergencies. Those who own a vehicle with a clear title that is paid for, or is almost paid for, are eligible. Since the vehicle is used as collateral, there is no need for some of the lengthy paperwork associated with most conventional loans. Title loans are great for those who don’t have good credit history as credit checks are unnecessary.
If you are considering a vehicle title loan, you should do some research to determine the value of your car. Ultimately, the value of your vehicle is going to determine the amount that you can borrow. Those in Florida can apply for a car title loan at one of the state’s leading consumer credit companies, Embassy Loans. The process is easy. Applicants can fill out an application online or at one of the company’s conveniently located offices.
After the application is filled out, potential borrowers must provide identification and proof of residency. They must also present the title to their vehicle. Embassy Loans will verify that the title matches the vehicle and then the company will do its own valuation of the vehicle. The amount that Embassy Loans comes up with will determine how much can be borrowed.
Before beginning the application process, you should have an idea of how much your car is worth. The last thing you want is to expect to be able to borrow $4,000 when your vehicle is only worth $2,000. You can use any number of online valuation tools that will give you an accurate estimation of your car’s value.
Plug in accurate variables to get the most accurate result and always look at the wholesale value. Always underestimate, too. Your vehicle’s value will depend upon its make and model, its age and mileage, the popularity and demand for the model, and its condition. Some of the options may also play a role, but be sure to put in accurate figures to get a solid result. This way, you can estimate what you will be able to borrow.
At Embassy Loans, once the value of the vehicle has been determined, the loan process can be finalized. The terms of the loan, including repayment, are issued as is the money. The whole process is quick and painless. Most title loans at Embassy Loans are completed within an hour and many are finished the same day in which the application was started.