Well, there doesn’t for those who may be able to qualify for a car title loan. Those who own a vehicle with a clear title, or one that is almost entirely paid off, can borrow against the value of their car or truck. With the vehicle serving as collateral, the auto title loan process is much different and less frustrating, than that of a traditional bank loan.
At Embassy Loans of Florida, for example, prospective borrowers fill out an application to start the process. They may fill it out online or stop in at any of Embassy Loans convenient locations. Once the application is complete, the individual will need to prove his or her identity and residence. A form of photo identification is needed along with the title to the vehicle and something such as a utility bill to prove residency.
Next, Embassy Loans will need to inspect the vehicle. The inspection includes matching the title to the vehicle and then assessing its value. This is a very important part of the process. Borrowers must take the vehicle to one of Embassy Loans’ inspection stations where a value will be calculated. This is important because the value of the vehicle will determine how much can be borrowed.
Once the value of the car or truck has been determined, Embassy Loans will complete the loan processing and all that is left is for the borrower to pick up his or her money. The entire loan process from beginning to end normally takes between 24 and 48 hours. Many of the company’s loans are completed the same day they were started.
A title loan does not require a background check or an employment history. There is no need for a credit check either, since the vehicle serves as collateral. Because these items are not necessary, there are no stacks of paperwork, no phone calls, and no collection of mounds of data on the borrower. The process is much more streamlined and does not take much effort on the part of the borrower.