How to Obtain an Auto Title Loan
At Embassy Loans, car title loans are easy to obtain. You must fill out an application to begin the process. Applicants must submit some forms to verify identity, residency, and ownership of the vehicle. We use the title to the vehicle as collateral for the loan. The vehicle identification number (VIN) on the title document must match that on the car or truck. After verification, Embassy Loans will appraise the vehicle.
Vehicle Appraisal and Loan Finalization
Standard blue book values are used to determine the value of a car. Embassy Loans, as is typical in the industry, allows customers to borrow up to 50 percent of the value of the car. This limitation protects lenders in the case of a default. A client who fails to repay a title loan faces the likelihood of repossession. Lenders like Embassy Loans will then sell the vehicle to recover losses. It is much easier to recover losses on a $10,000 car when the loan balance is less than $5,000. After we appraise a vehicle for value, the final loan documents are prepared and signed by the borrower.
Advantages of Car Title Loans
One of the biggest benefits of a car title loan is the speed in which we can complete the process. In many cases, Embassy Loans can provide access to cash on the very day that a loan application is filled out by the borrower. In fact, we complete most loans in an hour. One of the things that speed up the process is the lack of credit checks. There is no need to check a borrower’s credit since a vehicle’s title secures these types of loan.
In times of a financial emergency, a car title loan from Embassy Loans can provide the money needed to pay the mortgage, a utility bill, or other expense. There is no waiting for several weeks to get your money either. With quick access, you can spare yourself and your family worrying about your financial situation.