One of the quickest solutions to acquiring funds needed to pay for emergency medical procedures or hospitalization is through the use of car title loans. While not as well-known as traditional bank loans, an auto title loan is a short-term loan that can help get a family or individual through a tough financial situation.
A vehicle title loan is easy to obtain. Anyone who owns a vehicle that has a clear title can qualify. Title loan companies such as Florida’s Embassy Loans can help those with cars and trucks that are completely paid for or are almost paid off. The vehicle serves as collateral for the loan. Interested parties can start the process by filling out an application. Embassy Loans allows its applicants to fill out an application in person or online.
Once the application is complete, Embassy Loans will require prospective borrowers to provide a form of photo identification, proof of residency, and the title to the vehicle. Applicants’ identity and residency will be verified and then Embassy Loans can move on to inspecting the vehicle. The company has 21 different inspection stations throughout the state where applicants can take their vehicles for inspection.
The first part of the inspection involves making sure that the vehicle’s identification number (VIN) matches that of the title. Next, the car or truck will be assessed for value. This is an important part of the process as the vehicle’s value will ultimately determine how much money can be borrowed.
When the inspection is finished, the final terms of the loan can be drawn up. All that is left is for the borrower to pick up his or her money. From the time a borrower begins an application to the time that person receives his or her money is typically an hour. On many occasions, a title loan is processed completely on the day that it was started. The result is that borrowers with emergency medical expenses can receive the cash they need to get them through their difficult time without being left in financial ruin.