As 2016 begins, we know that anything is possible in the New Year. If you are like most Americans, you have some credit card debt and could benefit from having it paid off as quickly as possible. There is a unique way to do so that could have you debt-free in a matter of months and, for some, in weeks. If you own a car or truck, here’s how you can use it to help you in 2016.
What Is a Car Title Loan?
A car title loan is a loan secured by a vehicle that the borrower owns. To qualify for most car title loans, the borrower must own the vehicle outright. In some cases, if the vehicle is nearly paid for and there is equity, the loan will be granted. The borrower must have the title, and there can be no other liens on it other than an existing car loan.
How Do I Obtain a Car Title Loan?
At Embassy Loans, one of Florida’s leading consumer finance companies, a borrower must first fill out an application. Applications can be completed in one of our offices or, more conveniently, online. Filling out an application takes just a few minutes and starts the process. An applicant must then be prepared to submit a few forms of documentation such as a driver’s license and the title to the vehicle.
What about a Credit Score?
Since car title loans are secured by a vehicle, there is no reason to check a borrower’s credit report. Some title loan companies may do so, but it is not necessary, as approval for the loan is not based upon a person’s credit history. A car title loan is a great alternative for people who have poor credit and cannot obtain more conventional loans from a bank or credit union.
How Long Does the Process Take?
At Embassy Loans, most car title loans are completed within an hour. Since there is not a lot of paperwork to deal with – there are no credit or background checks – processing time is greatly reduced when compared to that of conventional loans. Embassy Loans verifies a borrower’s identity, residency, and the title to the vehicle. The car or truck is then assessed for value, and the final loan documents are drawn up. Once the documents are signed, a borrower has immediate access to his or her money. It can be used for an emergency, to pay off debt, or even for a vacation. Whatever the reasoning, a car title loan can help you in 2016.