How A Car Title Loan Can Improve Your Finances

Save MoneyIf you are like many households these days, you still struggle to meet your monthly financial obligations. When a financial emergency arises, you have to scramble and figure out how to come up with the funds necessary to pay for it. One way is by using a car title loan. Using a vehicle as collateral, you can take out a loan that can drastically improve your financial situation.

 

Emergency Situations

 

As mentioned, when an emergency occurs you might need access to extra cash. If you have a major plumbing repair that needs taken care of quickly or a medical emergency that needs to be paid for, a car title loan can help. Car title loans are processed very quickly, in an hour in most cases. Those with an emergency can have the money they need in a hurry.

 

Consolidating Debt

 

Like many Americans, you may have some credit card debt. That debt is just killing you, damaging your credit history and wreaking havoc on your monthly expenses. A car title from Embassy Loans, for example, can help you pay off a bunch of high interest debt and make your monthly bill payments much lower. If you currently pay $800 per month on all of your credit card payments, imagine having those debts paid off and a monthly payment of just $300. It can be done with a car title loan.

 

How To Obtain A Car Title Loan

 

In order to take out a car title loan, a potential borrower must own a vehicle and possess a title to it that is free and clear of any liens. In most cases, the vehicle needs to be 10 years old or less. An applicant must be able to prove their identity and where they live. If you can do all of that, you can qualify for a title loan.

 

The Process

 

At Embassy Loans, interested borrowers fill out an application to start the process. They will be asked to supply documentation regarding their identity and residency. They must have the vehicle’s title and the vehicle identification number (VIN) must match that of the car or truck. Embassy Loans will assess the vehicle for its value and then finalize the loan documents. Once the borrower signs, he or she will have access to their money. Most will have the funds directly deposited into their bank account. The whole process can take no more than 48 hours and as little as a few hours.