Car title loans differ from traditional loans from a bank or credit union. When attempting to obtain a conventional loan, financial institutions must dig deep to find out if you are a credible borrower. They need to make sure that you will have the resources to pay back your loan. A bank will take a good, long look at your credit history, your employment history, and more to determine whether or not to approve a loan.
Obtaining a car title loan is much different since the loan is secured by a vehicle and its title. If you own a vehicle outright and the title is clean, you can qualify for an auto title loan. Title loan companies, like Embassy Loans of Florida, do not need to spend the time examining a borrower’s past credit history. If a borrower does not pay back the loan, the company can just take possession of the borrower’s vehicle.
For example, if you have lost a job and are having problems paying your bills, a car title loan can be a big help until you find that next job. You can obtain a title loan very easily and quickly. At Embassy Loans, potential borrowers can fill out an application to start the process. The application can be filled out at one of the company’s offices or online. Completing the application takes just a few minutes.
When the application is finished, Embassy Loans will verify your identity as well as your residency. Once completed, your vehicle and the title will then be inspected. The car or truck is appraised for its value. Knowing the value of the vehicle, a title loan company can then complete the loan and issue a borrower the funds. The entire process normally takes an hour, much less than it takes to receive the funds from a conventional loan. The funds can then be used to pay the rent, a mortgage, bills, or a host of other expenses.