You never expected that you would slip, fall down your stairs, and wind up with a broken ankle. You didn’t expect such a hefty bill either. These days, insurance only covers so much. What can you do to pay the medical bills? Consider taking out a car title loan.
If you own a vehicle that is paid off, you can use it as collateral for a loan. Embassy Loans of Florida, for example, is one of the state’s leading consumer finance companies and has helped thousands of customers in need of emergency cash. The company allows you to borrow money in exchange for your vehicle’s title.
The lender, in this case Embassy Loans, will hold the title while the loan is being paid off. You, the borrower, still maintain the use of the vehicle and can recover the title once the loan is paid in full. To begin the process, borrowers must fill out an application. The application takes less than five minutes and can be filled out online.
When finished with the application, borrowers must present some documentation. Such documentation includes proof of identity, proof of residency, and the original title to the vehicle. Once verified, the lender will appraise the vehicle and establish a value. Most lenders will use the most current blue book values. The final loan terms and documents are then produced.
There is no need for a credit check since a person’s credit history is not the main criteria for approving the loan. Because lenders do not have to dive into a person’s credit history, car title loans are processed much faster than traditional loans. At Embassy Loans, it is typical for a borrower to receive his or her money in an hour from the time that the application was filled out.
Once the money is received, the borrower can use it for whatever they like. In this case, the funds would be used to pay off the medical bills. Borrowers must then repay the balance of the loan to the lender or risk repossession of their vehicle. Lenders typically only allow borrowers to receive roughly 30 to 50 percent of the vehicle’s value. Should a borrower not repay a loan, this allows a lender to recover a large portion of its losses by selling the car or truck.
Whether you have medical bills, rent, an unexpected plumbing bill, or even college tuition, a car title loan is a fast and easy way to obtain money in an emergency.