Having a bad credit score does not necessarily eliminate you as a candidate for a loan. There may be some loans that you will not be able to obtain, but one that you could is the car title loan. This type of loan can be obtained by anyone who owns a car or truck that is paid for (or almost paid off, in some cases). The great thing for those who have bad credit is that car title loans do not require a credit history check.
Companies like Embassy Loans in Florida have been helping customers obtain car title loans for almost a decade. Embassy Loans is one of the state’s leading consumer finance companies and makes the process of obtaining a car title loan very easy. Customers must first fill out an application, which can be done in person at one of the company’s many locations or online. The application takes just a few minutes to complete.
When the application is done, applicants will be asked to present proof of their identity as well as their residency. Most people will present their driver’s license and a utility bill. Once this is complete, an applicant must have the vehicle inspected. Embassy Loans offers customers 21 different inspection stations throughout the state from which to choose. All vehicles are assessed for their value. Also, the vehicle and title are compared to make sure that the two match.
After the title has been verified and the car appraised, the final loan documents can be drawn up. The borrower will sign them and a check can be issued or the money can be directly deposited into a borrower’s bank account. The entire process takes on average an hour. Many auto title loans are completed in just a few hours.
One of the reasons why a car title loan takes much less time than a conventional bank loan is because there is no need for a credit or background check. Since the loan is secured by the vehicle, there is no need to check credit. If the borrower fails to repay the loan, the title loan company can take possession of the vehicle. If this should happen, most title loan companies will sell the vehicle to recover some or all of their losses.
For those with poor credit, the car title loan is the perfect way to access cash when needed. Car title loans are quick, easy to obtain, and are often help people overcome severe financial troubles.