A car title loan is a short-term loan that is taken out against the value of a vehicle that you own. You must own a car or truck that is paid off, or nearly paid off, and you must have a clear title. If you do, you can access quick cash that you can use to take care of those miscellaneous expenses that your student loans and grants do not cover.
Obtaining a car title loan is fairly easy. You can visit a title loan company, like Embassy Loans of Florida, in person and fill out an application. These days, many title loan companies offer applications that can be filled out online. Most applications take just a few minutes to fill out.
Once the application is complete, the lender will ask to verify your identity and where you live. A form of photo identification, like a driver’s license, can be presented to verify identity. A copy of a utility bill works best to prove your residency.
You must present the title to the vehicle to the lender. The lender will examine the title to make sure it matches the vehicle and that it is free of any liens. Embassy Loans will then assess the vehicle for its value. The company has over 30 different inspection stations around the state of Florida where prospective borrowers can take their vehicle for assessment.
When the vehicle’s value has been determined, the loan can be finalized. The final documents are drawn up and signed. All that is left is for the borrower to pick up his or her money. This entire process can take as little as a few hours, far less time than a traditional loan from a bank.
The proceeds of the loan can then be used for any tuition not covered by your student loans and grants. Some schools may not let you start classes until the tuition is fully paid. You can use the money for books, travel expenses, housing, and other college expenses. That can be a big help when you need money quick for college.