At title loan companies like Florida’s Embassy Loans, those who want to apply for a loan can visit any one of the company’s many convenient locations. The friendly and knowledgeable employees at Embassy Loans can help you complete the application, which takes just a few minutes. People also have the opportunity to apply online. They follow the simple instructions and can complete an application in a matter of minutes.
In order to apply, a potential borrower needs to own a car that is paid off entirely. In some cases, the vehicle may be close to being completely paid. Check with the title loan company in that case. The title to the vehicle must be clear meaning that there are no liens against it.
Once you have finished the application, Embassy Loans will require you to prove your identity and residency. You must show the title to the vehicle as well and, of course, it must match the car or truck. When everything has been verified, the vehicle will then be assessed for its value. With the value established, the loan can be finalized.
The process is very quick, especially when you consider the time it takes to complete a conventional loan from a bank or credit union. Traditional loans require more research and time as the financial institution must determine whether or not a person is a good candidate to repay the loan. Traditional loans are secured by a signature from the borrower. A car title loan is secured by a vehicle. If the borrower fails to repay the loan, the lender can take possession of the vehicle.
The typical auto title loan will take between 24 and 48 hours to process. This is much faster than conventional loans. Many applicants will receive their money on the same day that they started their application, often within hours of applying. For those that need money in a hurry, a car title loan is a great way to meet that need.