Millions of people in the country have bad credit and many of those people live right here in Florida. If you are one of them, you know that many times, the hassles that are associated with bad credit can really put a damper on your day and can even negatively affect your livelihood. From phone calls from creditors asking you to pay off your bills to wage garnishments and law suits, all are possible when you have bad credit. Instead of having to deal with creditors, you can easily pay them off in a very simple manner…you could get a car title loan.
What is a Car Title Loan?
A car title loan is a type of loan, highly regulated by the state of Florida, that will allow you to use the value of your vehicle to obtain money. You can get hundreds and even thousands of dollars depending on the make, model and year of your car or truck. The only catch with a car title loan is that you will need to be the legal owner of the vehicle, meaning the title must be in your name. It doesn’t matter if you have bad credit either, which is why this is such a great option for those struggling to pay off their bills and looking to improve their credit.
How Can a Loan Improve Credit?
Some people are confused by how a loan can actually improve your credit. If you know how credit works, however, it won’t be that surprising. When you take out a car title loan, for instance, that act will be reported to the credit bureaus, who determine and update your credit score. As with any loan, when you get a car title loan, you will be required to pay it back. Each time you make an on time payment, that good deed will be reported to the credit bureaus. The more positive reporting that is added to your credit report, the higher your credit score will go.
As you can see, a car title loan can actually kill two birds with one stone…you will be able to pay off your debts and improve your credit at the same time. If you are interested in learning more about car title loans, contact Embassy Loans at your convenience.