It is one of everyone’s worst nightmares. The one and only vehicle that gets you to and from your job breaks down. You know something is very wrong and you have to take it to a mechanic. Then, you get the news. It is going to be pretty costly to get your car back on the road, but not as expensive as buying a new car. What many may not realize is that an auto title loan can help in this situation.
Auto title loans are not as common as other more traditional types of loans, such as those from banks and credit unions. A title loan from Embassy Loans of Florida, for example, is much easier to obtain. Conventional loans require a significant amount of paperwork and several forms of background checks. A bank will examine a potential borrower’s work history, credit history, and residency to make sure they have a good candidate who will repay the loan.
A vehicle title loan is a little different since there is collateral in the form of a car or truck. Conventional loans are unsecured, meaning there is no collateral and the lender must determine whether or not the potential borrower is a good candidate to repay the loan. With a title loan, a lender can take possession of the vehicle if the loan is not repaid.
Obtaining a car title loan is fairly easy. In dealing with Embassy Loans, candidates can go online or visit a local office and fill out an application to start the loan process. The application takes a few minutes and once it is complete the process continues. Embassy Loans requires applicants to produce a form of photo identification, the title to the vehicle, and to verify their residency. Once this step is finished, Embassy Loans will inspect the vehicle.
Inspecting the vehicle is important since, ultimately, the value of the car or truck will determine how much can be borrowed. The title must also be checked to make sure that it matches the car that is being put up as collateral. When this step is complete, the final loan details are made including the loan amount and the repayment schedule.
With the details finalized, all that is left is for the borrower to pick up his or her money. The great thing about title loans is that the entire process of filling out the application, verifying identity and residency, coming up with a value of the car, and eventually getting a check takes no more than 48 hours in most cases. In many instances, the loan process is completed the same day. When you have a car that needs repaired, a car title can come in handy and help save the day.