First, anyone interested in this type of loan must understand what it is. It is a short-term loan option for people who have a vehicle with a clear title. It is a loan that is secured by the title of the vehicle and, therefore, requires much less paperwork than a conventional unsecured loan from a bank. A car title loan is the perfect alternative for someone in need of money quickly who does not have a stellar credit history.
For the purposes of accessing cash quickly and not having to worry about proving stable employment or a poor credit score, a car title loan is definitely worth it. Potential borrowers can go to a lender, such as Embassy Loans of Florida, and complete an application. Most applications are completed in a matter of minutes after which the loan can be processed.
Potential borrowers will have to prove their identity as well as their residence and must have a clear title to a vehicle that is fully paid (in some cases, a car that is almost paid off completely can be used). At Embassy Loans, once a person’s identity and residency have been verified the car will then be assessed.
The title, of course, must match the vehicle being used as collateral. The vehicle is then assessed for its value. Once the value of the vehicle is established, the loan amount can be finalized. The terms of the loan can be finalized as well and a borrower can access his or her cash. This process at Embassy Loans normally takes an hour and many loans are completed the same day the application is started.
Borrowers can take advantage of the quick process and the lack of extensive paperwork related to title loans. Before taking out a car title loan, borrowers should be sure to devise a plan for quick repayment. For those who properly take advantage, a car title loan is great way to access emergency cash and is definitely worth it.