Your insurance covers most of the damage that occurs in your home including damage caused by extreme weather conditions. The problem is that you chose to have a lower insurance premium by accepting a higher deductible. Now, the time has come for you to make a claim to have your home’s roof repaired. The insurance company will cover the cost of repairs, but first you must come up with the $1,000 deductible. If you have exhausted your options, consider a car title loan.
What Is a Car Title Loan?
If you own a car, you can use it to get the money needed to pay the deductible on your homeowner’s insurance claim. The vehicle is used as collateral in exchange for a loan. Lenders like Embassy Loans have helped thousands of customers access needed cash using their vehicles as security.
How the Process Works
In just a few short steps, you can acquire the money you need to pay your insurance deductible. You begin by completing an application. Once finished, you will be asked to submit a few pieces of documentation like your driver’s license, for example. You must also have the original title to your vehicle. Embassy Loans prefers that you own the vehicle outright but can still loan money if you have a balance remaining on an existing loan.
With administrative items complete, the vehicle must be assessed for value. Embassy Loans uses current blue book values to establish how much the car or truck is worth. You will be able to borrow up to 50 percent of the vehicle’s value. Once the loan agreement is signed, you will have access to your money via check or electronic deposit. The entire process can take as little as an hour.
Benefits of a Car Title Loan
Unlike more conventional loans from your bank or credit union, you do not undergo a credit check when applying for a car title loan. Since the loan is not based on your payment or credit history and your vehicle is being used as collateral, there is no need for a credit check. This is also one of the reasons why a car title loan does not take so long to complete. There is much less paperwork.
When you need money in a hurry, a car title loan may be your best option. They are quick and are great for those who own a vehicle but do not have the most excellent credit score or payment history.