What Is a Car Title Loan?
A car title loan is a short-term loan secured by your vehicle’s equity. A borrower uses the vehicle as collateral in exchange for a loan. The loans are usually for smaller amounts of money that you intend to pay back over short periods of time.
How to Obtain a Car Title Loan
Embassy Loans, one of Florida’s largest consumer finance companies, has helped tens of thousands of customers get access to money for emergency situations such as an auto repair. The process begins by filling out an application. The application can be filled out in person or online and takes just a few minutes. Once the application is complete, borrowers are contacted and asked to provide a few documents. They must prove their identity and where they live as well as show the title for the vehicle. If there is enough equity in the vehicle, it may be possible to borrow the entire amount needed to pay for a transmission repair.
How Long Does It Take?
For those familiar with loans from banks and other financial institutions, you may remember that it seems like the process takes forever. Loans from banks can take several weeks. After sorting through credit reports and other documents, a borrower may find out after two or three weeks that the loan is not approved. A car title loan does not require analyzation of credit reports and can be completed in as little as an hour. Borrowers can have immediate access to their money. Two of the big advantages of a car title loan are the speed with which they can be completed and the fact that credit is not a factor in determining eligibility. In as little as a day or two, you can have the money you need to pay for your vehicle’s transmission repair.