What Is A Car Title Loan?
A car title loan is simply a loan that is secured by the title to a vehicle that the borrower owns. Any person who owns a vehicle that is paid for and has a clear title can qualify. Applying for a title loan is easy and processing is very quick.
How To Apply For A Car Title Loan
If you qualify (you own a vehicle with a clear title), you can apply for a car title loan by visiting a title loan company or filling out an application online. Embassy Loans of Florida, for example, has several offices where interested parties can fill out an application. They also offer people the opportunity to apply online.
The Processing Of A Title Loan
After you apply for a vehicle title loan, you will need to produce some documentation to verify your identity and residency. You will be asked to present the title to the vehicle so that it can be verified as well. Your vehicle will be appraised for its value and then the loan documents will be drawn up. Once you sign the final loan agreement, the disbursement of the funds is almost immediate. The entire process normally takes an hour.
Advantages Of A Car Title Loan
Car title loans are processed very quickly which allows borrowers to get their hands on much-needed cash very quickly. Many times, auto title loans are completed on the same day that the application is started. This a huge advantage to someone who may have an emergency, such as someone who has a pet needing emergency veterinary service. A title loan is a secured loan that does not normally require any sort of credit check. Borrowers who have poor credit histories can utilize this type of loan to access quick cash. That same borrower would have difficulty trying to obtain a more traditional loan from a bank or other financial institution.