Because of the conditions of the American economy over the last decade, financial institutions such as banks and credit unions have tightened their lending standards. Individuals who would have qualified easily for a conventional loan now find it much more difficult to be approved for mortgages, personal loans, and other traditional loans. As a result, there has been a great deal of growth in short-term loans like payday loans and car title loans. Auto title loans have become increasingly popular because of their ability to access emergency cash in a short amount of time. Many lenders, including Embassy Loans, even allow borrowers to complete the entire process online.
Obtaining an Online Car Title Loan
Many title loan companies, Embassy Loans included, allow potential borrowers to complete their applications online. Filling one out usually takes just a few minutes. The title loan company will then contact you promptly with the next steps.
Those steps will involve providing several pieces of documentation including that which establishes a borrower’s identity. Borrowers must provide the title to the vehicle. It is normally preferred that the vehicle is paid off; however, in some cases there may be a small balance remaining and the loan will still be approved. The title to the vehicle must be provided to the lender, and it must be free of any other liens.
The title loan company will then assess the vehicle for its value. Typically, current blue book values are used. Individuals can then borrow up to roughly 50 percent of the vehicle’s value. If the borrower fails to repay the loan, it is then easier for the lender to recover most, if not all, of its losses. Once the loan agreement is drawn up and signed, the loan is complete, and a borrower can receive the money. This entire process can take as little as an hour or two but is usually completed within a few days.
Advantages of Online Car Title Loans
One of the big benefits of an online title loan is simply convenience. A borrower can submit all of his or her documentation via email and have the loan completed in a matter of minutes. Technology allows for car title loans to be closed quickly.
Another huge advantage is that most title loan companies do not need a credit report since the loan is secured by a vehicle. Those with poor credit but who own a car still have access to extra cash via a car title loan. If you are in a similar position, take advantage of an online car title loan by contacting Embassy Loans.