As you searched the Internet about how you were going to handle your financial obligations next month, you came across car title loans. You have done extensive research and you are ready to pull the trigger. Still, you have some questions before you actually go through with it. Here are the answers to the most frequent questions about car title loans.
- How quickly can I get my money?
How fast you receive your money is often based upon how quickly you respond to your lender. At Embassy Loans, you can stop in to one of our offices around the state of Florida and have your loan completed in an hour. You may also choose to complete the entire loan online. In this case, the speed of the processing is up to you. You must provide certain forms of documentation and information about your vehicle. The quicker you do that, the faster you have access to your money. The bottom line is that a car title loan is much faster than a conventional loan from a bank.
- Will my car be repossessed?
Your car will be repossessed only if you fail to repay the loan. If you make your payments on time, you will never lose your vehicle. While many are wary of car title loans because of repossession, only nine percent of borrowers lose their vehicles. You turn the title over to the lender, but you retain use of the car or truck and do so throughout the life of the loan. Once the loan is paid off, you will get the title back from the lender. You must go through your state department of motor vehicles to have the lien removed from the title.
- What if I have bad credit?
There is no need to worry if you have bad credit or even no credit. A car title loan is secured against your vehicle. It is not based upon your credit history. Most title loan companies will not even check your credit history because it has no bearing on loan approval. Car title loans are an alternative form of borrowing for those who do have poor credit histories.
You can easily obtain a car title loan from Embassy Loans by visiting one of our offices or filling out an application online. Processing time is fast and you can have access to some much needed cash within a few days, oftentimes even quicker.