If you have always wanted to start a business but hesitated because you do not know where to get the money to do so, you need to become familiar with car title loans. A car title loan is a very fast and easy way to access cash that could be used to help you take advantage of a new business opportunity. Here is what you need to know.
Who Is Eligible For A Car Title Loan?
Anyone who owns a vehicle that paid off (or almost paid off in some cases) is eligible for a car title loan. The owner of the vehicle must possess the title and the title must be clear. That means that there can be no liens on the title. Credit history and, in many cases, employment history have no bearing on whether or not a person is eligible.
How To Obtain A Car Title Loan
There are numerous title loan companies like Florida’s Embassy Loans, which has helped thousands of people take advantage of using their vehicle to borrow money. At Embassy Loans, like most other companies, potential borrowers must fill out an application to get the process started. Applicants will be asked to verify their identity as well as their residency. They must also present the title to the vehicle being used as collateral. Embassy Loans will verify that the title matches the vehicle and then appraise it. With the value of the vehicle determined, the final loan documents can be prepared. The borrower signs the loan agreement and is issued the money. The entire process normally takes no more than an an hour or two and many car title loans are completed within a few hours of the application. The process is quicker than a conventional loan because there is no need for credit history checks or other background checks to secure the loan.
Using The Money To Start Your Business
Once the proceeds are received, the borrower can use them for whatever he or she wants. Having enough capital to get your venture off the ground can be tricky. There are other sources of funding available including small business loans, but those can take time. Depending upon the value of your vehicle, you may be able to access a few thousand dollars to get the business going while other sources of capital are processed. Once the business gets moving, you can use some of the profits to pay off the short-term car title loan.