For those facing a difficult financial situation, a car title loan can help to manage the burden of meeting the monthly financial obligations. The loan may help a family pay the rent or mortgage and its bills for a few months while the situation is worked out. There are several benefits associated with an auto title loan compared to other types of loans.
If you happen to be one of the many who has a poor credit history, a car title loan is perfect for you. There are no credit evaluations in the auto title loan process. Applicants must own a car that has a clean title. The vehicle is used as collateral and, as a result, a credit history check is unnecessary. Many other types of loans are secured only by a signature. In those cases, the lender must determine whether or not an applicant is a good candidate to repay the loan. With a car title loan, if a borrower does not repay the loan, the lender can take possession of the vehicle.
The entire auto title loan process is simple and quick. If you attempt to take out a loan at a financial institution, you will go through a process that includes things like credit history checks, employment checks, and more. Those things take time. As a result, it may take a month or even more before the loan is approved and you receive your money.
You can apply for a car title loan online. At Embassy Loans of Florida, applicants can visit one of their many locations or fill out the application online. The application takes a few minutes to complete. Applicants then must present identification and the title to the vehicle. The car or truck will be assessed for its value. Once completed, the final loan documents are drawn up, and the borrower will receive his or her money. This entire process normally takes between an hour. Many title loans are processed and completed the same day that the application is started.
Those interested in a car title loan to help their financial situation need to have a vehicle that they own outright. The car or truck must have a clear title, meaning there are no liens of any kind on it. If you are at least 18 years old, you can qualify. Many title loan companies will also require that your vehicle be less than 10 years old.