What Is a Car Title Loan?
If you happen to own a vehicle, you may qualify for the perfect loan – a car title loan. If you own a car or truck that you own outright, you are the perfect candidate for a car title loan. The loan uses your vehicle as collateral. Car title loans are usually for smaller amounts of money, from a few hundred dollars to a few thousand. Also, the term of a car title loan is significantly less than most other types of loans. You would typically repay a car title loan within a few months.
The Process
Like the process with other types of loans, obtaining a car title loan begins with the filling out of an application. Applicants must submit a few pieces of documentation. Items like a driver’s license and the car title will be necessary to process the loan. The lender will assess the vehicle for its value, helping to determine how much you can borrow. The processing is much quicker compared to other types of loans. Since the lender secures the loans using property – the car – there is no need to check a borrower’s credit history. Much of the paperwork involved with other types of loans is not necessary when processing a car title loan.
The Advantages
How quickly a borrower can receive his or her money is one of the benefits of a car title loan. Embassy Loans, one of Florida’s leading consumer finance companies, has assisted tens of thousands of customers with title loans. On many occasions, a borrower gains access to cash in just an hour after filling out an application. Another advantage is related to credit. Borrowers with poor credit scores and sketchy payment histories do not have to worry about being denied a loan. Embassy Loans offers borrowers low rates, great terms, and no prepayment penalties. Best of all, borrowers continue driving their vehicles while repaying the loan.