When it comes to car title loans, there are, unfortunately, a lot of misconceptions about who can get them and what they can be used for. Essentially, anyone who has a car in their name that is worth enough money to secure the loan is eligible for a car title loan, and they can be used for anything! Here are a few other common misconceptions about car title loans:
Car Title Loans Come from Predatory Lenders
One of the most common misconceptions about car title loans is that they are only available from predatory lenders who will do everything that can to get their borrowers caught up in a vicious cycle of fees. This is definitely not true. In fact, in Florida, this is an industry that is regulated and licensed just as highly as other lenders and lend at very competitive rates—these companies just use a different method of lending.
Your Credit Will Be Taken Into Consideration
Another common misconception about car title loans is that you will not be able to get one unless you have good credit scores. Again, this is definitely not true. In fact, your credit will probably not be taken into consideration at all when you apply for a car title loan. Though it is true that in a perfect world everyone would have good credit, you definitely don’t need it if you are going to apply for a car title loan. All you need is a clear car title with your name on it and you can get cash out of your car.
The Approval Takes a Long Time
Finally, there is a misconception out there that it takes a long time to be approved for these loans. Again, this simply is not the case. In fact, you can be approved for a car title loan in a matter of hours, as long as your paperwork is filled out properly, your car is available for inspection, and a few simple documents are ready for your lender to look at.
There are certainly other misconceptions about car title loans as well, so make sure that you are talking to a trusted source if you have questions about the process. For great services, including fast car title loans, contact Embassy Loans today and get started!