There are numerous types of loans including mortgages, car loans, student loans, and more. The American public has a variety of opportunities to borrow money, or does it? While the economy has been turning around over the past few years, the ability to borrow money has dried up for many Americans. The mortgage loans for subprime borrowers are all but gone. Obtaining a car loan is also a lot harder than it used to be. Trying to get a personal loan in an emergency situation is often not even worth the hassle. The U.S. has a borrowing problem – many Americans are finding that they cannot get their hands on cash in an emergency situation.
The Car Title Loan
One type of loan has increased in popularity – the car title loan. For those who own a vehicle, a loan is possible. Car title loans are short-term secured loans that are backed by a vehicle’s title. You offer your car or truck as collateral and receive a loan in return. Embassy Loans is a leading consumer finance company that has helped tens of thousands of customers access money when it is most needed.
The process works best when a vehicle is completely paid off. However, if you have an existing loan on the car, it is still possible to borrow. Car title loans terms are more favorable when your vehicle is owned free and clear of existing finance, and also more favorable for newer vehicles.
How to Obtain a Car Title Loan
The process of obtaining a car title loan is quite simple. Embassy Loans requires that potential borrowers fill out an application first. This application can be made in person or online. In fact, the entire process can be done online if more convenient. After filling out the application, you will be required to submit proof of your identity, residency, and that the vehicle is yours. Embassy Loans will then appraise your car or truck and draw up a loan agreement. Once signed, you can then get access to your money. In many cases, the entire loan process can take only an hour. There are no credit checks since your vehicle’s title secures the loan. This important fact speeds up the process significantly.
If you are finding it difficult to borrow money the conventional way, consider a car title loan. You can borrow several thousand dollars very quickly even if you have a poor credit history. Car title loans are helping Americans obtain cash for those financial emergencies.