Initial Qualifications
In order to take advantage of a car title loan, an individual will need to own a vehicle that has no current liens on its title. The car will normally need to be completely paid off, although there are some situations where a title loan company will issue a loan if the vehicle is almost paid for entirely. The loan must be issued to the person whose name appears on the title to the vehicle.
Proof Of Identity
Any person that wishes to take out a car title loan must prove their identity. This is usually done by providing Embassy Loans with a valid driver’s license or state ID.
Proof Of Residency
Title loan companies, Embassy Loans included, will ask for proof of an applicant’s residency. An applicant can easily provide a utility bill that shows their name and address as proof of where they reside. Lenders need this information in the event that a borrower defaults on the loan.
Title To The Vehicle
As you probably guessed, a car title loan is secured by the title to a car or truck. An individual seeking this type of loan must have the title to the vehicle that will be used as collateral. The lender will make sure that the VIN number on the title matches that of the car.
Loan Processing
Once an applicant proves their identity, proves where they live, and presents the title to the vehicle, the loan process can be finalized. Embassy Loans, like other will appraise the vehicle. This is an important part of the process since it will determine how much a person can borrow. With that amount, the loan terms can be drawn up and a contract signed. lenders
Nothing Else Needed
Since a car title loan is a secure loan, there is no need for credit history reviews and lengthy background checks. These are the things that cause conventional loans to take so long to process. Many car title loans are completed in as little as a few hours, with the majority within 1 hour.