Car title loans may not be as popular or as well-known as traditional loans from a bank, but they can save the day when you run into a financial emergency or need to access cash quickly. A car title loan is a secured loan in which a vehicle’s title is used as collateral. This differs from a personal loan or a mortgage loan, which are unsecured loans and are issued in good faith to those deemed to be credit-worthy.
There are many title loan companies offering these types of loans, including Florida’s own Embassy Loans. The company began providing title loans in 2005 and has grown into one of the state’s largest consumer finance companies. They have provided tens of thousands of customers with access to funds for emergencies and other purchases.
A car title loan is available to anyone who owns a car that is completely paid off. There can be no liens on the title either. If this is the case, you can qualify for a title loan. The process is started by filling out an application in one of Embassy Loans conveniently located offices or online. The application takes just a few minutes to complete.
Applicants will have to verify their identity as well as their residency and provide the title to their vehicle. Embassy Loans will confirm a person’s identity, residency, and make sure that the title matches the car or truck. Once this is complete, Embassy will then appraise the vehicle for its value.
Based on the vehicle’s value, the loan can be finalized. The documents are drawn up and signed. An applicant can then receive his or her money. This entire process normally takes just an hour, much less time than it takes to receive money from a conventional loan. Because a title loan is secured by a vehicle, there is no need for background and credit checks that are customary with other loans.
When a person suffers a sudden job loss and needs to pay the rent or mortgage, a car title loan can be obtained quickly to help get that person through until he or she finds their next job. Title loans can be used for a variety of situations such as paying for college expenses, paying for unexpected medical expenses, or even paying for a dream vacation. A car title loan is a great idea when someone needs to access cash quickly.