The majority of people looking for a source of emergency funds have most likely never even heard of a car title loan. For those who are hurting and need money fast to cover the rent, utility bills, or some unexpected expense, car title loans may be the answer.
Unlike traditional bank loans, vehicle title loans do not require a lot of paperwork, employment verifications, or credit checks. What is required is a vehicle with a clear title. The vehicle needs to be paid for or almost entirely paid off, according to Embassy Loans, Florida’s leading title loan company.
Embassy Loans also requires that borrowers prove their identity and their residence status. They must provide a form of photo identification and something that proves where they live. Most clients will use a utility bill.
Once identification and residency has been verified, the borrower’s vehicle must be inspected. Embassy Loans, for instance, has over 20 different locations around the state of Florida where borrowers may take their car to be appraised. Embassy will make sure that the car or truck matches its title and then will estimate the vehicle’s value. Once the assessment is complete, the loan can be finalized.
All that is left is for the borrower to pick up his or her money. It really is that simple, and it is that simplicity and speed that is one of the biggest advantages of completing a title loan. When you are in need of money and need it quickly, a car title loan can be completed in as little as a few hours. Most are processed and the borrower left with money in hand within an hour.
Those who have poor credit histories do not need to worry about not qualifying. There are no credit checks and the loan is secured by your vehicle. This is much different than a traditional bank or credit union loan. Those lending institutions must determine whether or not a potential borrower will be able to repay what was borrowed. The car title loan is not dependent on a borrower’s past credit history. The lender, Embassy Loans in this case, holds the title to the vehicle while the loan is repaid.
Vehicle title loans are perfect for those in need of quick cash to cover a rent or mortgage payment or even an unexpected car repair or medical emergency. They are rather easy to obtain as long as the borrower has a vehicle with a clear title. Car title loans are also perfect for those who do not have great credit histories.