You may be like the many that have never even heard of car title loans. These types of loans are a great alternative for those in an emergency situation and need access to cash quickly. A vehicle title loan is also rather easy to obtain and requires that a potential borrower have a vehicle with a clear title. Since the loan will be secured by the car, truck, or SUV, there is no need for much of the paperwork that is associated with conventional loans. Here is how a title loan works.
In Florida, the state’s leading provider of car title loans is Embassy Loans. Those looking for emergency funds can begin the process by apply online or in person at one of the many Embassy Loans locations. The friendly, courteous staff at Embassy is always available by phone as well, if needed.
Once the application has been completed, a borrower will need to provide a few pieces of documentation. The title to the vehicle must be presented as well as photo identification and something to prove residency. Most borrowers will bring a utility bill to do so. Embassy employees will verify identity and residency and then move to the next step, which involves assessing the vehicle.
Embassy Loans has over 20 different locations around Florida where borrowers can go to have their vehicles inspected. The inspection consists of making sure that the title to the vehicle matches the vehicle and then assessing the value of the car, truck, or SUV. Once the vehicle has been inspected, the loan process can be completed.
Missing from the title loan process are things like employment verifications, credit history checks, and background checks. None of these are necessary since a car title loan is secured by the vehicle. Since the car or truck is offered up as collateral, the title loan is the perfect lending instrument for those who may have less than spectacular credit history.
Borrowers do not to be employed either, thus there is no need for an employment verification. A background check is not required either. As a result, the vehicle title loan process is simple and quick. Most title loans will be completed within an hour and many are completed within a few hours. Once complete, borrowers can pick up their money. Car title loans can be the answer to those who are in a severe financial jam.