Why Car Title Loans?
Car title loans are becoming a more popular method of borrowing for many consumers across the nation. These types of loans are easier to obtain than most conventional loans for those who qualify. Because of the ease of approval and the speed with which borrowers can obtain their money, more and more car owners are opting for car title loans.
How to Qualify for a Car Title Loan
If you own a vehicle and possess its title, you can qualify for a car title loan. It is preferred that the car or truck is completely paid off, but some lenders will approve a title loan even if there is a balance remaining. There cannot be any other liens on the vehicle’s title to complete the process.
The Car Title Loan Process
Interested parties who qualify can apply for a car title loan by filling out an application. Title loan companies like Embassy Loans of Florida have offices around the state but also allow prospective borrowers to fill out applications online. The application is the first part of the process.
Once the application has been completed and reviewed, applicants are asked for a variety of documentation. They must prove their identity and where they live, as well as present the title to the vehicle. Lenders will verify everything before moving forward and assessing the vehicle.
The car, truck, or SUV will be appraised by the lender. Most title loan companies use current blue book values to determine how much a vehicle is worth. In most cases, lenders will only allow 30 to 50 percent of the assessed value to be borrowed. For example, if a vehicle is worth $20,000, a borrower will only be able to borrow up to $10,000. This ensures that if the borrower defaults, the lender can recover its losses.
The Benefits of a Car Title Loan
To obtain a car title loan, borrowers need to own a vehicle and possess the title. Typically, the vehicle should be 15 years old or newer and in good condition. Unlike traditional loans, a car title loan does not require the lender to research the credit history of a borrower. While lenders may check credit, it is not the primary factor in determining loan approval.
Car title loans are secured by the value of the vehicle, which makes credit history less relevant. Most car title loans, like those offered by Embassy Loans, can be processed very quickly. At Embassy Loans, the typical auto title loan is completed, and the borrower has access to funds within 48 hours. The speed and ease of the process are why car title loans continue to grow in popularity.
Experience fast, easy, and secure service with Embassy Loans — get approved and receive your funds in as little as 48 hours. Call us now at (833) 839-2274 to get started!
