The Advantages of an Online Car Title Loan
Looking for fast access to cash for an emergency? There are a few alternatives, but the online car title loan offers you the most advantages. Embassy Loans, one of the Florida’s most reputable consumer finance companies, offers borrowers who own a vehicle the ability to borrow money rather easily. Here is why you should choose a car title loan over other forms of borrowing.
1. Speed and ease
Potential borrowers can find the Embassy Loans application online and complete it in less than a few minutes. This begins the process, which can be completed in a matter of days. By providing all of the documentation needed quickly, you may be able to access your cash in as little as 24 hours.
2. No credit checks
All conventional loans will require an examination of your credit history. A car title loan is a secured loan. The vehicle serves as collateral and in the event that a borrower does not repay, the lender can take possession. The loan is not dependent upon a borrower’s payment history. If you have a poor credit history, it will not affect your ability to take out a car title loan.
3. Continue driving your vehicle
You may think you have to give up your vehicle to the lender while you repay the loan. That is not the case. You are able to keep driving your car or truck as you pay back the loan. You do give up the title to the vehicle until you make your last payment.
4. Cheaper alternative to payday loans
Car title loans offer reduced rates of interest when compared with other quick forms of borrowing. Since the title to the vehicle provides the lender with a layer of security, they can charge less in interest.
5. Fast repayment schedules
When you receive your loan agreement, you will know upfront how much you must repay and by when. At Embassy Loans, there are no prepayment penalties. You can pay off the loan as quickly as possible in order to avoid paying more interest. Car title loans are normally paid off in a matter of months.
The bottom line is that if you own a vehicle, a car title loan is a great way to access money. The process is quick and credit is not an issue. Interest rates are less than other forms of borrowing such as payday loans, and quick repayment schedules mean that your debt will be paid off within a few months.
