With college tuition and room and board costs rising rapidly, it is becoming increasingly difficult for families and individuals to find the necessary means to pay for their education. The average annual cost of tuition and room and board for a college student is nearly $20,000. Those costs do not include other fees as well as books and other supplies that students need when they go away to school. Students and families wondering where they will get the money to get them through the next semester do have some alternatives.

One such alternative is the car title loan. Students are no strangers to loans. There are all sorts of federal loan programs to help students pay for college, but these loans do not always cover the total costs of attending school. To help bridge the gap, parents or students can use a car title loan.

Car title loans can be taken out by anyone who has a vehicle with a clear title. The processing time for a title loan is much shorter than traditional loans taken out at a bank or credit union. Much of the paperwork associated with conventional loans is not necessary with a car title loan. With a vehicle being used as collateral, an auto title loan is a secured loan, which eliminates the need for things such as background checks and the analysis of credit history reports.

Students or parents can visit a title loan company such as Embassy Loans of Florida, one of the state’s leading consumer finance companies. Potential borrowers must first fill out an application, which can be done at one of Embassy Loans offices or online. The application takes minutes to fill out.

With the application complete, the friendly and knowledgeable staff at Embassy Loans can begin processing the loan. Applicants will be asked to verify their identity and residency and, of course, they must provide the title to their vehicle.

Embassy Loans will make sure that the title matches the vehicle that will be used as collateral. Once verified, the car or truck will be assessed for its value. When a value has been determined, the loan can be finalized and the borrower can pick up his or her money. The entire process normally takes between 24 and 48 hours with many borrowers receiving their money on the same day that they filled out their application.

A car title loan is a good short-term solution for parents and/or students that need extra money to help pay for those incidentals and get through a semester of college.