It’s the time of year when the joyful holiday spirit is in the air. It is also a time when you may be thinking of proposing to your better half. What better way to ask your mate to marry you than to do it on Christmas Eve, Christmas Day, or even New Year’s Eve? There’s just one problem: your finances. If you are considering a proposal and are short on cash, a car title loan can help.

Basics of a Car Title Loan

If you own a vehicle and possess its title, you can obtain a car title loan. Embassy Loans is a title loan company that has helped thousands of customers borrow money. As a lender, Embassy Loans prefers that borrowers have a vehicle that is paid off entirely. However, in some cases, a loan can be completed even if the borrower still owes money on the vehicle. The car or truck should also be approximately 15 years old or less and in good condition. If the borrower defaults on a loan, the lender wants a desirable vehicle so that they can sell it and recoup some of their losses.

Borrowers must fill out an application, either in person or online. They will be asked to prove their identity and residency and borrowers must have the title to the vehicle. Once everything is verified, lenders will assess how much the vehicle is worth. Typically, borrowers will be able to receive up to 50 percent of the vehicle’s value. A loan agreement is drawn up, and the borrower then receives his or her money. At Embassy Loans, most individuals receive their funds within an hour.

No Credit Check

One of the big problems you may have in trying to finance an engagement ring is related to credit. Trying to obtain financing from a bank or even a jeweler can be difficult if you have a poor credit history. Car title loans are not based on credit. Most title loan companies will not even run a potential borrower’s credit report. If a borrower fails to repay the loan, the lender takes the car or truck as collateral and sells it. This is not common, but is the potential to lose your vehicle is the major downfall of a car title loan. That said, it is not necessary for a title loan company to check your credit. If you have a less than desirable credit history, a car title loan can help you borrow the money needed to pull off your holiday marriage proposal.