How to Use Your Car to Borrow Money
If you were not aware, there is a way to use your car, truck, or SUV to borrow money. Sure, you can drive to a bank or credit union and attempt to borrow, or you can use your vehicle as collateral for a car title loan. Car title loans have become more common over the last decade as a way for millions to borrow.
With financial institutions tightening up their lending standards, many borrowers have been shut out of the market. Now, vehicle owners have an alternative.
What Is a Car Title Loan?
Car title loans are short-term loans secured by a vehicle or, more specifically, the title to a vehicle. You can use a car or truck as collateral in exchange for borrowing money.
Car title loans usually range from a few hundred dollars to a few thousand, with terms typically lasting less than a year.
The Car Title Loan Process
If you own a vehicle with a clear title, you can begin the process of a car title loan by filling out an application. Embassy Loans allows customers to complete an application either in person or online. Embassy Loans has helped tens of thousands of customers through the years, and our process allows them to complete their application conveniently.
Applicants must submit a few forms of documentation to continue the process. Potential borrowers must possess the title to the vehicle. Once everything checks out, Embassy Loans will then assess the value of the vehicle. Evaluation is an important step as it determines how much you can borrow. Most title loan companies allow applicants to borrow up to 50 percent of the vehicle’s value. With the assessment complete, a final loan agreement can be authorized.
The Advantages of Car Title Loans
Car title loans have several significant advantages over more traditional types of borrowing.
With banks and other lending institutions tightening their standards, people with poor credit histories often find themselves unable to qualify for a loan. Processing a car title loan does not require a credit check, which is a major advantage for those with low credit scores.
Because there’s no need for lengthy credit checks, the processing time is much faster. While a personal loan from a bank may take several weeks, Embassy Loans completes many title loans in as little as one hour. Borrowers can usually have access to their money within a day or two of applying.
At Embassy Loans, we make it easy to use your vehicle to secure the money you need — no credit checks and fast approval. Call us today at (833) 839-2274 to start your application and get your cash quickly!
