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Top Misconceptions of a Car Title Loan

MisconceptionsWhen it comes to car title loans, there are, unfortunately, a lot of misconceptions about who can get them and what they can be used for. Essentially, anyone who has a car in their name that is worth enough money to secure the loan is eligible for a car title loan, and they can be used for anything! Here are a few other common misconceptions about car title loans:

Car Title Loans Come from Predatory Lenders

One of the most common misconceptions about car title loans is that they are only available from predatory lenders who will do everything that can to get their borrowers caught up in a vicious cycle of fees. This is definitely not true. In fact, in Florida, this is an industry that is regulated and licensed just as highly as other lenders and lend at very competitive rates—these companies just use a different method of lending.

Your Credit Will Be Taken Into Consideration

Another common misconception about car title loans is that you will not be able to get one unless you have good credit scores. Again, this is definitely not true. In fact, your credit will probably not be taken into consideration at all when you apply for a car title loan. Though it is true that in a perfect world everyone would have good credit, you definitely don’t need it if you are going to apply for a car title loan.  All you need is a clear car title with your name on it and you can get cash out of your car.

The Approval Takes a Long Time

Finally, there is a misconception out there that it takes a long time to be approved for these loans. Again, this simply is not the case. In fact, you can be approved for a car title loan in a matter of hours, as long as your paperwork is filled out properly, your car is available for inspection, and a few simple documents are ready for your lender to look at.

There are certainly other misconceptions about car title loans as well, so make sure that you are talking to a trusted source if you have questions about the process. For great services, including fast car title loans, contact Embassy Loans today and get started!



Embassy Loans is a leading provider of auto title loans since 2005

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Embassy Loans Inc. is licensed under the “Florida Consumer Finance Act” and as such Embassy Loans is exempt from any licensing requirements under the “Florida Title Loan Act” to the extent that any of Embassy Loans’ activities involve the making of a loan of money to a consumer secured by bailment of a certificate of title to a motor vehicle.

Monthly Interest Rates range from 1.5% to 2.5% (18% to 30% APR), with 15-18 Month Terms.

No Prepayment Penalties!

Embassy Loans uses “Title Loans” for advertisement purposes only and provides auto equity loans. Embassy Loans Inc. is licensed under the “Florida Consumer Finance Act” under Florida Statute 516 and as such Embassy Loans is exempt from any licensing requirements under the “Florida Title Loan Act” to the extent that any of Embassy Loans’ activities involve the making of a loan of money to a consumer secured by bailment of a certificate of title to a motor vehicle.

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Frequently Asked Questions

What is an Auto Equity Loan?

An auto equity loan, sometimes known as a car title loan or a car equity loan, is a type of loan that allows you to borrow money by using your vehicle as collateral. The loan is secured by your vehicle, meaning you agree to use the equity in your car to back the loan. 

What is an Unsecured Personal Loan

An unsecured personal loan is a loan that does not require collateral. Funds are provided based on your credit worthiness and your ability to repay. 

What Is the Credit Builder Program

The credit builder program is designed to help individuals establish or improve their credit score with the primary purpose of building a positive credit history through regular payments.

Can i have more than one Loan at a time?

Embassy Loans can only extend one loan at a time and it’s advisable to start with one and focus on making payments in a timely manner to prevent default.

What happens if I miss a payment?

Missing a payment can have negative consequences, including late fees, a drop in your credit score, and potential default on the loan. Consistent, on-time payments are crucial to benefit from the program.