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How do I Qualify for a Car Title Loan?

Approved StampFlorida consumers have likely seen advertisements for car title loans and even probably wondered how you qualify. After all, there are a lot of great benefits when it comes to a car title loan. From getting your money extremely quickly to being able to get a larger sum of money than payday and other loans, the benefits of car title loans are evident from the start. One of the biggest questions that people ask when it comes to car title loans is if they will qualify for them. Here’s how, in general, that people qualify for a car title loan.

Have a Vehicle That You Own
It should be fairly obvious when getting a car title loan that you will need a car or other vehicle. You need a car because that is where your collateral will come from. In order to get this money, the title of the car will need to be signed over to the lender. The only way to do that is to be the legal owner of the car. Unfortunately, if you are not the legal owner of the car or if you are still making payments on the car, you will not be able to get a car title loan.

Your Vehicle Needs to Have Value
You will need to make sure that your vehicle has value. Since you are using your vehicle for collateral, it is important that it is worth significantly more than the value of your loan. This is one of the biggest reasons why title loans are turned down by lenders.  At most title loan companies, the loan amount will need to be less than 45% of the value of the car.  So, for example, if your car is worth $4,000, you will be able to borrow up to $1,800 against it.  The fastest (and best) way to find out the maximum loan amount is to call your lender.

What You Don’t Need
Unlike a conventional loan, there are two things you don’t need: good credit and a job.  Title Loan companies do not lend based on a credit score.  In fact, if your credit needs improvement, this can be an opportunity to make your payments on time and give those scores a boost.  As for the job, obviously, you need to have some method to make the payments, but it doesn’t matter how.  Part time jobs , self employment, retirement checks, or any other source of income will do the trick as long as you make the payments you commit to.

If you have a car with enough value, you own a vehicle, and you are ready to make the payments, you can easily qualify for a car title loan in Florida.  For more information, call Embassy Loans or fill out the form above.  We make loans easy.



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.