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BlogBlogCar Title Loans – The Answer For Subprime Borrowers

Car Title Loans – The Answer For Subprime Borrowers

Poor CreditAre you a subprime borrower? You are if you have a poor credit score, insufficient credit history, or some combination of the two. With a credit score of below 620, you will find that attempting to open new lines of credit or borrow money are nearly impossible. Credit card companies, department stores, and more will most likely not extend credit to those with low scores. Banks and credit unions, especially in these days of tighter credit restrictions, will only lend to those who are most creditworthy.

In attempting to borrow from a traditional lender, those with credit issues are a risk. Credit unions are cooperative financial institutions that are controlled by its membership. They will extend credit to members are reasonable rates, often lower than those at larger banks. The problem is that membership is limited and those with poor credit histories would have a hard time joining.

Obtaining an unsecured loan from a traditional bank is another possible avenue when in need of cash. Unsecured loans are based upon an individual’s ability to repay the loan. A very thorough background check, including the verification of credit history, will be performed. The requirements for approval are very stringent and a subprime borrower has little, if any, chance of being approved for a loan.

Car title loans, however, are a different breed of loan. The loan is secured using a vehicle. Potential borrowers must have a car with a clear title. The vehicle must be paid for, or almost entirely paid for, and have no other liens on it. A potential borrower needs to fill out an application and verify their identity. Those who utilize Embassy Loans in Florida, for example, will note that the application process is simple. It can be completed online or at one of their very convenient locations.

When the application is complete, borrowers will need to produce a clear title to the vehicle as well as some form of photo identification. The lender will need to inspect the vehicle to ensure that it matches the title as well as to appraise its value. With the title verified and an assessment of what the vehicle is worth, all that is left is for the loan process to be completed and the borrower to pick up his or her money. There are no credit checks, lengthy background checks or other time-consuming paperwork necessary – the perfect solution for a subprime borrower.



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.