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BlogBlogWhy Should I Take Out a Car Title Loan?

Why Should I Take Out a Car Title Loan?

Easy LoansThe majority of people looking for a source of emergency funds have most likely never even heard of a car title loan. For those who are hurting and need money fast to cover the rent, utility bills, or some unexpected expense, car title loans may be the answer.

Unlike traditional bank loans, vehicle title loans do not require a lot of paperwork, employment verifications, or credit checks. What is required is a vehicle with a clear title. The vehicle needs to be paid for or almost entirely paid off, according to Embassy Loans, Florida’s leading title loan company.

Embassy Loans also requires that borrowers prove their identity and their residence status. They must provide a form of photo identification and something that proves where they live. Most clients will use a utility bill.

Once identification and residency has been verified, the borrower’s vehicle must be inspected. Embassy Loans, for instance, has over 20 different locations around the state of Florida where borrowers may take their car to be appraised. Embassy will make sure that the car or truck matches its title and then will estimate the vehicle’s value. Once the assessment is complete, the loan can be finalized.

All that is left is for the borrower to pick up his or her money. It really is that simple, and it is that simplicity and speed that is one of the biggest advantages of completing a title loan. When you are in need of money and need it quickly, a car title loan can be completed in as little as a few hours. Most are processed and the borrower left with money in hand within an hour.

Those who have poor credit histories do not need to worry about not qualifying. There are no credit checks and the loan is secured by your vehicle. This is much different than a traditional bank or credit union loan. Those lending institutions must determine whether or not a potential borrower will be able to repay what was borrowed. The car title loan is not dependent on a borrower’s past credit history. The lender, Embassy Loans in this case, holds the title to the vehicle while the loan is repaid.

Vehicle title loans are perfect for those in need of quick cash to cover a rent or mortgage payment or even an unexpected car repair or medical emergency. They are rather easy to obtain as long as the borrower has a vehicle with a clear title. Car title loans are also perfect for those who do not have great credit histories.



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.