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BlogBlogFactors to Consider When Choosing a Title Loan Company

Factors to Consider When Choosing a Title Loan Company

Choosing A Title Loan CompanyIn our current volatile economy, we would all much rather prefer to avoid debt, but sometimes borrowing is just inevitable. A job layoff or a medical emergency can happen any time and, when you are short of funds, a loan is often the only solution to your financial woes. There are, of course, various types of loans from which to choose, but borrowers in need of quick, emergency cash often opt for car title loans. If you meet the criteria and are considering a title loan, factor in the following before choosing a lender.

Experience, Trust, and Reputation

Think about it: who would you rather work with? A company that has been in business for a month or one that has been dealing in vehicle title loans for almost a decade? In Florida, for example, Embassy Loans, a licensed consumer finance company, has been specializing in car title loans since 2005. A lender that has been in the industry for a while with a solid reputation for helping its customers is one that you can trust.

Read Testimonials

Most reputable lenders will publish testimonials from customers that have used the lender’s services. You should take the time to read through several of them to get an idea of other borrower’s experiences with the company. Lenders that do not offer any testimonials should raise some suspicion. Smart lenders publish lots of testimonials because they know that they are one of their best sources of advertising.

Watch Out For Hidden Fees

A vehicle title loan is pretty straightforward. You fill out your application, prove your identity and residency, and present a clear title to the lender. The lender makes sure the car matches the title and then assesses its value. A loan schedule is drawn up with terms and rates. Unlike other types of loans, there should be no extra fees when taking out a title loan.

Compare Interest Rates

As you would with any type of loan, shop around and compare the interest rates and terms of a variety of car title loans. The interest rate is what is will cost for you to borrow the money from the lender. The higher the rate, the more you pay. There are many title loan companies online these days making it much easier to compare rates. Take the time to do so and find the best deal.

Car title loans are fairly easy to obtain but before you do so, make sure that you take the time to gather as much information as possible to make the best decision for you and your family.



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.