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How Do I Qualify For An Auto Title Loan?

?????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????When you need to borrow money, there are a few options available to you. Many people immediately think of the traditional bank loan as the best possible solution in these situations. When borrowing from a financial institution such as a bank or credit union, qualifying for the loan is based on several items including explanations. A bank will ask you what you intend to use the money for, whether the loan is for an emergency or for a new addition to your home. The financial institution will also dig deep into your financial background, examining your credit history and other details about your life and your finances. That can be a lot of hassle, and can take a lot of time.

 

Another option for borrowing money that many people may not be aware of is to take out an auto title loan. Qualifying for a car title loan is much different than a traditional loan. You will not be asked why the money is needed. A title loan company, such as Embassy Loans of Florida for example, is not interested in what the money is for; rather they are interested in helping the borrower obtain the money they need.

 

The process for acquiring a vehicle title loan is much more streamlined, since the loan is secured with a vehicle. Borrowers must have a clear title or a vehicle that is almost entirely paid off to qualify. Someone interested in a title loan must fill out an application – Embassy Loans makes their application available online or in one of their conveniently located offices – and then verify their identity and residency.

 

Once a borrower’s identity and residency have been checked, Embassy Loans will inspect the borrower’s vehicle. They will check to make sure that the title matches the vehicle and then will assess the vehicle’s value. The amount that can be borrowed is dependent upon the value of the vehicle. Once the value is determined, the terms of the loan can be finalized.

 

There is no need for a credit check or an employment verification. This saves Embassy Loans loads of time in processing and paperwork. Since the loan is secured by the vehicle, no background checks are needed. As long as a borrower has a vehicle with a clear title, he or she can qualify for an auto title loan.

 

When the terms of the loan have been finalized, a borrower receives the money. In most cases, a car title loan can be processed, from beginning to end, in an hour. Many borrowers start the process and receive their money the same day.



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.