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How much can I borrow with a car title loan?

????????????????????????????????????????????????????????????????????????????????????????????????????????????????????A car title loan is not quite as popular as a conventional loan from a bank, although title loans are gaining popularity among those with bad credit. These types of loans are much easier to obtain than conventional loans, which require good credit as well as a positive background check. In today’s rough financial times, there are many households that just do not have the stellar credit and background histories necessary to obtain a traditional loan.

 

 

Car title loans are a little different when it comes to the amount of money that can be borrowed. Loans to purchase a house or car are typically much larger than a title loan, but the amount that can be borrowed with a title loan is directly dependent upon the value of the vehicle being used as collateral.

 

Those looking for a car title loan can visit Embassy Loans of Florida and fill out an application to start the process. The application can be filled out online or in person in one of their many conveniently located offices. The applicant will then be asked for photo identification, the title to the vehicle, and proof of residency. Embassy Loans must verify the identity of the borrower and verify that the title matches the vehicle.

 

Once this is complete, the next step is for Embassy Loans to inspect the vehicle and determine its value. The amount that can be borrowed depends upon what the car is determined to be worth. It is a good idea to get an idea of what a car is worth prior to applying for a title loan. There are a variety of online assessment tools that can help to determine what a vehicle may be worth. By estimating the value of a vehicle, a borrower will have a clearer picture of the maximum amount that can be borrowed.

 

After Embassy Loans determines the value of the vehicle, the terms of the loan can be finalized. The amount borrowed, the interest rate, and terms of repayment are all set, and the borrower can then receive his or her money. Most often, the entire process, from application to receiving a check, takes between 24 and 48 hours. Because the loan is secured by a vehicle, there is no need for background or credit checks. This cuts down on the amount of paperwork necessary to process a title loan. The result is a loan process that is much quicker than with a traditional loan.



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.