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Using A Car Title Loan Wisely

Car Loan WiselyCar title loans are a great opportunity for individuals and families to borrow much needed funds in times of financial duress. Those who possess a clear title to a vehicle can easily qualify. When taking out a car title loan, it is imperative that the borrower use the loan wisely.

 

These types of loans can be used in a variety of situations such as medical emergencies, to help offset a job layoff, and more. Borrowers can visit a title loan company like Embassy Loans of Florida and start the loan process by filling out an application. Unlike loans from a credit union or a bank, the time to process an auto title loan is usually between 24 and 48 hours. Many borrowers will receive access to their funds on the same day that they began the loan process.
Borrowers must present the title to the vehicle and prove their identity and residency. The title loan company will appraise the vehicle for its value. Borrowers will receive a percentage of the value of the car or truck as a loan amount and the whole process can be finalized. There are no lengthy background or credit checks needed as the vehicle serves as collateral for the loan.

 

Before entering into a car title loan agreement, borrowers should make sure they have a plan for repayment. Title loans are short-term arrangements and the quicker one can pay off a loan the better. Paying off a vehicle title loan early can save a borrower from paying interest and fees. Those who take out a title loan should rearrange their budget for a few months to pay off the debt as fast possible.

 

Also before taking out a title loan, an individual should examine the need for the funds and determine if a loan is in his or her best interest. As mentioned, car title loans are great for an unexpected medical emergency or a home emergency, such as broken pipes or an electrical emergency. Those types of things need to be taken care of immediately. Taking out a car title loan to acquire the funds necessary for a vacation may not be in the best interest of the borrower.  If a borrower does choose to take out a car title loan for a vacation or to pay for a new computer, the borrower must have a plan to pay the loan off and pay it off quickly.



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.