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What To Consider When Applying For A Car Title Loan

ConsideringThere may come a time when you find yourself needing money in a hurry. You may encounter a situation where you are faced with a financial emergency and need to access cash fast to make a mortgage or rent payment, or possibly an emergency medical bill. Regardless of the circumstance, you need to find money and do so quickly. A car title loan could be the answer to your problems.

 

There are many things to consider when looking to get a car title loan. There are many people who are not educated on car title loans, what they are, and how they work. A vehicle title loan is simply a loan issued based on a form of collateral. In this case, a vehicle serves as the collateral. Title loan companies, like Florida’s Embassy Loans, offer loans to applicants based on a few simple factors.

 

First and foremost, you need to own a vehicle. You must possess a clear title to the car or truck. That means there can be no liens against the vehicle. In most cases, the vehicle needs to be completely paid. There are some occasions when a lender may loan money to someone whose vehicle is almost entirely paid off.

 

Another consideration is how much money you need to borrow. Most car title loans are for smaller amounts of money, usually ranging anywhere from $600 to $3,000. Title loan companies will inspect your vehicle and assess its value. They will use the Kelly Blue Book or NADA to determine your vehicle’s value. You should be aware of how much your vehicle is worth and how much you need to borrow.

 

If you have poor credit, an auto title loan may be the only answer to your financial problems. Most title loan companies do not require a credit history check in order to finalize the loan. With the vehicle providing the collateral necessary for the loan, there is no need for a lengthy credit check or background check. The lack of these background checks speeds up the title loan process. Most title loans can be completed within an hour. Many are completed the same day that the application was started.

 

Make sure you have a plan for paying the loan off. The quicker that you pay it off; the more you will save in interest and finance charges. If you run into a financial situation and do not have any answers, consider an auto title loan to solve your emergency. The process is simple and can get you the cash you need in a hurry.



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.