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Frequently Asked Questions About Car Title Loans

FAQWith all of the different loans available to people, the car title loan is one that many people do not know much about. Car title loans are becoming more popular as a method of accessing emergency cash. Here are some of the most frequently asked questions about auto title loans.

 

What is a car title loan?

 

It is a loan secured by a vehicle. A person must have a vehicle that is completely paid for and has a clear title. In some cases, a car or truck may be almost paid for and lenders will grant a loan. The car or truck is used as collateral to complete the loan.

 

How do I apply?

 

Many title loan companies, like Embassy Loans of Florida, make online applications available. People can apply online or visit a lender personally and fill out an application onsite. Applications normally take just a few minutes to complete.

 

Are there any requirements?

 

Well, you must have a vehicle and possess the vehicle’s title. The title must be free of any liens. Most lenders will require that the vehicle have a blue book value of a certain amount, such as $2,500. Also, many lenders will require that the vehicle be less than 10 years old.

 

What are the credit requirements?

 

Since the loan is secured by a vehicle, there is really no need to do any credit checks. In fact, most title loan companies do not do any credit, employment, or any other type of background check. If you possess a vehicle with a clear title, you qualify for an auto title loan.

 

How long does it take to get the money?

 

The car title loan process is very fast, unlike other traditional bank loans. The typical title loan can be completed in less than a day. Once an application is completed, title loan companies need to verify a person’s identity and their residency. Then, they examine the title and the vehicle. Once they have come up with a value for the car or truck, the loan can be finalized. Most title loans are processed within an hour. Borrowers can get their money as soon as the final loan documents are signed.

 

How much can I borrow?

 

The amount that you borrow is linked to the value of your vehicle. If you have a financial emergency that requires $2,000, your vehicle’s value will determine whether or not you can borrow that much.



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.