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Your Car Title Loan Tutorial

Teacher ExplainingYou might have heard of car title loans but really do not know exactly what they are. Are they a safe financial option in a time of emergency? Are they the right type of loan for you? A title loan might be the answer depending upon your situation. It is imperative, though, that you understand how this type of loan works.

 

A car title loan is one that uses a vehicle as collateral. The car or truck must be paid in full, or very close to completely paid, in order to be eligible for a vehicle title loan. A lien will be placed upon the title, which the borrower surrenders to the lender. Embassy Loans of Florida, for example, holds the title to the vehicle as collateral for the loan. When the loan is paid off, the lender returns the title to the borrower. Lenders like Embassy Loans have some requirements prior to completing the loan process.

 

At Embassy Loans, one of Florida’s leading providers of auto title loans, borrowers must fill out an application to begin the process. Once complete, borrowers must present a few documents to verify who they are and where they live. Applicants will be asked for a form of photo identification and something such as a utility bill which will prove their residency. The borrower must provide a clear title to the vehicle being used as collateral.

 

When the borrower’s identity and residency have been verified, the next step is to inspect the vehicle. Embassy Loans has 21 different inspection stations located around the state where borrowers can go to have their cars and trucks appraised. The vehicle will be matched to the title first and then an estimate of the car’s value will be determined. This is important since the vehicle’s value will determine the maximum amount that can be borrowed.

 

Once the value of the car or truck is determined, the loan process can be completed. The terms of the loan will be drawn up and the loan finalized. All that is left is for the borrower to pick up his or her money. The entire process is normally completed within an hour and most title loans are completed the same day they are started.

 

There are no credit checks or background checks necessary. This helps to speed up the process. If you have a car or truck with a clear title and are in need of quick cash, a title loan may be the answer to your financial woes.



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.