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BlogBlogWhat Exactly Is A Car Title Loan?

What Exactly Is A Car Title Loan?

What is a title loanCar title loans are fairly self-explanatory, at least as far as what they are and what they can do for you. If you own a vehicle, you can use the title to that car or truck as collateral for a loan. You can attempt to obtain a car title loan from a traditional lender like a bank or credit union, or you can choose from a number of companies that specialize in car title loans such as Embassy Loans of Florida.

An auto title loan is great when you need to access some extra cash. You may use one to meet your monthly financial obligations, or to help pay for college expenses, a summer vacation, or any number of other expenses. Whatever the reason, a car title loan is pretty easy to obtain.

In order to borrow money using your car title, you must own the vehicle outright and have a title that has no liens. If so, you can qualify for this type of loan. You can visit a title loan company like Embassy Loans or fill out an application online to start the process. An application takes just a few minutes to complete.

When the application is finished, Embassy Loans can begin processing the loan. They will have to verify your identity and your residency. You can do so by bringing a photo ID and a utility bill. Once verified, you must present the title to the vehicle that you will be using as collateral for the loan.

Embassy Loans will inspect the vehicle and the title to make sure they match. The company will also assess the vehicle’s value. Once a value has been established, the loan can be finalized. The loan documents are signed and the borrower receives his or her money.

These short-term loans have their advantages. One is that a borrower does not have to worry about his credit history or credit score. When processing a car title loan, companies like Embassy Loans do not need to check a borrower’s credit. The loan is secured by a vehicle so there is no need for the lengthy background and credit checks associated with more traditional loans.

The fast processing of a car title loan is another advantage. Borrowers can access cash very quickly. At Embassy Loans, most vehicle title loans are processed within an hour. Many are completed and the borrower has his or her cash on the same day that the application was started.



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.