(833) 839-2274  157 N State Road 7, Plantation, FL 33317

BlogBlogUsing Your Car As Collateral For A Loan

Using Your Car As Collateral For A Loan

Car as collateralIf you are having difficulty trying to borrow money, you can use your vehicle as collateral in an effort to secure funds. Borrowing from traditional lenders such as banks and credit unions these days is much more difficult than it was even 10 years ago. Lenders have placed more restrictions on borrowing and, as a result, fewer people are able to qualify for conventional loans. If you own a vehicle, though, you can use it to obtain a loan.

To obtain a car title loan, you must own a car that is paid off, or almost paid off in some instances. The vehicle’s title must be clear, meaning there have been no liens placed on it. If this is the case, you can use the vehicle to get a loan. Using the vehicle for a loan does not mean that you do not get to use it. You can still drive it; you are just using it as collateral to obtain a loan.

Obtaining an auto title loan is easy. You can visit a title loan company, such as Embassy Loans of Florida, and fill out an application. You can also visit their website, www.embassyloans.com, and fill out the application online. The application takes just a few minutes to complete.

When the application is finished, an Embassy Loans loan expert will need to verify your identity and your residency. You must provide a form of photo identification and something that proves where you live. Normally, applicants will use a utility bill to prove their residency.

Once that is complete, you must show the title to the vehicle that you will use as collateral. Embassy Loans will verify that the title does match the car or truck. Then, the vehicle will be appraised for its value. Embassy Loans has over 30 different inspection stations around the state of Florida where applicants can go to have their cars appraised.

With a value established, the loan can be finalized. The paperwork is drawn up and all that is left is for the applicant to pick up his or her money. The entire process normally takes between an hour. Many applicants receive their money on the same day that they fill out their application. This is much different than a traditional loan, which often takes several weeks to complete.

When you find yourself in need of quick cash, consider using your vehicle to obtain a loan.



Embassy Loans is a leading provider of auto title loans since 2005

Get In Touch

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.

© 2024 · Embassy Loans · Site built by DMA

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.