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The Basics of Car Title Loans

BasicsThe economic conditions of the past six or seven years have led to some changes in the lending industry. After the housing bubble burst around 2008, financial institutions began tightening up their lending standards. Those who could have qualified for just about any loan offered found themselves as credit risks and unable to borrow from traditional lenders like banks and credit unions. These new standards led to the growth of other forms of lending, like car title loans.

What Is A Car Title Loan?

A car title loan is essentially a short-term loan that is extended using a vehicle as collateral. If the borrower fails to repay the loan, the lender can take possession of the vehicle. The lender can sell the vehicle to recover its losses.

Obtaining A Car Title Loan

Any individual who owns a vehicle that is completely paid for may be eligible for a vehicle title loan. In some cases, cars or trucks that are almost paid off may be used as collateral, but in either case the title to the vehicle must be clear of any liens. The first step in obtaining a car title loan is to fill out an application.

The Title Loan Process

A person who qualifies for an auto title loan can visit a title loan company, such as Embassy Loans of Florida, and fill out an application. Most title loan companies, Embassy Loans included, have websites where interested parties can also fill out an application. Completing an application takes just a few minutes.

Title Loan Processing

After a person fills out an application, he or she will be required to show proof of identity, residency, and present the title to the vehicle. Once the title loan company verifies a person’s identity and where they live, they can then move on to examining the vehicle. The title will be checked to make sure that the VIN number on it matches that of the vehicle. Once that is done, the vehicle is then assessed for its value. This will determine how much a person can borrow. The final terms of the loan can then be drawn up and signed by the borrower.

Quick Access To Cash

Most car title loans are processed within an hour. Many are completed the same day that an application is filled out. Because a vehicle is serving as collateral for the loan, there are no credit checks. Credit checks, and other background checks, are some of the reasons why conventional loans take much longer than a day or two.



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.