BlogBlogHow To Choose An Auto Title Loan Lender

How To Choose An Auto Title Loan Lender

ChooseAuto title loans might not be as well-known as conventional loans from a bank or a credit union, but they do serve to help people who need access to emergency cash. A car title is similar to other types of loans, but the process of obtaining one is a little different. Just like with mortgage loans and personal loans, there are numerous alternatives when looking for a title loan lender.

When choosing a title loan lender, it is important to understand how the title loan works. Title loans are a type of secured loan where a vehicle’s title is used as collateral. Since the loan is secured, the loan processing is somewhat different than that of a conventional loan from a bank. There is no need for a credit check, so borrowers that don’t have good credit can still take out a title loan.

The process for obtaining a title loan is easy. Potential borrowers must fill out an application first. At Embassy Loans, one of Florida’s leading title loan companies, applications take a few minutes to fill out. The applicant’s identity and residency status are verified. Then, the title loan company will assess the vehicle for value. Once that is done, the final loan documents including the payment plan are drawn up. This process usually takes just an hour.

Understanding this process can help a person find a reputable lender. A quality title loan company, like Embassy Loans, will offer reasonable loan terms. Embassy Loans works with individuals to develop customized loan repayment plans.

If a lender advertises an interest rate in monthly terms, make sure that you calculate the annual rate by multiplying it by 12. This is a common trick by title loan companies to make it appear that an interest rate is much lower than it actually is.

You should also ask a title loan company if you can pay down the principal balance of the loan each month. Most lenders will allow you to do so. This way, you can pay off a loan much quicker and end up paying less in interest.

A car title loan is a great way for someone to access quick cash. For those with less than stellar credit histories, these loans can be the only method of obtaining money for an emergency. As with any major purchase, take your time and do your homework when searching for a reputable title loan lender.



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.