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How to Qualify for a Car Title Loan

How toPeople borrow money all the time. Most traditional loans have a process to determine whether or not an individual qualifies to receive a loan. Traditional lenders, like banks and credit unions, will want to know why you are borrowing the money, what your credit history is like, and your past history of paying back loans. Qualifying for a conventional loan can be difficult.

A car title loan is not your traditional loan. In fact, many people are unaware that you can use a vehicle’s title as collateral for a loan. Qualifying for an auto title loan is also much different than qualifying for a traditional loan.

Title loan companies, such as Embassy Loans in Florida, issue loans every day and do not necessarily care how the borrower will use the money. A title loan company does not care so much about a person’s credit history either. Here’s why.

A person who owns a car or truck outright and has a clean title qualifies for a title loan. Embassy Loans, like most other title loan companies, will go through a process of verifying a person’s identity and residency. Some may also ask for proof of employment. If you can prove your identity and show where you live, you qualify for an auto title loan.

The title loan company does not need to do a credit check since the car or truck secures the loan. If a person defaults, the title loan company can take possession of the vehicle. Traditional loans are backed by nothing more than a signature and an agreement to repay the loan. A bank must go through an intricate process to try and recover its money should a borrower default.

Once an applicant provides the necessary documentation, the vehicle is appraised for its value. Lenders use a percentage of that value to determine the loan amount. The lender then finalizes the terms of the loan and the borrower signs the documents. Once signed, the borrower can receive his or her money.

The entire process of a car title loan, from filling out an application to receiving the money, will normally take an hour. Many are completed the same day on which the application was first submitted.

If you own a vehicle that is paid off and you possess a title free of any liens, you can qualify for an auto title loan. With a driver’s license to prove your identity and a utility bill to show where you live, you can walk into a title loan company and obtain a car title loan.



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.