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What Documents Do I Need For A Car Title Loan?

DocumentsIf you are looking for a way to access some emergency cash, a car title loan might be the answer. These types of loans are processed very quickly and do not have the same requirements as traditional loans from a bank or credit union. Title loan companies, like Embassy Loans of Florida, do require some documentation. Here is what is required for a title loan from Embassy Loans.

Initial Qualifications

In order to take advantage of a car title loan, an individual will need to own a vehicle that has no current liens on its title. The car will normally need to be completely paid off, although there are some situations where a title loan company will issue a loan if the vehicle is almost paid for entirely. The loan must be issued to the person whose name appears on the title to the vehicle.

Proof Of Identity

Any person that wishes to take out a car title loan must prove their identity. This is usually done by providing Embassy Loans with a valid driver’s license or state ID.

Proof Of Residency

Title loan companies, Embassy Loans included, will ask for proof of an applicant’s residency. An applicant can easily provide a utility bill that shows their name and address as proof of where they reside. Lenders need this information in the event that a borrower defaults on the loan.

Title To The Vehicle

As you probably guessed, a car title loan is secured by the title to a car or truck. An individual seeking this type of loan must have the title to the vehicle that will be used as collateral. The lender will make sure that the VIN number on the title matches that of the car.

Loan Processing

Once an applicant proves their identity, proves where they live, and presents the title to the vehicle, the loan process can be finalized. Embassy Loans, like other will appraise the vehicle. This is an important part of the process since it will determine how much a person can borrow. With that amount, the loan terms can be drawn up and a contract signed. lenders

Nothing Else Needed

Since a car title loan is a secure loan, there is no need for credit history reviews and lengthy background checks. These are the things that cause conventional loans to take so long to process. Many car title loans are completed in as little as a few hours, with the majority within 1 hour.



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.