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BlogBlogUse A Car Title Loan To Re-Establish Your Credit History

Use A Car Title Loan To Re-Establish Your Credit History

Credit HistoryIf you have defaulted on loan payments in the past and have poor credit as a result, there is a way that you can rebuild your credit history and score. Having a low credit score can prevent you from being able to find traditional lending options when it comes time to do things like buy a car or house. Lenders will only approve loans to those they believe are good candidates to repay and do so on time. Re-establishing good credit can be difficult, but it is possible. Here is how to use a car title loan to help restore your credit rating.

What Is A Car Title Loan?

If you own a vehicle that is paid off and has a clear title, you are eligible for a car title loan. Title loan companies like Embassy Loans of Florida will allow you to borrow money using your car or truck as collateral. Since the loan is secured by your vehicle, there is no need for all of the paperwork associated with conventional loans. There is no credit check either, since the loan is not based on credit. If the borrower does not pay back the loan, the lender can take possession of the vehicle and sell it to recoup its losses.

How To Obtain A Car Title Loan

The process of obtaining a car title loan is quick and easy. An application is filled out and then applicants must verify their identity and residency. They must also present the car title and verify that it matches the vehicle. Embassy Loans, like other title loan companies, will assess the vehicle for its value. Once that is complete, the final loan agreement can be drawn up. The borrower signs the agreement and receives the money. This process usually only takes between 20 mins to an hour. Many car title loans are approved with borrowers receiving their money in a matter of hours.

Using The Car Title Loan To Pay Off Debt

The proceeds from the loan can be used to pay off other debt. Doing so can help to improve your credit score. Pay off your highest interest debt first and have a plan for paying off the car title loan. Paying off the car title loan also improves your payment history and, ultimately, your credit score. Re-establishing good credit can take time. Using a car title loan is one way to help get the process started.



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.