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Have A Plan Before Taking Out A Car Title Loan

PlanCar title loans are a great source of fast cash especially for those who have an immediate need. Emergencies pop up every now and then and paying for them can sometimes be a challenge. Using your vehicle as collateral for a loan is one way to get out of the financial jam. If you are considering a car title loan, make sure you have a plan before doing so.

Obtaining A Car Title Loan

The process for obtaining a vehicle title loan is pretty easy provided that you own a vehicle that is completely paid off. You can visit a title loan company like Florida’s Embassy Loans to begin the process by filling out an application. Applications, which only take a few minutes, can also be filled out online. Borrowers must provide proof of identity, proof of residency, and the title to the vehicle. Embassy Loans will verify all of the borrower’s information and then assess the vehicle for value. Once they establish a loan amount, the final paperwork is drawn up and the loan can be finalized. The entire process normally takes between 24 and 48 hours. Many car title loans are completed within a few hours of applying. The process is much faster than a conventional loan since there is no need for credit history checks.

Your Plan

Your plan for taking out a car title loan should consist of a way to pay it off as quickly as possible. As you contemplate taking out the loan, you must realize that the loan term is usually somewhere between four and eight weeks. Paying it off after the eight weeks is going to bring some further charges and interest payments. Your goal should be to pay the loan off as fast as you can.

Budgeting And A Reserve Account

If you do not have a monthly budget, you should come up with one. Find out where you are spending your money. Change your spending habits so that you can begin a reserve account. The account will be used strictly for emergencies. The reserve account could be enough to save you in the case of an emergency. If not, consider an auto title loan and use what is in your reserve account to help pay off what you borrow as quickly as possible.

Car title loans have helped thousands of people across the country in times of need. If you are considering a car title loan, be sure to have a plan for paying it off as fast as possible.



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.