(833) 839-2274  157 N State Road 7, Plantation, FL 33317

BlogBlogOwe The Government Money? Consider A Car Title Loan

Owe The Government Money? Consider A Car Title Loan

crisisOne of the more frustrating things facing individuals and business owners are taxes. Each year, individuals and businesses must file a tax return. When completed, it is possible that you may owe the government a sizable chunk of money. If you are not in a position to pay, there are some alternatives. A car title loan is one such option.

What Is A Car Title Loan?

A car title loan is a secured loan that is taken out against the title to a vehicle that the borrower owns. Typically, lenders will offer car title loans to those who own their vehicle outright. In some cases, borrowers may still have a balance remaining on a current car loan. Embassy Loans is one of Florida’s leading consumer finance companies and has helped thousands of customers obtain loans for a variety of issues.

What Is The First Step?

The first step in obtaining a car title loan is filling out an application. Most title loan companies, Embassy Loans included, allow borrowers to complete their application online. Applications generally take five minutes or less. When they are complete, borrowers are asked for a few types of documentation. Normally, they will have to prove their identity, where they live, and prove that they own the vehicle. Once everything is complete, the lender will examine the vehicle itself.

How Much Can Be Borrowed?

The answer to that question depends entirely upon the value of the vehicle. The lender will appraise each vehicle using the same tools that a dealer or any private individual would – blue book value. Lenders will typically only allow 30 to 50 percent of the total value to be borrowed. If a vehicle is deemed worth $20,000, then the highest amount that may be borrowed is normally $10,000. Lenders do this as a precaution in case a loan goes into default. It is then easier to sell the vehicle and recover most of the lender’s losses.

How Long Does It Take?

One of the big advantages of taking out a car title loan is that it can be processed quickly, and a borrower can have his or her hands on their money in a matter of days. At Embassy Loans, a car title loan is processed in an hour. Since the loan is not dependent on credit, many lenders do not even run a credit history, and none spend the amount of time that banks do when determining approval for unsecured loans. With a large amount of paperwork omitted, title loan companies can process their loans quickly. Once the funds are secured, a borrower can use them to pay any taxes owed to the government.



Embassy Loans is a leading provider of auto title loans since 2005

Get In Touch

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.

© 2024 · Embassy Loans · Site built by DMA

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.