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BlogBlogOnline Car Title Loans – How They Work

Online Car Title Loans – How They Work

dreamstimeextrasmall_38870077Online car title loans are becoming more popular as lenders use the technology of the Internet to allow individuals to use their vehicles to borrow money. Companies like Florida’s Embassy Loans have helped thousands of customers access cash for a variety of things including home improvements, college, medical bills, and emergencies. Here’s how you can obtain an online title loan.

 

Fill Out an Application

 

Once you have selected a lender like Embassy Loans, you must fill out their online application. It will only take you a few minutes. Once it is completed, a representative from the title loan company will contact you for some necessary documentation. The lender will want to know exactly who you are and will want information about the vehicle also.

 

Documentation and Verification

 

Many lenders will use the services of a third party to visit you and collect some documentation and verify some information about your vehicle. To complete the title loan process, you must present this third party representative with the title to the vehicle. You may also be asked for your driver’s license as well as other documentation. The third party rep will then proceed to photograph your vehicle. You may be asked to start it up and drive it for a few minutes just to verify that it is in good working order. Once this process is complete, all of the documentation, photos, and any forms are sent back to the lender.

 

Processing the Loan

 

With the information gathered from the third party representative, the lender will then evaluate the vehicle in order to establish a value. It is this value that will determine how much an individual is able to borrow. Most title loan companies will only allow individuals to borrow between 30 and 50 percent of the total value of the vehicle. This protects the lender should the borrower fail to repay the loan.

 

For example, a vehicle is determined to be worth $20,000. A title loan company will allow an applicant to borrow up to $10,000 maximum. If the borrower defaults on the loan, the lender needs to sell the vehicle for at least $10,000 to recover its losses.

 

Once all the final loan documents are signed, the title loan company will release the money to the borrower. Many lenders are using direct deposit these days and deposit the money right into a borrower’s bank account. Individuals can receive a check as well. Normally, the entire process from beginning to end can take as little as an hour. This speed is one of the big advantages of doing 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.