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BlogBlogIt’s Wedding Season! A Car Title Loan Can Help Cover Costs

It’s Wedding Season! A Car Title Loan Can Help Cover Costs

Manage-money1With summer in full swing, wedding season is upon us. Summer weddings are somewhat of a tradition as brides want their most special day to be beautiful. To obtain that beauty typically costs plenty of money. While brides can’t control the weather, they can control things like the venue, the reception menu, the entertainment, the gown, and much more. These items cost money and when funds are tight, a car title loan might be the financial solution that allows you to pull off an epic wedding day.

 

What Is A Car Title Loan?

 

A car title loan is a secured loan that uses a vehicle as collateral. Most title loan companies, like Embassy Loans of Florida, prefer that the title be free of any liens. That means the car must be paid in full. In some cases, borrowers may have a small balance remaining. It is also preferred that the vehicle is no older than 10 to 15 years. Again, there are some exceptions.

 

How To Secure A Car Title Loan

 

Like other more traditional loans, obtaining a car title loan begins by filling out an application. Embassy Loans even offers its customers the ability to fill out an application online. After it is filled out, an applicant must submit several pieces of documentation. The applicant must verify his or her identity and residency, and must present the original title to the vehicle.

 

When everything is verified, the title loan company will assess the vehicle for its value. Most will use the most recent blue book values. With a value established, the final loan documents can be drawn up. Title loan companies will only allow borrowers to take out roughly 30 to 50 percent of the full value of the vehicle. If a car is determined to be worth $8,000, the maximum loan amount would be $4,000. If a borrower defaults on the loan, it is a little easier for the lender to recover most, if not all, of its losses.

 

What About My Credit History?

 

The great thing about a car title loan is that it is not based upon an individual’s credit. The loan is secured by your vehicle as collateral. Some lenders may run a credit history, but it is not the key factor in approving the loan. Even those with poor credit can take out a car title loan.

 

How Long Does It Take?

 

Embassy Loans will process most car title loans in an hour. Since there is no need for much of the paperwork involved with traditional loans, an auto title loan is processed much faster. Many borrowers receive their money within a day or two of beginning the process. The money can then be used to help cover the costs of your wedding.



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.