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How To Use Your Car To Get A Loan

Helpful-TipsWhile it is popular to borrow against the value of your home, you may not be as familiar with car title loans. A car title loan allows a borrower to use a vehicle to secure a loan. Anyone who owns a car or truck that is fully paid for and is free of any liens on the title is eligible. An auto title loan may not be as well-known as a more conventional loan, but it is a quick and easy way to secure cash.

The first step is to apply. You can visit the office of a title loan company or, thanks to modern technology, you can find a title loan company like Embassy Loans of Florida online. Most title loan companies will allow you to fill out an application online. Once the application is complete, the processing begins.

You will be asked to provide various forms of documentation including a driver’s license, proof of identity, proof of insurance, and more. You must have the title to the vehicle and it cannot have any liens. Once everything is verified, the vehicle can then be assessed for its value.

Most title loan companies will only complete a title loan on vehicles that are less than 10 years old. At Embassy Loans, customers take their vehicle to one of the company’s 21 different inspection stations around the state to have it appraised. Title loan companies will only lend you a percentage of the full value of the vehicle. If your car is valued at $9,000, you may only be able to borrow $4,500, for example.

Once the vehicle has been appraised, the loan can be finalized. The loan documents are produced and all that is left is to sign them and receive your money. Most title loan companies will now even deposit your loan proceeds into your bank account.

One of the best features of car title loans is how quickly they can be completed. Most title loans are completed and borrowers receive their money within an hour of filling out an application. Many are even done within just a few hours. Borrowers can still use the car while the loan is in process and while it is being repaid. Anyone who defaults on a car title loan is subject to repossession. The title loan company can take possession of the vehicle and sell it to recover their losses.



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.