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How Much Can You Borrow Against Your Vehicle?

Fast-Cash (1)A car title loan is a secured loan that is offered by a lender in exchange for car’s title. The lender will hold the title while the loan is being paid off. The vehicle owner still gets to use the car but understands that if the loan is not repaid the lender has the right to take possession of it. So, how much can you borrow against your car’s title? While the answer depends on a few factors, a car title loan is a great way to access much-needed cash in an emergency. Here’s how you can do it.

 

To qualify for a car title loan, you need to own a vehicle that has no liens on its title. If you are paying a car loan off, your vehicle has a lien on the title placed by the financial institution that you are paying. Most lenders, like Embassy Loans of Florida, like vehicles that are completely paid off. Some will allow car title loans on vehicles that still have a loan balance.

 

If you have a vehicle that is paid for and is less than 10 years old, you can obtain a car title loan from Embassy Loans fairly easily. You have to prove your identity and residency as well as have the title. Once you apply and everything is verified, then you can find out how much you are able to borrow.

 

Most lenders will use some sort of blue book value when determining how much a car is worth. Once the lender has established a value, the loan documents are drawn up. Car title loan companies like Embassy Loans will not permit borrowing against the entire value of the vehicle. Most lenders will only allow borrowers to take 30 to 50 percent of the value of the car or truck. In doing so, lenders are able to recover most, if not all, of any losses that result from a borrower who defaults on payments.

 

It is a good idea for those considering a car title loan to get an idea of what their car is worth prior to applying for the loan. There are a number of websites online where car owners can put in their car’s information and get a realistic estimate of its value. In some cases, potential borrowers may realize that a car title loan may not be worth it. In others, they may see great potential.



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.