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How Much Can I Borrow With A Car Title Loan?

Fast-MoneyIf you need money quickly, one of the easiest ways to access it is through the use of a car title loan. There are certain criteria that you must meet, but a car title loan can get you the money you need within a day or two. How much you can borrow largely depends upon your vehicle and upon the title loan company with which you choose to do business.

 

How It Works

 

A car title loan is one where a car owner offers the vehicle as collateral in exchange for a loan. In most cases, the vehicle must be paid in full but there are times when a title loan company may make exceptions. A prospective borrower will fill out an application – most title loan companies such as Embassy Loans of Florida allow applicants to fill one out online – to begin the process.

 

After the application is completed, a person’s identity and residency must be verified. Most individuals will submit a driver’s license and a utility bill showing their address as proof. The borrower must also have the original title to the vehicle and the VIN (vehicle identification number) on the title must match that of the car or truck. Once everything is verified, the vehicle is then assessed for value.

 

Vehicle Assessment

 

Title loan companies will appraise the vehicle either in person or by sending an agent to take photos and check the condition of the vehicle. The lenders will check Kelly Blue Book and NADA for fair market values and come up with what they believe the vehicle is worth. At that point, the lender will decide the maximum that can be borrowed. The number is usually about 50 to 75 percent of what the vehicle is actually worth. For example, a vehicle worth $20,000 will permit a borrower to get a car title loan for between $10,000 and $15,000.

 

Your Loan Amount

 

Just because a title loan company will lend you $15,000 does not mean that you have to borrow that amount. Keep in mind the amount you need for your emergency and be sure to have a plan ready to pay it back. The average amount of a car title loan across the nation is somewhere between $600 and $3,000. These short-term loans can help anyone through a rough financial patch. Title loan companies can also offer some unique methods of repayment too, but always have a plan in place to pay your title loan off as fast as possible.



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.