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BlogBlogHow A Car Title Loan Can Improve Your Finances

How A Car Title Loan Can Improve Your Finances

Save MoneyIf you are like many households these days, you still struggle to meet your monthly financial obligations. When a financial emergency arises, you have to scramble and figure out how to come up with the funds necessary to pay for it. One way is by using a car title loan. Using a vehicle as collateral, you can take out a loan that can drastically improve your financial situation.

 

Emergency Situations

 

As mentioned, when an emergency occurs you might need access to extra cash. If you have a major plumbing repair that needs taken care of quickly or a medical emergency that needs to be paid for, a car title loan can help. Car title loans are processed very quickly, in an hour in most cases. Those with an emergency can have the money they need in a hurry.

 

Consolidating Debt

 

Like many Americans, you may have some credit card debt. That debt is just killing you, damaging your credit history and wreaking havoc on your monthly expenses. A car title from Embassy Loans, for example, can help you pay off a bunch of high interest debt and make your monthly bill payments much lower. If you currently pay $800 per month on all of your credit card payments, imagine having those debts paid off and a monthly payment of just $300. It can be done with a car title loan.

 

How To Obtain A Car Title Loan

 

In order to take out a car title loan, a potential borrower must own a vehicle and possess a title to it that is free and clear of any liens. In most cases, the vehicle needs to be 10 years old or less. An applicant must be able to prove their identity and where they live. If you can do all of that, you can qualify for a title loan.

 

The Process

 

At Embassy Loans, interested borrowers fill out an application to start the process. They will be asked to supply documentation regarding their identity and residency. They must have the vehicle’s title and the vehicle identification number (VIN) must match that of the car or truck. Embassy Loans will assess the vehicle for its value and then finalize the loan documents. Once the borrower signs, he or she will have access to their money. Most will have the funds directly deposited into their bank account. The whole process can take no more than 48 hours and as little as a few hours.



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.