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BlogBlogGet The IRS Off Your Back With A Car Title Loan

Get The IRS Off Your Back With A Car Title Loan

Money-Problems (1)Your elderly parents have both passed and their estate has now been passed on to you. It is a long and arduous legal process that you most likely do not understand very well. You trust your lawyers to take care of everything and in the end you receive a check. No matter the size of the inheritance, you are excited and decide to spend some of it. It might be a vacation or even a new car. Then, the bad news comes.

 

You thought your lawyers handled everything, but they missed out on one very important item. They didn’t pay all of the taxes. The Internal Revenue Service wants their money, but you have spent a good portion of the inheritance. What can you do?

 

If you are a car owner, you may be able to use your vehicle as collateral and take out a car title loan. This loan is a short-term loan that can provide you with a substantial amount of cash in order to take care of an emergency situation. Here’s how a car title loan works.

 

  • Fill out an application. If you have a vehicle with a clear title, you may be able to use it as collateral for a loan. The first step is to fill out an application. Title loan companies like Embassy Loans of Florida let you fill out the application in person or online.
  • Present documentation. Once the application is done, applicants must verify their identity, where they live, and present the title to the vehicle. The title must not have any liens and must match the vehicle.
  • No credit checks. Since the vehicle is collateral, there is no need for credit checks. If the borrower fails to repay the loan, the lender can just take possession of the vehicle.
  • Fast processing. Since there are no credit checks or other background checks, car title loans are processed very quickly. At Embassy Loans, most loans are processed within an hour. Borrowers have their money within a day or two.

 

Once the money has been received, borrowers can do whatever they want with it. Most loans are in the range of $500 to $5,000. The loan amounts depend upon the value of the vehicles. Title loan companies use blue book values and then loan out approximately 30 to 50 percent of the total value. That way, if a borrower fails to repay, it is easier to recover most of the 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.