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BlogBlogFurnish Your New Home With A Car Title Loan

Furnish Your New Home With A Car Title Loan

Moving-ExpensesIt’s a buyers’ housing market with historically low interest rates and great prices on homes around the country. While many people are becoming homeowners for the first time, many of those same people are often left scrambling when it comes time to actually move into the house. They sometimes forget about associated costs like decorating and furnishing the home. After spending thousands of dollars on a home, it might be hard to find the funds necessary to buy couches, chairs, beds, and more. You might not be aware, but you may be able to use your vehicle to help.

 

Do I Qualify For A Car Title Loan?

 

If you own a vehicle that is paid off and has no other liens on the title, you qualify for a car title loan. You can borrow money from a title loan company like Embassy Loans of Florida using your vehicle as collateral. Filling out an application either in person or online will begin the process.

 

Processing A Title Loan

 

Once you finish the application, you will be asked to present several forms of documentation. You will need to verify who you are and where you live. You must also present the title to the vehicle. When everything has been verified, Embassy Loans, like other title loan companies, will assess the vehicle’s value. Most lenders use a blue book value. Borrowers will be able to borrow, in most cases, about 50 percent of the value given to the vehicle. If a borrower fails to repay the loan, the lender can sell the vehicle and recover most, if not all, of the losses.

 

What About Credit Checks?

 

A title loan is not based upon credit. It is secured by a vehicle and if a borrower fails to make the necessary payments, the lender can take possession. Because there are no credit checks, the processing of a title loan is very quick. Most can be completed within an hour and many are done in just a few hours. A car title loan is a very quick and easy way to access cash in case of an emergency, such as buying furniture before you move into your new home.

 

Better Than A Credit Card

 

Many people would opt to buy their furniture with a credit card. That is fine but consider that you will probably pay more in interest to your credit card company in the long run. Your car title loan is a short-term loan that you will have paid off long before you pay off the balance of a credit card.

 

 



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.