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Car Title Loans – Avoid Repossession

CarNeedingRepairsTaking out a car title loan can often save the borrower from a dire financial situation. Someone who needs access to quick cash after a job layoff or for unexpected medical expenses can use the money to get through that so-called bump in the road. The downside, of course, to doing a car title loan is that there is the risk that the lender could repossess the vehicle. Most borrowers can avoid having their vehicle repossessed.

 

Basics Of A Car Title Loan

 

Auto title loans are available to any person that owns a vehicle that is paid off and has a clear title. Most title loan companies, such as Embassy Loans of Florida, would prefer the vehicle to be less than 10 years old. Persons interested in a title loan fill out an application to start the process. Embassy Loans, like many other companies, allow people to fill out the application online. Prospective borrowers will have to prove their identity as well as their residency. They must also have the original title and that title must match the vehicle.

 

The loan is secured by the car, so there is no need for credit checks or other mounds of paperwork typically associated with loans. The lender will establish how much the vehicle is worth and then set a loan amount. The terms of the loan are drawn up, the documents are signed, and the borrower receives his or her money. The entire process usually takes an hour and many loans are completed the same day the application is filled out.

 

The Reality of Car Title Loans

 

While the possibility of repossession exists, in reality only about four to eight percent of those taking out a car title loan face losing their vehicles. Well over 90 percent of all car title loans are repaid or refinanced and borrowers do not lose their cars. Anyone thinking of taking out a car title loan can help themselves avoid repossession by doing the following.

 

  1. Always work with a trustworthy lender.
  2. Borrow only what you need.
  3. Make your payments on time.
  4. Try to pay ahead of schedule and try to pay down the principal.
  5. Use renewal as a last resort.

 

Work with lenders such as Embassy Loans, which has helped thousands of satisfied customers. If a vehicle allows you to borrow $10,000 but you only need $5,000, do the right thing and borrow the $5,000. You should have a plan to pay the car title off as quickly as possible. Make all your payments on time and pay down the principal as quickly as possible. If something comes up where you have to miss a payment, consider renewing the loan to get back on track.



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.