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Car Title Loan Interest Rates

Car Title Loans Provide Fast Relief for Cash Flow EmergenciesA car title loan is a quick and easy way to borrow money if you own a vehicle with a free and clear title. There are a number of other ways that people can borrow. Payday loans, for example, are another quick option. Traditional bank loans are an option, but take longer to process. Regardless of the type of loan, all have an associated cost. That is the interest rate; the amount you will be charged for borrowing money. Car title loan interest rates are typically less than those of many other types of loans.

 

Interest Rates And Risk

 

For any lender, loaning money is risky. Interest rates reflect the amount of risk a lender is willing to take when offering a loan. The higher the interest rate; the riskier the loan. Payday loans, for example, typically have higher interest rates because they are a very risky loan. A person buying a home who has a great credit history and lots of monetary assets is a less risky candidate than a person with a low credit score and no bank account.

 

Car title loans, like those offered by Florida’s Embassy Loans, are a type of secured loan. A vehicle is offered as collateral in exchange for money. If the borrower is unable to repay the loan plus interest, the lender can take possession of the vehicle. Lenders normally try and sell the vehicle to recover their losses. Because a lender can do this, it is able to offer lower interest rates to its borrowers.

 

Obtaining A Car Title Loan

 

The interest rate you receive on a car title loan is based upon your application and vehicle. You can apply for a car title loan at Embassy Loans in person or online. You must verify your identity, residency, and ownership of the vehicle. Your car or truck will be appraised for its value and Embassy Loans will draw up the loan agreement. The entire process normally takes between 24 and 48 hours. Car title loans are quick mainly due to the lender not needing to go through a person’s credit history. Unsecured loans are riskier, and lenders will take their time determining if someone is a good candidate to repay their loan before approving it.

 

Because of their quick processing time, car title loans are great for those in need of cash in a hurry. They are also advantageous for those with poor credit histories. Still, the interest rate that one receives on a car title loan is based upon the borrower’s profile and the value of the vehicle.

 



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.