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Are Car Title Loans A Good Option For Fast Cash?

Fast-CashYour month was going great until that unexpected plumbing problem flooded your basement. All of the monthly bills were paid, but not much was left over when a pipe burst and you had a call a plumber. With the bill due and you sketchy credit history, you are unsure about a source for fast cash. A car title loan could be the solution you’ve been seeking.

 

What Is A Car Title Loan?

 

An auto title loan is a type of secured loan that uses the title to a vehicle as collateral. In most cases, the car must be no older than 10 to 15 years and the title must be free of any liens. If you own a car or truck that is paid off, you can qualify for a car title loan.

 

How Car Title Loans Work

 

If you do qualify, you can fill out an application at a title loan company such as Embassy Loans of Florida. Applicants can even go online now to fill out applications. It takes just a few minutes and, when finished, the applicant will be contacted to provide some documentation. Applicants must prove their identity, their residency, and they must have the title to the vehicle.

 

Once these items are verified, Embassy Loans, like other title loan companies, will assess the value of the applicant’s vehicle. Most companies use a well-respected blue book value. Title loan companies will only loan approximately 30 to 50 percent of the vehicle’s value. In case the borrower fails to repay the loan, the lender then has the ability to recover most of its losses.

 

What About Credit?

 

For those with a poor credit history, a car title loan is the perfect way to access cash. Since the loan is secured by the title to a vehicle, there is no need for a lengthy examination of an applicant’s credit history. Unlike personal loans which are granted based on a signature and require a look at credit history, a car title loan offers the lender collateral. If the borrower defaults, the lender takes possession of the vehicle and can sell it to recover any losses.

 

Some title loan companies may run a credit report, but the loan is not based upon credit. As a result, car title loans are processed very quickly. In fact at Embassy Loans, most are completed within an hour of filling out an application. A car title loan is the perfect option for access to quick cash, especially for those with bad credit.

 

 

 

 



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.