BlogBlogA More In Depth Look At Car Title Loans

A More In Depth Look At Car Title Loans

Checking HistoryCar title loans are becoming a more popular method of borrowing money. There are some significant differences between a car title loan and a more traditional loan from a bank or credit union. Auto title loans are secure loans that are not based upon a person’s credit and employment history. Companies like Embassy Loans of Florida have helped thousands of customers borrow money to help take care of financial emergencies. Here is how car title loans work.

 

The Application Process

 

Most title loan companies, like Embassy Loans, allow potential borrowers to apply in person or online. Filling out an application takes just a few minutes. If you fill out your application online, a representative will contact you very quickly. They will ask for certain documents that you must produce in order to complete the processing of the loan. Obviously, you will need the title to the vehicle, a form of identification (driver’s license), proof of where you live (mortgage statement or lease agreement), proof of insurance, and vehicle registration. Depending on who you work with, there may be other documentation needed. Once everything is provided, the loan processing can continue.

 

Assessing The Vehicle

 

When the paperwork is taken care of, the title loan company must then appraise the vehicle to see how much it is worth. Your vehicle needs to be in good condition and, in most cases, must be less than 10 years old. Title loan companies will normally only loan a certain percentage of the vehicle’s full value. If your vehicle is deemed to be worth $10,000, you might be able to borrow $5,000. With the paperwork done and the car assessed, the final loan documents are drawn up and the loan is finalized.

 

Quick And Easy

 

One of the big benefits of a car title loan is the ease of application and processing and the time it takes for a borrower to receive his or her money. On most occasions at Embassy Loans, a customer receives the money within an hour of filling out the application. Many are completed within a few hours. Borrowers can receive payment via check and many opt now for electronic deposit into a bank account. Once the check is issued or the electronic payment is received, a borrower is then free to use the money as they please.

 

Paying It Back

 

Car title loans are short-term loans that should be repaid as quickly as possible. Most title loan companies will have several options from which to choose in order to repay your loan.



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.