(833) 839-2274  157 N State Road 7, Plantation, FL 33317

BlogBlogFrequently Asked Questions About Online Car Title Loans

Frequently Asked Questions About Online Car Title Loans

Frequent-QuestionsOnline car title loans have gained in popularity in the last few years. As conventional loans have become increasingly more difficult to obtain, the market for alternative loans has grown. While online car title loans continue to help those in need of cash, they are still not as well-known as traditional loans from a bank. Here are some of the most frequently asked questions about online car title loans.

 

  • What is an online car title loan?

An online car title loan is one that is offered by several lenders including Embassy Loans, one of Florida’s leading consumer finance companies. A vehicle is used as collateral for this type of secured loan. With today’s technology, the entire process can be handled online.

 

  • How can I qualify for an online car title loan?

If you own a vehicle that has a clear title, you qualify for a car title loan. The car must be paid in full and most lenders require the car to be 10 years old or newer. There are some instances, however, where a vehicle is almost paid for or is older than 10 years and a car title loan can still be completed.

 

  • How much can I borrow?

The amount that can be borrowed is dependent entirely on the value of the vehicle. Most lenders, Embassy Loans included, will use blue book values to come up with a value. You will be able to borrow 30 to 50 percent of the total value of the car. If the car is worth $10,000, you may be able to borrow up to $5,000, for example.

 

  • How long does it take?

Unlike more traditional loans from a bank, an online car title loan can be processed very quickly. The time it takes really depends on the borrower. Once an application if filled out, the lender will need some documents to verify the borrower’s identity and residency. The title to the vehicle will also have to be checked for accuracy. Once the lender establishes a value for the vehicle, the final loan documents can be drawn up and signed. Many online car title loans can be completed in as little as an hour.

 

  • Do I need to have a good credit score?

The short answer is no. A car title loan is not dependent upon credit, since the vehicle is used as collateral. Many lenders do not even run a credit check when processing a car title loan. This is another advantage of using this type of loan.



Embassy Loans is a leading provider of auto title loans since 2005

Get In Touch

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.

© 2024 · Embassy Loans · Site built by DMA

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.