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What You May Not Realize About Your New Car

Car-Loan-WiselyBuying a car is an exciting moment for many people. A new or even a used car is somewhat of an accomplishment and a necessity for those that need reliable transportation to get to and from their place of employment. What many do not realize, however, are some of the things associated with car ownership.

INSURANCE

In most states, you must have an insurance policy on a vehicle before you purchase it. Contact your insurance agent and arrange for the coverage to start on the day that the purchase is finalized. The cost of your policy will depend on a number of factors including the state you live in, your age, the make and model of the vehicle, and your driving history. There are also different coverage options available which can play a role in your policy’s cost. Expect a policy to run you anywhere from $500 to over $2,000 per year.

FUEL COSTS

The average working driver will put 15,000 miles on a vehicle in a given year. If your vehicle gets a modest 25 miles per gallon of fuel, you will need to buy 600 gallons of gas for the year. Using the current average of $2.70 per gallon of regular unleaded fuel, a car owner will spend $1,620 a year on gas. Fuel costs will vary, of course, as gas prices fluctuate, but the point is that most people probably do not realize that they spend over $1,000 each year just on gas.

NEED A LOAN?

When your car or truck is paid off, you can actually use it as collateral to obtain a loan. Once the vehicle is free of all liens, you can take out a car title loan from a lender such as Embassy Loans of Florida. The title loan process is very easy and can be started by filling out an application. Embassy Loans, like most lenders, will verify an applicant’s identity, residency, and verify the title is clear and accurate. Once the vehicle is assessed for its value, the final loan terms are drawn up and signed. There are no background or credit checks and the entire process can be completed in as little as a few hours. Most car title loans are completed within an hour. Borrowers must repay the loan or the lender can take possession of the vehicle. When the loan is repaid, the vehicle is once again owned free and clear.



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.