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

BlogBlogFrequently Asked Questions About Auto Title Loans

Frequently Asked Questions About Auto Title Loans

How-toCar title loans are a less well-known form of borrowing that can provide a quick and easy financial solution to those in need of emergency cash. These types of loans differ from more traditional loans from a bank or a credit union. Here are some of the most frequently asked questions about car title loans.

What Is A Auto Title Loan?

 

It is a form of secured loan where a vehicle is used as collateral. The owner of the vehicle must possess the title and it must be free and clear of any liens. In most cases, the vehicle must be paid off.

 

How Can I Qualify For A Auto Title Loan?

 

In most cases, you must be at least 18 years of age, own a vehicle free and clear, and the vehicle must be 10 years old or less. Also, anyone applying for a car title loan will have to have a driver’s license, insurance for the vehicle, and provide documentation of residency.

 

What Are The Vehicle Requirements?

 

As stated, most title loan companies will require that the vehicle be no more than 10 years old. There are, of course, exceptions. The car or truck should be in good working order and have a minimum blue book value. Many title loan companies require a vehicle to have a blue book value of at least $2,500.

 

How Much Can Be Borrowed?

 

That will depend upon the value of the vehicle. Embassy Loans of Florida is a consumer finance company that has helped thousands of customers obtain car title loans. Embassy Loans will examine the title to make sure it matches the vehicle (by matching VIN numbers) and then establish a value. Once the value is established, a loan is usually made for approximately 50 percent of that value. If the car is worth $10,000, the loan will be for roughly $5,000.

 

Does A Borrower Need Good Credit?

 

No. A car title loan is not based upon a borrower’s credit history. The loan is secured by the vehicle. If the borrower does not repay the loan, the lender takes possession of the vehicle and sells it to recover any losses.

 

How Long Does It Take To Get A Car Title Loan?

 

At Embassy Loans, the average processing time is an hour. A borrower fills out the application and provides the necessary documentation. Embassy Loans verifies it and appraises the vehicle. The loan documents are drawn up and signed. The money is deposited into the borrower’s checking account. Many times, a car title loan can be completed in a just a few hours.



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.