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BlogBlogUse Your Car To Fund Its Repair

Use Your Car To Fund Its Repair

Car-BreakdownYour vehicle is pushing 10 years old and you are faced with some pretty hefty repairs to ensure that it will give you another five. Since it is your main form of transportation to your job, it is pretty important that the repairs are done. You do not really want or have the means to buy a new vehicle, but how do you come up with the funds to fix the one you have? Easy…use it as collateral and take out a car title loan.

 

What Is A Car Title Loan?

 

An auto title loan is a type of secured loan where a borrower uses a vehicle as collateral. In most cases, the vehicle must be 10 years old or less and be paid off. The title to the vehicle must be free of any liens. If these conditions are met, a car title loan can be obtained.

 

The Process

 

To obtain a car title loan, a potential borrower who meets the above requirements must find a title loan company such as Embassy Loans of Florida and fill out an application. Most companies, including Embassy Loans, offer the option of filling out an application online. Once the application is complete, the applicant will need to provide some documentation such as a driver’s license and the title to the vehicle. Embassy Loans will also ask for proof of residency. When the applicant’s identity and residency have been verified, the assessment of the vehicle can begin.

 

The title details, the vehicle identification numbers (VIN), and the vehicle itself must all match, and then a value for the car or truck will be established. Most often, title loan companies will use a blue book value. The loan amount is usually established at about 50 percent of that value. If the borrower defaults on the loan, then it is possible for the lender to recoup most or all of its losses by selling the vehicle.

 

Once the value is set, the loan amount and the final documents can be drawn up. The borrower must sign the loan agreement and can then receive the funds. Many title loan companies today are able to electronically deposit the money directly into a borrower’s bank account. The funds can then be used to repair the vehicle.

 

Advantages Of A Car Title Loan

 

A car title loan is not based upon credit. Title loan companies do not spend a lot of time looking at the credit history of a borrower. This is great for those who may not have the greatest credit history. Not searching through a person’s credit history also saves a lot of time and paperwork. Traditional loans often take several weeks to approve because of the paperwork involved. A car title loan from Embassy Loans, for example, is normally complete with a borrower gaining access to the funds within an hour. There are many times when a title loan is finished in just a few hours after the application has been filled out. If you meet the requirements, a car title loan is a quick and easy way to take care of any car repairs.



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.