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BlogBlog3 Situations Where A Car Title Loan Makes Perfect Sense

3 Situations Where A Car Title Loan Makes Perfect Sense

FuneralCar title loans have become more popular in the last few years as the conventional loan market has become more difficult to enter. Because of the financial crisis that struck the U.S. in the late 2000s, lenders have tightened their standards and access to cash has diminished for the average American. Car title loans, though, offer an avenue for quick cash for those who a vehicle. The loan is a secured loan that offers the title to a car or truck as collateral for a loan. Should the borrower default, the lender may take possession of the vehicle and sell it to recover its losses. As long as borrowers pay the loan off in a timely fashion, the car title loan is a great option, especially in the following cases.

 

  1. Car repairs

What do you do when your ride to work breaks down? You need to get to your job every day, but an unexpected car repair is not in the budget. You can apply for a car title loan if the car is paid off and you have no other liens on the title. In most cases, the vehicle must be no older than 10 years and in good shape. Because car title loans do not require a lot of the paperwork associated with traditional loans from a bank, they are processed much quicker. Embassy Loans of Florida, for example, completes most vehicle title loans in an hour. Once the borrower receives the money, the car repairs can be paid.

 

  1. Emergency medical bills

There are times when you may face an unexpected medical emergency. You have to get to a medical facility quickly and be treated. With insurance these days, there are likely to be some bills that you may have to pay. A car title loan can give you access to the funds needed to pay these bills. This way, the medical bills do not affect your credit history in a negative way. Once you pay off the car title loan, your credit will actually be affected in a positive way.

 

  1. Death in the family

Many families do not prepare for the inevitable. When an unexpected death in the family takes place, there are a number of costs that will be incurred. When those costs are not in the budget, a car title loan can give you access to the money needed for things such as plane tickets, travel expenses, and more.



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.