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All You Need to Know About Your Car Title

What-you-should-knowIn the U.S., a title is a document that establishes legal ownership of property; in this case, a vehicle. Vehicle titles are issued by each state and by the department that handles motor vehicles. While each state is different, the process of obtaining a title and the information included on a title is pretty standard.

 

Information on a Car Title

 

Car titles across the nation include similar information such as the name and address of the owner. At a minimum, a title will include identifying information about the vehicle like its VIN, or vehicle identification number, make, model, and year of manufacture. Vehicle identification numbers became the standard method for identifying vehicles in the early 1980s. All vehicles must have one and all states require it to be on the title. Other information on the title varies by state. Some may include the weight of the vehicle, the price when it was new, and the name of any lienholder if money is still owed on the vehicle.

 

Why You Need Your Car Title

 

Without your car title, you cannot prove that you own the vehicle. If you ever choose to sell it, you cannot do so without a title. To obtain a copy of a title that you have lost, you can go to your state department of motor vehicles and request a new one. You will need supporting documentation, and you will have to pay a fee, but you will have the document that proves that you own the vehicle.

 

In today’s economy, many people who own vehicles are using them to borrow money in emergencies. A car title loan is a secured loan that a car owner can obtain. Again, you must have the title to the vehicle to prove that you own it. Title loan companies like Embassy Loans will loan money to those who own vehicles that are less 15 years old and in good condition. It is preferred that the vehicle is paid off completely, but those with enough equity in the vehicle can still qualify. Car title loans are short-term loans that can be used in situations where you need money fast. Embassy Loans processes most title loans in an hour.

 

Your vehicle’s title is a very important document. You should receive it as soon as you purchase the car or truck. Keep it along with your other important documents somewhere safe. You never know when you might need it.

 

 

 

 

 

 

 

 

 

 

 



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.