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Refinancing Your Car

Cars-ValueWhile refinancing a home is fairly well known, it may be less obvious that refinancing of one’s car loan is also possible. It may not be as popular as a home refinance, but refinancing a vehicle can provide a borrower with a variety of options.

 

A Lower Payment

 

In many cases, a borrower just has a payment that is too high. The car or truck can be refinanced to produce a lower payment. Refinancing a car tile loan can save someone a lot of money during the course of a year. With a $500 auto payment, a household may be unable to meet all of its financial obligations. If that same car payment were $250 per month, the household would easily be able to pay all of its bills. Refinancing a car can lead to a lower payment.

 

Pay Off Your Car Quicker

 

If you are looking to pay your auto loan off quicker, you may consider refinancing the current loan and then making larger payments. If your car payment is $350 per month, you may refinance and obtain a lower payment, say $200 per month. By continuing to pay $350, you may be able to pay off the loan much quicker than originally planned.

 

Pay For Other Expenses

 

There are times during the course of a year that there expenses that need to be addressed. If you own a vehicle, you can actually use it to help borrow money and pay for these expenses. A car title loan from Embassy Loans, for example, can help you pay for college expenses, new tires, medical bills, and much more. If you own a vehicle, preferably one that is paid for, you can fill out an application to see if you can obtain a car title loan.

 

Obtaining A Car Title Loan

 

A car title loan is one that can be obtained quickly. Unlike traditional forms of borrowing, car title loans are not based upon credit. Most title loan companies do not even run a credit check. Since the loan is secured by a vehicle, there is really no need to even check a borrower’s credit.

 

At Embassy Loans, most car title loans are processed and completed within an hour. Because there are no credit and background checks, the processing can be finished much quicker. Borrowers have access to their money very quickly. Then, they can use it for whatever they intended to use the money for. A car title loan is a form of car refinance; one that is more easily attainable.

 

 

 



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.