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Why Car Title Loans?

How-to-QualifyCar title loans are becoming a more popular method of borrowing for many consumers across the nation. These types of loans are easier to obtain than most conventional loans for those who do qualify. Because of the ease of approval and the speed with which borrowers can obtain their money, more and more car owners are opting for car title loans.

 

How To Qualify

 

If you own a vehicle and possess its title, you can qualify for a car title loan. It is preferred that the car or truck is completely paid off, but some lenders will approve a title loan even if there is a balance remaining. There cannot be any other liens on the vehicle’s title to complete the process.

 

The Car Title Loan Process

 

Interested parties who do qualify can apply for a car title loan by filling out an application. Title loan companies like Embassy Loans of Florida have offices around the state but also allow prospective borrowers to fill out applications online. The application is the first part of the process.

 

Once the application has been completed and reviewed, applicants are asked for a variety of documentation. They must prove their identity and where they live as well as present the title to the vehicle. Lenders will verify everything before moving forward and assessing the vehicle.

 

The car, truck, or SUV will be appraised by the lender. Most title loan companies will use current blue book values to determine how much a vehicle is worth. In most cases, lenders will only allow 30 to 50 percent of the assessed value to be borrowed. If it is determined that a vehicle is worth $20,000, a borrower will only be able to borrow $10,000 maximum. If the borrower defaults on the loan, it is much easier for the lender to recover its losses.

 

The Benefits Of A Car Title Loan

 

To obtain a car title loan, borrowers need to own a vehicle and possess the title. Typically, the vehicle should be 15 years old or newer and in good condition. That’s it. Unlike traditional loans, a car title loan does not require the lender to research the credit history of a borrower. Lenders may check credit history, but it is not the primary factor that determines whether or not a car title loan is approved. Car title loans are secured by a vehicle, making credit a non-factor.

 

Most car title loans, like those at Embassy Loans, can be processed very quickly. At Embassy Loans, the typical auto title loan is completed, and the borrower has access to his or her money within 48 hours. Both the speed and ease of obtaining a car title loan are why these types of loans are becoming more popular.

 

 

 



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.