(833) 839-2274  157 N State Road 7, Plantation, FL 33317

BlogBlogUsing A Car Title Loan To Re-Establish Credit

Using A Car Title Loan To Re-Establish Credit

NegotiatingIf you are suffering financially because of a poor credit history and a low credit score, there is a way for you to re-establish a positive payment history and raise your credit score. A low credit score can be the result of many factors. Remember, your credit score is calculated by looking your payment history first. Do you pay your bills and pay them on time? If you have a history of paying a mortgage payment or car payment after the due date, it is going to reflect in a poor credit score. Poor credit scores also mean that you will have problems when trying to borrow money. There is a way to improve your credit score and improve your chances of borrowing.

 

Find And Fix Credit Report Errors

 

Every person is entitled to a free copy of their credit report once each year. Take advantage of this and examine your credit report to locate any errors. When you find something, contact the creditor and the credit bureaus to have these items fixed. This process does take time, so be patient.

 

Work On Paying Off All Credit Cards

 

One of the determinants of your credit score is related to how much credit you have available and how much you have used. If you have a credit card with a limit of $5,000 and have used $4,500, this will have a negative effect on your credit score. Work on paying this card down or transferring the balance to a card that has a larger credit limit.

 

Pay Any And All Loans On Time

 

These are the payments that matter most. Car payments, mortgage payments, and rent payments need to be paid on time. If not, they will show up on your credit report and your credit score will suffer. Paying all of your loans on time will establish a positive payment history and boost your credit score.

 

Do Not Apply For Another Loan Or Credit Card

 

Each and every time you apply for credit whether a loan or a credit card, the lender will run a credit check. They do so to assess the amount of risk you represent. The lower your credit score, the higher the risk and vice versa. These inquiries also show up on your credit report and can be a sign of a risky borrower.

 

When You Need To Borrow

 

If you are still working on your credit history and credit score, you can still borrow money. If you own a vehicle that is paid off, you can use it as collateral and take out a car title loan from a lender like Embassy Loans of Florida. The loan is not based upon credit and can be obtained very quickly.



Embassy Loans is a leading provider of auto title loans since 2005

Get In Touch

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.

© 2024 · Embassy Loans · Site built by DMA

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.