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How a Car Title Loan Can Help You in 2016

Type-of-LoanAs 2016 begins, we know that anything is possible in the New Year. If you are like most Americans, you have some credit card debt and could benefit from having it paid off as quickly as possible. There is a unique way to do so that could have you debt-free in a matter of months and, for some, in weeks. If you own a car or truck, here’s how you can use it to help you in 2016.

What Is a Car Title Loan?

A car title loan is a loan secured by a vehicle that the borrower owns. To qualify for most car title loans, the borrower must own the vehicle outright. In some cases, if the vehicle is nearly paid for and there is equity, the loan will be granted. The borrower must have the title, and there can be no other liens on it other than an existing car loan.

How Do I Obtain a Car Title Loan?

At Embassy Loans, one of Florida’s leading consumer finance companies, a borrower must first fill out an application. Applications can be completed in one of our offices or, more conveniently, online. Filling out an application takes just a few minutes and starts the process. An applicant must then be prepared to submit a few forms of documentation such as a driver’s license and the title to the vehicle.

What about a Credit Score?

Since car title loans are secured by a vehicle, there is no reason to check a borrower’s credit report. Some title loan companies may do so, but it is not necessary, as approval for the loan is not based upon a person’s credit history. A car title loan is a great alternative for people who have poor credit and cannot obtain more conventional loans from a bank or credit union.

How Long Does the Process Take?

At Embassy Loans, most car title loans are completed within an hour. Since there is not a lot of paperwork to deal with – there are no credit or background checks – processing time is greatly reduced when compared to that of conventional loans. Embassy Loans verifies a borrower’s identity, residency, and the title to the vehicle. The car or truck is then assessed for value, and the final loan documents are drawn up. Once the documents are signed, a borrower has immediate access to his or her money. It can be used for an emergency, to pay off debt, or even for a vacation. Whatever the reasoning, a car title loan can help you in 2016.



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.