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Is A Car Title Loan My Best Option?

MoneyWe all face difficult financial times. It may be an emergency car repair, medical bill, or even a life-changing event that throws us out of our fiscal rhythm and puts us behind on our bills. There are a number of alternatives and ways to raise cash for an emergency. One is the car title loan, but just because you have the ability to take out an auto title loan does not mean that it is the best option for you.

 

If you have not done so already, one thing you can do is to prepare an emergency plan for when you run into financial troubles. During a time when your finances are not leaving you stressed, make a list of options for when you do find yourself in a time of need. Thinking clearly and doing your homework will help you to come up with a long list of alternatives such as these.

 

  1. Dip into a savings account. You should have an emergency account established for these types of situations. If you don’t, start working on one. If your vehicle needs to be repaired, for example, you can count on your emergency fund. If you cannot, you have to move on to the next item on the list.
  2. Use your credit cards. If you have enough remaining balances on your cards to take care of the emergency, you have your solution. What you want to avoid is paying back interest. Get these bills paid off as quickly as possible.
  3. Apply for a loan or a line of credit. Depending upon your credit score, this may or may not be an option. If you are a homeowner, a line of credit is much easier to obtain. Just like with credit cards, you need to be mindful of paying back any borrowed money as quickly as possible.
  4. Use family or friends. This is always a risky option because borrowing money from friends or family members can destroy relationships. If this is not an option, continue to the next item on the list.
  5. Seek out a short-term loan such as a car title loan. You can always try to pawn items at a local pawn shop or even try a payday cash advance. A car title loan from Embassy Loans can provide you with the cash you need very quickly. Using your car title as collateral, you can borrow up to 50 percent of the value of your vehicle (minus anything that is still owed on it). At Embassy Loans, it is possible to receive your cash the same day you apply.

 

Analyze your situation and determine whether or not a car title loan is right for you. Embassy Loans offers low rates and customized payment plans in an effort to help its customers through a difficult financial time.



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.