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BlogBlogThe Advantages of an Online Car Title Loan

The Advantages of an Online Car Title Loan

SecureLooking for fast access to cash for an emergency? There are a few alternatives, but the online car title loan offers you the most advantages. Embassy Loans, one of the Florida’s most reputable consumer finance companies, offers borrowers who own a vehicle the ability to borrow money rather easily. Here is why you should choose a car title loan over other forms of borrowing.

 

  1. Speed and ease. Potential borrowers can find the Embassy Loans application online and complete it in less than a few minutes. This begins the process, which can be completed in a matter of days. By providing all of the documentation needed quickly, you may be able to access your cash in as little as 24 hours.
  2. No credit checks. All conventional loans will require an examination of your credit history. A car title loan is a secured loan. The vehicle serves as collateral and in the event that a borrower does not repay, the lender can take possession. The loan is not dependent upon a borrower’s payment history. If you have a poor credit history, it will not affect your ability to take out a car title loan.
  3. Continue driving your vehicle. You may think you have to give up your vehicle to the lender while you repay the loan. That is not the case. You are able to keep driving your car or truck as you pay back the loan. You do give up the title to the vehicle until you make your last payment.
  4. Cheaper alternative to payday loans. Car title loans offer reduced rates of interest when compared with other quick forms of borrowing. Since the title to the vehicle provides the lender with a layer of security, they can charge less in interest.
  5. Fast repayment schedules. When you receive your loan agreement, you will know upfront how much you must repay and by when. At Embassy Loans, there are no prepayment penalties. You can pay off the loan as quickly as possible in order to avoid paying more interest. Car title loans are normally paid off in a matter of months.

 

The bottom line is that if you own a vehicle, a car title loan is a great way to access money. The process is quick and credit is not an issue. Interest rates are less than other forms of borrowing such as payday loans, and quick repayment schedules mean that your debt will be paid off within a few months.



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.