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Financing Your Transmission Repair

Auto RepairsThousands of car owners will head to repair shops around the country this year to have their transmissions repaired. Depending on where you live, the total cost of a transmission repair can range anywhere from $1,500 to $3,500. Most households do not have that kind of cash on hand. Since many car owners need their vehicles to get to and from work, any major repair is necessary to prevent disrupting daily routines. The question for those facing a transmission repair is, “How do I pay for it?”

 

Bank Loan

 

One of the first thoughts for many people faced with a major purchase is to go to the bank and take out a loan. If you do not have a very good credit score and an outstanding history of paying your bills, your bank will deny you. There is a lot of paperwork involved and even if you are approved it could take several weeks to finalize the loan and receive the money.

 

Transmission Repair Financing

 

Because of the expense involved with a transmission repair, shops that specialize in this type of maintenance often offer financing through several financing companies. Most of these companies offer small, short-term loans for emergency situations. There are, of course, varying approval rates and other details, but financing through a repair shop is a solid option for paying for a transmission rebuild.

 

Car Title Loan

 

Since you are a car owner, you may have the ability to take out a car title loan. This type of loan is short-term and uses the vehicle as collateral. Embassy Loans has helped tens of thousands of customers with car title loans. Prospective borrowers can fill out an application in person or on the company’s website to begin the process.

 

Applicants must submit a few forms of documentation, including the title to the vehicle. Loan professionals prefer that the vehicle is paid off completely, but car owners with equity can still qualify. Embassy Loans will assess the value of the vehicle and then finalize the loan agreement. Car title loans are great because they are processed very quickly. Embassy Loans can process many auto title loans in as little as an hour.

 

Borrow from Friends or Family

 

There is always the option of borrowing from friends or family members, but this option may be the least desirable. Often borrowers fail to repay these loans and the relationships eventually suffer. Consider one of the above options to avoid the complications of borrowing money from friends and family.



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.