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BlogBlogCan You Use an Older Vehicle for A Car Title Loan?

Can You Use an Older Vehicle for A Car Title Loan?

You probably already know that car title loans are an excellent choice for when you want to use your automobile to obtain some additional cash that can be applied to all sorts of situations. It’s an ideal short term solution for getting money quickly to address many kinds of needs, and one of the best parts about it is that you will not need to undergo a credit check or other sorts of hurdles that might pose a barrier to entry when discussing other kinds of loans. In fact, the thing that lending companies are most often looking at when you are applying for a title loan is the market value of your car. That being said, you may be wondering if you can use an older vehicle to obtain a title loan? It’s a good question and one that Embassy Loans is happy to step in and provide you with some insight.

 

The short answer is, “yes,” especially if you have a classic car that is significantly valued. No need to fret, you still get to use your car as you normally would when you get your loan, all the lender needs is to keep the title while you pay off the loan. As it is a short term loan, and the process is straight forward, that should take no time at all! It’s especially useful that the transaction itself is simple. The lender will determine how much you can get for your loan, and quickly distribute the funds to you. The requirements are easy to meet. You’ll just need to prepare some documentation, which may include a license, some references, and the car title or registration, and you’re good to go after that. There won’t be any red tape or hoops to jump through, so you can rest easy knowing that you’ll get the money, use it for what you need, and then be able to pay it back quickly.

 

No wonder so many folks have been using title loans to take care of little things that pop up here and there. An impromptu payment, need for repairs, extenuating circumstances, and more can be put in check with the quick cash that you’ll receive from a title loan. Remember that they are easy to obtain, and their speed is what makes them such a desirable option when you may be undergoing a temporary monetary crunch.



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.