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Paying Off a Car Title Loan

Due to a financial emergency, you decided to take out a car title loan from Embassy Loans. The process was easy. You filled out an application online and then had to submit some documentation to prove your identity and to show that you owned your vehicle. Your car is less than 15 years old, is almost paid off, and is worth considerably more than what you owe. Embassy Loans processed your loan, and you received your money to take care of the emergency. Now, you need to pay off the loan.

Car title loans are a great way to access cash in an emergency. If you have a car repair that needs to be done immediately but don’t have the money, you can get it with a car title loan. Your plumbing system in your home decides to fail, and it’s not covered by insurance. This is a situation where a car title loan can get you the money to pay for the repairs.

At Embassy Loans, it is possible to get your hands on much-needed cash within a few days. Once you have submitted all your documentation, your car will be assessed for value. Embassy Loans uses a common blue book value for your vehicle based upon its age, the make, model, and its condition. You will be able to borrow up to 50 percent of the vehicle’s value. If it is worth $10,000, you may borrow up to $5,000. Embassy Loans does this to protect itself in the case of a borrower not repaying a loan. The vehicle is easier to sell allowing Embassy Loans to recover its losses.

Once the loan is finalized, you will receive your money as well as the terms of repayment. Car title loans are different from mortgages and auto loans. Mortgages are usually repaid over 15, 20, or 30 years. The typical car loan has a five-year term. Car title loans are short-term loans that are paid back within a few months.

Embassy Loans works with customers and offers low rates and customized loan lengths. Regardless of the loan terms of repayment, borrowers should have a plan for paying off the loan. Life does happen, and if the loan is not repaid on time, there is always the option to extend the repayment period. Like any secured debt, it is wise to get it paid off as soon as possible. With the emergency paid for, you can now focus your efforts on paying off your car title loan and getting your finances back on track.



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.