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BlogBlogHow to Pay for Your Transmission Repair

How to Pay for Your Transmission Repair

Your vehicle’s transmission is vital to its overall operation. Without a functioning transmission, your car will not work. If you have taken your car or truck to a mechanic and he is telling you that you need work on your transmission, you need to get it done. What you will also learn is that transmission repair can be very expensive and financing options are extremely limited. With repair costs ranging from several hundred dollars to a few thousand, using your vehicle for a title loan may offer the best solution.

What Is a Car Title Loan?

A car title loan is a short-term loan secured by your vehicle’s equity. A borrower uses the vehicle as collateral in exchange for a loan. The loans are usually for smaller amounts of money that you intend to pay back over short periods of time.

How to Obtain a Car Title Loan

Embassy Loans, one of Florida’s largest consumer finance companies, has helped tens of thousands of customers get access to money for emergency situations such as an auto repair. The process begins by filling out an application. The application can be filled out in person or online and takes just a few minutes. Once the application is complete, borrowers are contacted and asked to provide a few documents. They must prove their identity and where they live as well as show the title for the vehicle. If there is enough equity in the vehicle, it may be possible to borrow the entire amount needed to pay for a transmission repair.

How Long Does It Take?

For those familiar with loans from banks and other financial institutions, you may remember that it seems like the process takes forever. Loans from banks can take several weeks. After sorting through credit reports and other documents, a borrower may find out after two or three weeks that the loan is not approved. A car title loan does not require analyzation of credit reports and can be completed in as little as an hour. Borrowers can have immediate access to their money. Two of the big advantages of a car title loan are the speed with which they can be completed and the fact that credit is not a factor in determining eligibility. In as little as a day or two, you can have the money you need to pay for your vehicle’s transmission repair.



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.