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BlogBlogThe Dos and Don’ts of Taking Out Title Loans

The Dos and Don’ts of Taking Out Title Loans

When you need cash, you might consider doing things you’d usually try to avoid. No, we’re not talking about anything illegal here—there are plenty of ways to get the money you need without breaking any laws. Take loans, for instance. Loans are an excellent way to keep yourself financially afloat when you’re between paychecks if you’re careful about how you use them. For those of you with iffy finances, though, you may find that you’re having trouble qualifying for most of the low risk, low-interest loans out there. If you’re pondering your other options, here’s an idea you may or may not have considered—think about taking out a car title loan.

We know how worried people get about car title loans. After all, it can feel almost like you’re gambling with your vehicle, and for many people, their car is an integral part of their livelihood. Don’t think of it that way, though—it’s not gambling if you have a strategy in place to pay the loan back.

Here’s how a title loan works: you fill out an application and have your vehicle appraised by a loan company such as Embassy Loans. You submit a few supporting documents to prove that you own the vehicle. Then a few days later, once Embassy approves the loan, you exchange the title of your vehicle for a predetermined amount of money. When you repay the money, you get the title back. If you don’t pay it back in time, the loan company takes your vehicle.

That last part can scare a lot of people away from title loans, but there’s no reason to be afraid of them. It’s all about the timing. If you know for sure that you have money on the way, taking out a title loan is fine. You’ll be able to pay it back without any trouble when the time comes, and until then you’ll have the cash you need. What you don’t want to do is use a title loan like a credit card, and borrow with no idea of when you’ll be able to make good on the debt. That’s how people lose cars, but in most cases, they only have themselves to blame for not taking the time to understand the conditions of their loan. Go in with your eyes open, and you should be just fine.



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.