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Things to Consider When Choosing Car Title Loans

Title Loans vs Credit CardsCar title loans have become more popular over the last decade as an alternative to traditional types of lending. As banks and other lending institutions have tightened credit standards, borrowers have turned to other means of accessing cash in emergency situations. Car title loans are easy to obtain, and a borrower can have access to the money very quickly. Embassy Loans has helped tens of thousands of customers gain access to funds needed for a variety of purposes. There are several things to consider when choosing car title loans.

A potential borrower should first understand the basic principles of a car title loan. To take out such a loan, a borrower must own a car. The process works much better when the car is paid off in its entirety. Individuals can still take out car title loans if they have a balance on an existing car loan, but there should be substantial equity in the vehicle.

The process is very simple. Individuals fill out an application to begin the process. Embassy Loans applications are available online, and you can complete them in a matter of minutes. Applicants must submit certain forms of documentation like their identification and the title to the vehicle. The vehicle will be assessed for its value and then the terms of the loan are written up. There is no need to run a borrower’s credit history because the loan is secured by the title to the vehicle. In many cases, Embassy Loans will have the loan processed and get the money to a borrower within an hour.

Borrowers should also understand that the amount that can be borrowed depends upon the value of the vehicle. Also, most lenders will only allow you to borrow up to 50 percent of that value. So, if a car or truck is worth $10,000, for example, a borrower could obtain a loan for $5,000.

Borrowers should also note that they can continue to use their vehicle while they are repaying the loan. The lender will now have a financial interest in the vehicle until the loan is fully paid up. If a borrower fails to repay the loan, the lender then has the right to take possession of the vehicle. The lender would then sell it and try to recover any losses. So long as borrowers continue to make payments, repossession will not happen.



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.