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How to Use Your Car to Borrow Money

Borrowing MoneyIf you were not aware, there is a way to use your car, truck, or SUV to borrow money. Sure, you can drive to a bank or credit union and attempt to borrow, or you can use your vehicle as collateral for a car title loan. Car title loans have become more common over the last decade as a way for millions to borrow. With financial institutions tightening up their lending standards, many borrowers have been shut out of the market. Now, vehicle owners have an alternative.

What Is a Car Title Loan?

Car title loans are short-term loans secured by a vehicle or, more specifically, the title to a vehicle. You can use a car or truck as collateral in exchange for borrowing money. Car title loans are usually range from a few hundred dollars to a few thousand. Terms are short typically less than a year.

The Car Title Loan Process

If you own a vehicle with a clear title, you can begin the process of a car title loan by filling out an application. Embassy Loans allows customers to complete an application in person or online. Embassy Loans has helped tens of thousands of customers through the years, and our process allows them to complete their application either in person or online.

Applicants must submit a few forms of documentation to continue the process. Potential borrowers must possess the title to the vehicle. Once everything checks out, Embassy Loans will then assess the value of the vehicle. Evaluation is an important step as it will play a role in how much you can borrow. Most title loan companies allow applicants to borrow up to 50 percent of the value of the vehicle. With the assessment complete, a final loan agreement can be authorized.

The Advantages of Car Title Loans

Car title loans have some significant advantages over more traditional types of borrowing. With banks and other lending institutions making their borrowing standards stricter, people with poor credit histories often find themselves without the ability to get a loan at all. Processing a car title loan does not require a credit check, so this is a huge advantage for those who have poor credit scores.

Because there is no need for credit checks, the processing of a car title loan is much faster. A personal loan from a bank may take several weeks to approve because of the amount of paperwork involved. Embassy Loans completes many of its loans in an hour. Borrowers can typically have access to their money within a day or two of applying for the loan.



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.