BlogBlogCar Title Loans: What You Get & What You Pay

Car Title Loans: What You Get & What You Pay

Car title loans are an easy way to borrow money in the short term. While most believe that car title loans are very costly, that is not always the case. To qualify for an auto title loan, an individual must own a vehicle, preferably paid off in full, have a clear title, and be willing to offer the vehicle as collateral. In many cases, a car title loan is a best-case scenario for a short-term loan.

How a Car Title Loan Works

As stated, it’s best if an individual owns a car outright. There are instances where lenders will complete a car title loan for borrowers even though there is still a car loan on the vehicle. The car owner must have equity in the vehicle to borrow against it. The entire loan process begins by filling out an application. At Embassy Loans, completing an application takes just a few minutes. Once finished, Embassy Loans, which has helped tens of thousands of customers, will verify an applicant’s identity and check the title to the vehicle.

The next step in the process is to assess the vehicle for its value. Embassy Loans uses typical blue book values to determine how much a borrower’s car is worth. The value of the car or truck determines how much you can borrow. Typically, you can borrow an amount equal to 50 percent of the vehicle’s value. Once the valuation is complete, a borrower can get his or her money. This entire process completes in as little as an hour.

Benefits of Car Title Loans

The big advantage is how quickly an individual can obtain a car title loan. There are instances at Embassy Loans where a car title loan can be completed on the same day that of the application. Car title loans are also ideal for those who have poor credit. Since the collateral is present (in the form of a vehicle), there is no need to review a borrower’s credit history. Borrowers also maintain possession of their vehicles while they repay the loan. Loans are typically paid off within 12 to 14 months, and Embassy Loans caps interest rates. Borrowers can also pay off their loan early without a prepayment penalty. In many cases, car title loans are the only option for individuals needing access to quick cash. In the end, a car title loan provides needed funds in a time of emergency, justifying the cost.



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.