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BlogBlogThe Advantages Of A Car Title Loan Over Other Types Of Loans

The Advantages Of A Car Title Loan Over Other Types Of Loans

October 3, 2014
Blog
2 min read

Advantages

For those facing a difficult financial situation, a car title loan can help to manage the burden of meeting the monthly financial obligations. The loan may help a family pay the rent or mortgage and its bills for a few months while the situation is worked out. There are several benefits associated with an auto title loan compared to other types of loans.

If you happen to be one of the many who has a poor credit history, a car title loan is perfect for you. There are no credit evaluations in the auto title loan process. Applicants must own a car that has a clean title. The vehicle is used as collateral and, as a result, a credit history check is unnecessary. Many other types of loans are secured only by a signature. In those cases, the lender must determine whether or not an applicant is a good candidate to repay the loan. With a car title loan, if a borrower does not repay the loan, the lender can take possession of the vehicle.

The entire auto title loan process is simple and quick. If you attempt to take out a loan at a financial institution, you will go through a process that includes things like credit history checks, employment checks, and more. Those things take time. As a result, it may take a month or even more before the loan is approved and you receive your money.

You can apply for a car title loan online. At Embassy Loans of Florida, applicants can visit one of their many locations or fill out the application online. The application takes a few minutes to complete. Applicants then must present identification and the title to the vehicle. The car or truck will be assessed for its value. Once completed, the final loan documents are drawn up, and the borrower will receive his or her money. This entire process normally takes between an hour. Many title loans are processed and completed the same day that the application is started.

Those interested in a car title loan to help their financial situation need to have a vehicle that they own outright. The car or truck must have a clear title, meaning there are no liens of any kind on it. If you are at least 18 years old, you can qualify. Many title loan companies will also require that your vehicle be less than 10 years old.

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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 2%, 2.5%, 3% int, up to 24 months.

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.