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BlogBlogWhy Auto Equity Loans Are A Good Idea

Why Auto Equity Loans Are A Good Idea

Why Auto Equity Loans are a Good Idea

In case you’ve heard our commercials about auto title loans, you might wonder if title loans are a good idea. Automobile title loans have quite a few advantages that conventional lenders can not provide or will not offer. Normally, it’s hard to get qualified for a loan if your credit rating is not at least in the great selection. Whereas, here at Embassy Loans we do not base our loans on credit because loans have been secured by using automobile titles. Eliminating this measure permits creditors to accept more individuals and process loans quicker. Unlike banks which were known to take weeks to accept loans, Embassy Loans can process programs, accept loans and cover funds within 24 hours of receiving a program. If you think about how much easier it would be to be eligible and how fast you may get your cash, the information about title loans is beneficial and the decision is clear.

Listed below are only a couple of examples of advantages that our customers have come to rely on and appreciate.

Fast Money

In most cases, our customers are funded within 15 mins after being approved signed, via MoneyGram and paid instantly. If you choose our ACH options, it may take 1-2 days for your funds to clear your bank.

Keep Driving your Vehicle

The best thing about our auto equity loans is that you can keep driving your vehicle during the loan. Get a loan and still drive your vehicle! You will probably want your vehicle to make a living, and that means you’re free to keep on using your car or truck throughout the loan period.

Not Based on Credit Score

Embassy Loans does not base its auto equity loans on credit ratings since loans are secured. So, there’s absolutely no need to fret about your credit ratings.

What You Can Expect From the Loan Procedure

Our loan procedure is made up of

  1. Applying online or by phone at 833-839-2274
  2. Consulting a loan agent,
  3. Providing a few bills for address verification
  4. Qualifying
  5. Going over and signing the contract
  6. Pick up funds or via ACH

It is possible to complete our application online, with a follow-up call from one of our loan representative on the telephone.

After Our Application is completed

You will first get an email confirmation if your vehicle may qualify for a loan. You may expect to get a telephone call from one of our loan agents shortly after filling out our online application. He or she’ll confirm what you are approved for and will go over the loan procedure. They will confirm that you have a clear vehicle title to your car, which has to be paid off or nearly paid off, confirm you are at least 18 years old and a Florida resident.

Qualifying

Applicants must be ready to discuss how much they want to borrow, a couple questions regarding their vehicle and to supply a couple of documents for address verification purposes, like bills within the past 45 days.

Our contracts outline any agreements you might have discussed throughout your telephone consultations.

Contracts

By placing our conditions and arrangements on paper, Embassy loans and our customers could be assured that they have the exact same understanding regarding loan obligations. Contracts have to be written to comply with state and federal regulations for automobile title loans. Legal arrangements may contain:

  • The whole quantity of money you’re borrowing.
  • Interest rates.
  • Any related loan charges.
  • Your payment schedule with payment amounts.

You ought to take some opportunity to browse through your contract carefully to be certain that the amount of the loan and interest rate complies with what has been discussed during your consultation. Please ask questions if anything appears confusing, therefore we are able to offer extra details regarding the loan conditions or fees.

After reading and signing our contacts, you are going to be requested to complete the legal requirements by simply turning over your electronic or paper title to Embassy Loans.

Payments

All customers get a loan repayment schedule in their own contracts. Your repayment program determines when the initial payment is expected, and consistently make your payments in time.

Car title loans have been processed fast and are simple to get. It is possible to spend your money on whatever you want or desire.



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.