Can you explain the auto equity loan process?
Contact us and we will quickly determine how much we can lend you based on the value of your auto. An application is completed with our assistance. Approval is very fast, usually in less than an hour after the application review. The auto equity loan is secured by the wholesale market value of the automobile and the title is utilized as collateral. The lender returns the automobile title to the borrower when complete repayment of the loan is made.
Do I need good credit?
No. Credit history is not considered for a loan. You can even rebuild your credit rating by paying your loan on time.
How much cash can borrow and how fast can I get it?
The amount is based as percentage of the wholesale market value of your vehicle up to $10,000. If you apply before 2PM, your cash will typically be available that same day, usually, within an hour.
Do I keep my car?
Yes. You continue driving the car and get the cash.
What are the interest rates and how long is the loan for?
Our rates are as low as 1.5% per month. Loans can be as long as 14 months ( to help keep payments low). If you pay the loan off early, there is no prepayment penalty.
What if my payments are late?
Potential borrowers should determine their ability to repay the loan in a timely way prior to taking an auto equity loan. If the borrower is unable to comply with the loan payments , you should immediately contact us. There may be an opportunity to “work out” a repayment schedule. The car may be repossessed if payments are not made. Reposition is a challenging and costly process and is only used as a last resort when all other options have been unsuccessful.
How to Request A Loan
The process of getting a loan with Embassy couldn’t be much easier or faster. We have it down to four simple steps and can get you your money the same day you apply in most cases.
STEP ONE – Fill Out The Application
You can either fill out the application online, or just give us a call and we will be glad to walk you through it. Either way, we just need a little information so we know who you are, a bit about you, and some details about your car.
STEP TWO – Provide A Few Documents
The type of loan that we provide depends on your being able to provide us with a clear title to the car. In addition to that title document, we will need to see a couple of other items to help us know who you are and where you live. Your Embassy representative will tell you exactly what we need, but it will be simple items like your driver’s license and a utility bill or two.
Also, Comprehensive and collision is required to be prepaid for a minimum of 6 months. If this is not possible, we offer an optional collision wavier debt cancellation addendum, which is available only as a voluntary option. If you decide to choose the waiver, it will be included in your monthly payment.
STEP THREE – Get Your Car Inspected
Next, you need to stop by one of our 21 inspection stations in Florida so one of our associates can take a quick look at the car to make sure it matches the title you are presenting. Your Embassy representative will help you find the one nearest you.
STEP FOUR – Pickup Your Money!
Once we approve the loan, you can pickup your cash at the MoneyGram location nearest you! There are thousands all across Florida.
That’s it! No loans based on credit checks. No stacks of paperwork. No waiting.
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.