Loans that could be acquired when you want to buy a new car by pledging the title of your existing vehicle as collateral are car equity loans or car title loans.
What is required to get a car equity loans?
When you want a car equity loan or a car title loan in Florida, you need to visit the website of providers such as Embassy Loans and fill up an online application which is an absolutely secure process. You need to have a clear Florida Motor Vehicle Title. Your car should not be kept as a lien with any other finance agency. The owner of the car must possess a valid driving license and registration for his or her vehicle. Other paperwork requirements are two utility bills of the past two months in the name of the owner of the vehicle at the residential address. The car that is being pledged for the loan must be comprehensively insured.
You can expect competitive interest rates at Embassy Loans
We offer highly competitive rates of interest in the auto lending industry. Our consultants would cooperate with you. They will interact with you on a one-on-one basis so that a payment scheme could be developed with manageable and flexible repayment installments depending on your financial capability and your budget.
The most encouraging part of the whole deal is that, as a borrower, you do not have to wait endlessly to get your loan approved. The consultants at Embassy Loans will have your car equity loan approved in a matter of hours after they receive your documents. Once your loan gets approved, the funds may either be sent directly to your designated bank account and it will be credited on the following working day or it could be instantly picked up at any MoneyGram location on the same day. You need not to be unduly worried about your credit rating and status.
What is the difference between a car equity loan and a title pawn loan?
Car equity loans will vary from one state to another. A car title loan in Florida will allow borrowers to take cash against their vehicles’ equity. Depending on the vehicle’s value, the amount that can be borrowed will be established. Generally, a car title loan amount may range between $500 and $10,000 , but the upper cap is $10,000. The car equity loan in Florida is regarded as a loan with a long-term tenure and it may last around 12 months., making the easy and affordable for the customer. Auto title loans offered at Embassy Loans will have their terms stretched to anywhere between twelve and fourteen months.
A car equity loan is far different from a pawn loan. With car title loans, you get to keep your car and you may keep on driving it through the tenure of the loan. The lender will hold on to the vehicle’s title papers until the loan payment is secured and completed by the borrower. In the case of a pawn loan, money is received by the lender against the value of your vehicle and you can decide whether you want your car back and then repay the full loan amount along with interest and fees. Pawn loans are typically for a tenure of one hundred and twenty days, making the payments higher. The borrower will not be held liable if he or she decides not to pay the loan amount. In the case of non-settlement of the loan amount, the vehicle will be sold by the lender to recover that loan amount plus any profit. Hence, there are very few requirements in order to pawn your vehicle. When a Car Equity Loans customer defaults, the car is sold and the loan and paid off and the profit customer, making it a more desirable choice compared to a title pawn.