Paying Off a Car Title Loan

Due to a financial emergency, you decided to take out a car title loan from Embassy Loans. The process was easy. You filled out an application online and then had to submit some documentation to prove your identity and to show that you owned your vehicle. Your car is less than 15 years old, is almost paid off, and is worth considerably more than what you owe. Embassy Loans processed your loan, and you received your money to take care of the emergency. Now, you need to pay off the loan.

Car title loans are a great way to access cash in an emergency. If you have a car repair that needs to be done immediately but don’t have the money, you can get it with a car title loan. Your plumbing system in your home decides to fail, and it’s not covered by insurance. This is a situation where a car title loan can get you the money to pay for the repairs.

At Embassy Loans, it is possible to get your hands on much-needed cash within a few days. Once you have submitted all your documentation, your car will be assessed for value. Embassy Loans uses a common blue book value for your vehicle based upon its age, the make, model, and its condition. You will be able to borrow up to 50 percent of the vehicle’s value. If it is worth $10,000, you may borrow up to $5,000. Embassy Loans does this to protect itself in the case of a borrower not repaying a loan. The vehicle is easier to sell allowing Embassy Loans to recover its losses.

Once the loan is finalized, you will receive your money as well as the terms of repayment. Car title loans are different from mortgages and auto loans. Mortgages are usually repaid over 15, 20, or 30 years. The typical car loan has a five-year term. Car title loans are short-term loans that are paid back within a few months.

Embassy Loans works with customers and offers low rates and customized loan lengths. Regardless of the loan terms of repayment, borrowers should have a plan for paying off the loan. Life does happen, and if the loan is not repaid on time, there is always the option to extend the repayment period. Like any secured debt, it is wise to get it paid off as soon as possible. With the emergency paid for, you can now focus your efforts on paying off your car title loan and getting your finances back on track.