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Can You Afford A Loan?

Affordable PaymentsIf you have gone to a traditional bank or credit union for a loan, you know they are looking deep into your history. They always very strict on the criteria for approving a person for a loan. They mainly pay attention to two issues: credit score and income. If a person does not appear to have the income to make payments, traditional lenders will have no qualms denying the application. Likewise, if the person’s credit score is poor, that is taken as proof that the individual will not make their payments. The debtor may very well have the money to make the payments, but traditional lenders do not consider anything other than the numbers. Bottom line, they will decide if you can afford those payments.

The good news is auto title loans are available for people who have no luck with traditional lenders. These loans depend on the value of one’s automobile rather than the number on his or her credit report. The applicant does not have to have good credit, or any set amount of income. The lender uses the title on the vehicle as collateral against the title loan. So the good news is that practically anyone with a clear title to a car can get a title loan. The bad news is you are the one that needs to figure out if you can afford it.

How big of a payment can you afford?

If you are considering taking a title loan (or any loan for that matter), you must first calculate the money you have left at the end of the month to see what you have available to spend. If you can think of areas you can squeeze a bit (lower the cable bill, cut back on phone minutes, etc.) so much the better. But this is a time for honesty. If you can not see how you are going to pay the loans payments every month, you will hurt yourself if you over borrow. When you figure the your monthly expenses, make sure you include everything; rent, alimony, electricity, cable, phone, food, etc. You should know the amount of the monthly loan payment you can afford before you look for your loan.

Once you find how large of a loan payment you can afford, the next step is applying with a lender who will be willing to help you. Embassy Loans is the leading auto title lender in Florida and can work with you to get the cash you need at a payment you can afford. Give us a call today or fill in our loan request form on this page. We’ll be happy to help with an affordable loan!



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.