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BlogBlogIs it Financially Better to Rent or Buy the Items You Need?

Is it Financially Better to Rent or Buy the Items You Need?

Rent or BuyYou have likely seen those commercials and advertisements out there that allow you to rent everything from sofas and beds to computers and dishwashers. If you are on a budget and cannot afford $600 to spend on a new computer, this may seem like a great deal. However, is it a good deal financially?  In order to find out, you will need to really think about how much you are going to use this item and what your financial picture looks like on a long term basis.

Renting Could Lead to Big Problems.
Consider, for instance, that your family needs a new computer and you simply don’t have the money to put down on it. An affordable desktop computer may cost about $600 on average.  This can be a lot of money to spend if you are living paycheck to paycheck. However, you open up a newspaper and see an advertisement for a desktop computer starting at $25.99 per week for 48 weeks.  $26.00 a week seems like a great deal…but, did you do the math? When you break it down, you will be paying for this computer for almost a year. At $25.99 a week for 48 weeks, this $600 computer will actually cost you $1248…not really a great deal, is it?

This is only part of the picture.  In most cases, when you choose a rental over buying, you will find that you could end up paying $300% or more over the payment time frame. This is the same story no matter what you buy, from a refrigerator to a sofa. On top of all this, if you miss just one payment, it is extremely difficult to get out of the mess you will put yourself in.

Financial experts say that it is best to come up with an alternate plan. If nothing else, even a high interest credit card will be a better choice than renting an item like this. If you are looking for an even better choice, you could consider a car title loan from Embassy Loans. You can easily get the $600 for the family computer in a matter of hours. Contact them to find out more.



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.