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How To Pay For Unexpected Car Repairs

Car RepairIt is one of your worst nightmares. The car breaks down and you are already strapped for cash. Paying for an unexpected car repair bill was not in the monthly budget. The car, however, is important since you count on it to get you to and from the job that helps you pay for all of your monthly financial obligations. What do you do to get yourself through this trying time?

A $500 to $1,000 car repair bill is the last thing that anyone wants to deal with, but it will have to be in order to get the vehicle back on the road. If not, it is likely that someone could lose a job and a source of income. One option would be going to a traditional financial institution, a bank or credit union, and attempting to get a loan to cover the costs. While it may be possible, many financial institutions will not even loan amounts of money that small since they are not beneficial to them. Plus, borrowers will need to have good credit histories and solid employment.

If the amount of money is small and you can pay it back quickly, you could also choose to do a payday loan. A borrower wanting to do so does need to have a job in order to complete the loan process. Loans are secured using the borrower’s paycheck as collateral. A payday loan is obtained, usually, within 24 hours. Borrowers get their money as soon as possible to pay for their car repairs.

A better alternative would be the auto title loan. Embassy Loans in Florida, for example, will loan money to a potential borrower who offers his or her vehicle as collateral. A borrower who owns a car with a clear title can obtain a car title loan. Borrowers must have the title, the vehicle, and a form of photo identification. They will fill out an application, which will be processed by an Embassy Loans professional. Since the car or truck is used as collateral, there is no need for lengthy credit history checks or background checks. The result is that a borrower can have his or her money within an hour.

The result of using a vehicle title loan can help someone cover the costs of repairing a car or truck. That car or truck can then help the borrower continue his or her employment. The loan can be paid off without any worries of a prepayment penalty and life goes on.



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.