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BlogBlogThe Advantages of Renting vs. Owning a Home

The Advantages of Renting vs. Owning a Home

Home MortgageWhile it still represents the American Dream, owning a home is not automatically the best option for everyone. There are a number of responsibilities that come with home ownership and, while there are some advantages, renting instead of buying also comes with its share of benefits.

 

  • Convenience

Renting a home is much more convenient than owning it. When a sink is clogged or the hot water heater breaks down, you are not the one that has to deal with it. As a renter, you call the landlord to resolve the problem. You do not have to spend your own time or money fixing the problem; all of the financial burden is on the landlord.

 

  • Flexibility

When your career starts to take off and your employer wants you to take a job on the other side of the country, you can easily pack up and move when you are a renter. A homeowner has a home to sell before moving. If you are starting a family or just need more space, you can always look for a larger place to rent. As a renter, you are not tied to a home.

 

  • Simplicity

If you have ever tried to buy a home, you know that the process is difficult, tiring, and often frustrating. Dealing with financing, inspections, and more can make for a hard time. While you still need to search for the right place to rent, once you find it, it’s easy. You sign a lease, pay your deposit, and move.

 

  • Increased liquidity

When you buy a home, you have to come up with a down payment and pay for closing costs. Often, this will clear out homeowners’ financial reserves. As a homeowner, you also have to pay property taxes, insurance, and maintenance costs. A renter pays a monthly rent payment and that’s it. As a renter, you will have more liquid reserves.

 

  • Diversified assets

Homeowners normally have a majority of their wealth tied up in their home. As a renter, you have the ability to use your extra cash to invest in a variety of instruments from stocks and bonds to real estate.

 

Whether you choose to buy or rent, if you do not have the money for a down payment or for a security deposit, consider a car title loan from Embassy Loans. If you own a vehicle, you may be able to borrow against it. The process is quick and easy and can provide you with the funds you need to find a place to live.



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.