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Is Your Budget Ready for an Auto Title Loan?

Budget-in-LineFor many people, the only time they look at their budget is when they are getting ready to make a large purchase. When thinking about buying a car, for example, we take a look at the budget to see how much we can afford. Budgeting is not easy, and many have a problem staying within their financial means, but what many of us don’t do is consider the budget when taking out a loan. A car title loan is a quick and easy way to borrow money. Regardless of the type of loan, though, it is important to take a look at your budget and determine whether or not you have the means to pay it back.

 

Before taking out a car title loan, consider the following:

 

  1. Be sure to save for retirement. Saving for the future must be a priority. Pay yourself first is a sound financial motto and can be achieved easily by setting aside a certain percentage of each paycheck and putting it into a retirement account. The amount is taken out of your paycheck before you even see it. If you have a 401k or 403b plan, the money automatically goes into your account. It is possible to borrow from this account, but only with a penalty. If you take out a car title loan, do not pay it back by borrowing from your retirement account.
  2. Track your expenses. Take a look at your past six months. Examine your bank statements as well as your receipts for all of your purchases. Figure out exactly what you spend per month. If you are spending more than what is coming in, you need to find out where you can cut spending. You may even have to consider how to earn more money. If you are spending more than you are earning, think how you would manage to repay a car title loan.
  3. Set clear financial goals. Make a commitment to establishing an emergency fund. The account should be built up to include roughly six months’ worth of expenses. Having such a fund may allow you to avoid having to take out a car title loan. At the very least, it will give you the resources to pay back an auto title loan should you need to use that alternative.

 

Embassy Loans is a well-respected consumer finance company that has helped tens of thousands of customers manage their financial situations using car title loans.



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.