One of the best things you can do for your financial health is to establish a budget. Doing so allows you to see exactly where you are spending your money. Your budget can be used to help in making major financial decisions. There may come a time when you need a few thousand dollars and need it quickly. A car title loan could be the answer, but can your budget survive? Taking out the loan will mean a new expense in the form of your loan payments, so you may want to take some time to analyze your options.

1. Borrow from your retirement account. This practice usually creates more harm than good. There are usually penalties when you borrow from a 401k or 403b account. In the end, borrowing $5,000 from your retirement fund may cost you $10,000 or more by the time you repay the loan. This option should be considered a last resort.

2. Take out a personal loan from your bank. A bank loan a good choice, but only if you have an excellent credit history. You will need to have a stable employment history as well as an outstanding payment history with all your creditors. If not, you won’t qualify. The process of taking out a personal loan can take several weeks. If you are looking for funds quickly, this is not an option.

3. Use your emergency fund. If you are financially healthy, you may be among the very few who have sufficient funds stored away for emergencies. It is recommended that households put away enough money to cover all their bills for six months. Unfortunately, most households do not. If you are one of the ones that have enough in your emergency fund, this may be your best option.

4. Take out a car title loan. Embassy Loans has helped tens of thousands of customers gain access to emergency funds by using their vehicles as collateral for a loan. The process is very easy, and customers can have access to their money in as little as an hour. Interest rates are low, and a borrower would typically repay loans in as little as a year.

No matter your choice, your budget is going to be a new expense. If you take from your emergency fund, you are going to have to rebuild it. Taking out any loan means a new payment. A car title loan offers you quick and easy access to money that you can repay in a short amount of time.