Can You Afford A Loan?

If you have gone to a traditional bank or credit union for a loan, you know they are looking deep into your history. They always very strict on the criteria for approving a person for a loan. They mainly pay attention to two issues: credit score and income. If a person does not appear to have the income to make payments, traditional lenders will have no qualms denying the application. Likewise, if the person’s credit score is poor, that is taken as proof that the individual will not make their payments. The debtor may very well have the money to make the payments, but traditional lenders do not consider anything other than the numbers. Bottom line, they will decide if you can afford those payments.

The good news is auto title loans are available for people who have no luck with traditional lenders. These loans depend on the value of one’s automobile rather than the number on his or her credit report. The applicant does not have to have good credit, or any set amount of income. The lender uses the title on the vehicle as collateral against the title loan. So the good news is that practically anyone with a clear title to a car can get a title loan. The bad news is you are the one that needs to figure out if you can afford it.

How big of a payment can you afford?

If you are considering taking a title loan (or any loan for that matter), you must first calculate the money you have left at the end of the month to see what you have available to spend. If you can think of areas you can squeeze a bit (lower the cable bill, cut back on phone minutes, etc.) so much the better. But this is a time for honesty. If you can not see how you are going to pay the loans payments every month, you will hurt yourself if you over borrow. When you figure the your monthly expenses, make sure you include everything; rent, alimony, electricity, cable, phone, food, etc. You should know the amount of the monthly loan payment you can afford before you look for your loan.

Once you find how large of a loan payment you can afford, the next step is applying with a lender who will be willing to help you. Embassy Loans is the leading auto title lender in Florida and can work with you to get the cash you need at a payment you can afford. Give us a call today or fill in our loan request form on this page. We’ll be happy to help with an affordable loan!