Bad credit car loans New Westminster British Columbia are convenient, safe, and easy to secure. While this type of secured loan has numerous advantages, it does carry the risk of repossession if you default on your loan. It’s why you have to make sure you adhere to the terms of your loan contract. But how long your contract runs can affect your interest rates and monthly payments, so you have to carefully consider what loan terms you can live with.
How Long are Title Loan Contracts?
The duration of your title loan is typically determined by how much you can afford to pay every month. The shorter the loan term, the higher your monthly payment will be. Conversely, longer loan terms mean you will be paying more interest.
Most title lending companies offer two loan periods – the 12 – 24 months and the 36 – 48 months. The latter is considered the maximum term. A poor credit car loan term of 12 – 24 months is good for people who don’t mind a slight increase in interest rates for a shorter repayment period.
Meanwhile, a maximum term contract is ideal for individuals who need a longer payment period in order for them to meet their financial obligations. It should be emphasized that the latter comes with extended interest rates.
Faster than the Competition
If you want fair deals and an understanding lender, then Canadian Equity Loans is the company for you. They are committed to helping their clients get what they need. You can borrow up to $50,000 in loans, with no credit checks or job requirements involved. The company also offers low-interest rates and early payouts without penalties. Log on to their website to apply or call their toll-free number at 1-844-586-6311.
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