What are the Consequences of Walking Away From a Bad Credit Score Auto Loan Scarborough Ontario?

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If there’s one thing people should know about auto title loans, it’s that they’re vastly different from bank loans. First, you need collateral to get a bad credit score auto loan Scarborough Ontario. Its fast application process is another thing that sets this loan apart. The consequences for not meeting your end of the agreement are also different, and prospective borrowers should understand that. 

Face the Fallout

There are a lot of advantages to auto finance loans. People often focus on the benefits that some forget that there are also risks. There’s a contract between the lender and borrower that must be honored. Delayed or missed payments will result in penalties. Your interest rate will also go up. Your car will also be repossessed if you stop making payments. 

Technically, your car’s equity will cover the loan. The lender will sell it to recover their investment. But if the proceeds of the sale aren’t enough, you will still shoulder the remaining balance. The repossession will also be reflected in your credit report and will remain there for several years. This could pull down your credit score and impact future applications. You’ll also have to deal with the practical aspect of losing your car. There’s no clean break here, so make sure you hold up your end and repay the lender. 

Borrow More Money Than Any Competitor has to Offer 

Apply now at Canadian Equity Loans and get the financial assistance you need. You can borrow as much as $50,000 from this trusted lender. Our company has the lowest interest rates and monthly payments around. We also offer early payouts with zero penalties. Sign up on our website or call our toll-free number at 1-844-586-6311.

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