Want to Borrow Using Your Car Pickering Ontario? Here are 3 Important Things to Know
We sometimes find ourselves needing extra cash in a hurry. Maybe the roof has a leak or an emergency room visit wiped out your monthly budget. Fortunately, you can borrow using your car Pickering Ontario. But there are things you should know about title loans before you apply for one.
3 Key Things to Remember about Title Loans
You should have 100% ownership of your car. A title loan is considered a secured loan since you’re putting up your vehicle as collateral. Although the vehicle will remain with you, the ownership title will be surrendered to the lender. You can borrow about 25 to 50 percent of your car’s total value, as long as you have a clean title or you have substantial equity on it.
APRs are higher than you expect. It’s common for lending companies to put a 25% monthly interest rate on this loan. It’s one way for them to ensure their investment is covered. But this would mean that your loan’s annual percentage rate (APR) can hit 300%. That’s higher than what’s levied for credit cards.
Defaulting leads to repossession. This is the biggest risk of getting a car pawn loan. The lender has the right to take your car if you miss payments or default on your loan. They can also sell off your vehicle quickly to cover what you borrowed. What’s more, you’ll still be held accountable for any penalties or outstanding balance.
Lowest Interest Rates in the Industry
If you want the best, then you have to work with Canadian Equity Loans. The company can offer you up to $50,000 in loans. They’re also known for their low-interest rates and early payouts without penalties. So, log in to their website to apply. You can also call their toll-free number at 1-844-586-6311.