Vehicle title loans have risen in acceptance and popularity over the years. Because of this, there are now thousands of lending companies plying their trade online and promising the best deals on car collateral loans Ottawa Ontario. While the sheer numbers make searching for a lender easy, you should still do your due diligence and look for these things:
Things to Look for When Choosing a Title Loan Company
- Look for the APR: Always ask the lending company if the interest rate they’re quoting is a monthly rate or an APR. The devil is in the details when it comes to bad credit loans. For instance, you might think the 25% rate is the APR (like in your credit card). But the lender might be referring to a monthly rate. If you multiply that by 12, your APR is 300%.
- Look for an early repayment penalty. This will be levied on you for paying off your loan early. A lot of lenders don’t want loans to be paid off quickly as they’ll miss out on their interests, so they put in this clause. You want to look for a lender that won’t punish you for wanting to get out of debt quickly.
- Look for a forced arbitration clause. This insidious clause will see you waiving your right to complain about the company or file a dispute. For instance, if the lender sells off your car at a much higher price, you can’t complain or demand that they give you the surplus proceeds from the sale.
Lowest Interest Rates You Can Find
If you’re looking for a trustworthy company, then Canadian Equity Loans is the one you need. The company offers as much as $50,000 in loans. They have the lowest interest rates around and they allow early payouts without penalties. Sign up at their website or call their toll-free number at 1-844-586-6311.
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