3 Car Equity Loan Airdrie Alberta Terminologies You Should Know

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A lot of people choose a title loan over a bank loan because it’s easier to qualify for and the requirements are fewer. But it’s not a loan for those who need a substantial amount of cash since how much you can borrow will depend on the car equity Airdrie Alberta. The terminology used is the same as that of conventional loans though.

Loan Terminologies to Understand

  • Annual Percentage Rate: Also known as the APR, the term refers to what the borrower will be paying yearly for the loan. It’s usually higher than the interest rate since it covers everything finances, including any extra fees the lender adds.
  • Co-Borrower/ Co-Signer: A person who will sign the contract with the borrower. This is usually a friend or family member who has a better credit standing than you. The co-signer will be obligated to shoulder the refinance car loan in the event the borrower can’t make payments.
  • Credit Score: Refers to the level of the person’s creditworthiness. Banks and lending companies use this score to assess how much they’ll invest in the borrower. It also has an impact on the interest rate you’re given. People with good credit scores are considered low risk and can be granted lower interest rates.

Trusted Car Loan Expert

Canadian Equity Loans can help you if you need extra cash to deal with an emergency or an unexpected expense. The company can offer as much as $50,000 in loans, with no credit checks or job requirements involved. They offer low-interest rates, loan terms of up to 6 years, and early payouts without penalties. You also get to keep your vehicle during the loan. Applying is easy. Just log on to their website or call their toll-free number at 1-844-586-6311.

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