Many traditional lenders will not work with people with bad credit scores. If they ever do, it will be for subprime auto loans with high monthly payments and high-interest rates. Fortunately, you can still avail of car equity loan Orleans Ontario even with a less than stellar credit rating. The trick is to know how it is done.
3 Ways to Get an Auto Loan
- Shop around. Improve your odds by looking at several lenders. There are many fast loan companies, and they all want your business. Plus, no two candidates are the same in the eyes of a lender. For instance, one company might prefer someone with poor credit over one with absolutely no credit history at all.
- Pre-qualify with credit unions. You might have problems pre-qualifying with a bank, but credit unions are more lenient. The former is more restrictive because they’re for-profit while the latter are non-profit groups that are co-owned by members. These unions might require you to sign up for membership but their requirements are easy to meet.
- Focus on loan terms and not monthly payments. The promise of low monthly payments is enticing but at the end of the day, you’ll end up paying more for the loan. This is due to some of these title loans having higher APRs. Look for the best terms, like lowest APR over a shorter duration to ensure manageable payments and reasonable interest rates.
Lowest Rates in the Industry
You’re guaranteed of the best terms when you apply for a credit loan from Canadian Equity Loans. The company offers loans as high as $50,000 with very low-interest rates and flexible payment terms. You don’t even have to deal with the mandatory credit checks. You can apply by calling their toll-free number at 1-844-586-6311 or logging on their website to sign up from home.
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