A car pawn loan Kitchener Ontario is a type of secured loan that will require you to offer your vehicle to the lender as security in exchange for instant cash. Millions of people have benefited from this loan, and you can enjoy them too. Here’s the lingo you should understand so you can choose the best deal for you.
Auto Title Loan Terms You Should Know
- Annual Percentage Rate: Also known as the APR, this is the total amount of interest and other fees that you’ll pay in order to borrow money. It’s computed as an annual rate and represents the cost of borrowing money for one year.
- Collateral: This refers to the property you own that you will pledge to the lending company to secure a loan. In title loans, this will a car with a clean title in your name. The lender can claim the collateral and use it to recoup its investment if you default.
- Credit Score: Your credit score is the numerical data in your credit report. It usually ranges from 300 to 850. Banks and other lending institutions consider this score as a representation of your capacity to pay the debt. High scores signify that you’re likely to pay on time and successfully repay the loan.
- Prepayment Penalty: This is a fee that some lending companies levy on borrowers who pay off a part of the whole fast loan early. It compensates them for the interest lost because of the fewer payments made.
Lowest Interest Rates You Can Find
Canadian Equity Loans can offer you a great deal and low-interest rates. This trusted lender can provide you with as much as $50,000 in loans. Their interest rates are the lowest around and they even offer early payouts without penalties. You can sign up at their website or call their toll-free number at 1-844-586-6311.
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