Car Pawn Loan Ottawa Ontario Myths: Uncovering the Truth Behind the Misconceptions

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People who need a loan will usually head to the bank or borrow money from family or friends. While both are good options, there’s guarantee of success. If you need cash fast, a car pawn loan Ottawa Ontario is a better solution. Unfortunately, many people don’t consider it because of the numerous myths surrounding this secured loan.

Clearing Up the Top 3 Title Loan Misconceptions 

  • Myth 1: You Need a High Credit Score to Qualify: Title loans require the borrower to put up their car as collateral. Since the vehicle’s value will cover the loan, credit scores cease to become a factor in approval. You can apply for this loan even if you have a low rating or no credit history.
  • Myth 2: You Can’t Use Your Car While the Loan is Active: This is another misconception that stops people from using this auto loan Ottawa. The truth is your car will remain with you even if you use it as collateral. The lender will only need the title of ownership. You can still use your car to get around or to earn money.
  • Myth 3: Repaying the Loan Early Isn’t Allowed: This false information has made many people believe that you must follow the payment plan even if you can already pay in full. While many lenders prefer the contract to run in its entirety as they can earn more money that way, some accept early payouts. They won’t even penalize the borrower.

Faster Than the Competition

Apply at Canadian Equity Loans today and solve your money problems quickly. The company offers as much as $50,000 in loans. They also have the lowest interest rates and monthly payments around. Clients can even opt for early payouts with zero penalties. You don’t even have to worry about credit or employment checks. Sign up on their website or call their toll-free number at 1-844-586-6311.  

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