We sometimes find ourselves needing extra cash in a hurry. Maybe the roof has a leak or an emergency room visit wiped out your monthly budget. Fortunately, you can borrow using your car Pickering Ontario. But there are things you should know about title loans before you apply for one.
3 Key Things to Remember about Title Loans
- You should have 100% ownership of your car. A title loan is considered a secured loan since you’re putting up your vehicle as collateral. Although the vehicle will remain with you, the ownership title will be surrendered to the lender. You can borrow about 25 to 50 percent of your car’s total value, as long as you have a clean title or you have substantial equity on it.
- APRs are higher than you expect. It’s common for lending companies to put a 25% monthly interest rate on this loan. It’s one way for them to ensure their investment is covered. But this would mean that your loan’s annual percentage rate (APR) can hit 300%. That’s higher than what’s levied for credit cards.
- Defaulting leads to repossession. This is the biggest risk of getting a car pawn loan. The lender has the right to take your car if you miss payments or default on your loan. They can also sell off your vehicle quickly to cover what you borrowed. What’s more, you’ll still be held accountable for any penalties or outstanding balance.
Lowest Interest Rates in the Industry
If you want the best, then you have to work with Canadian Equity Loans. The company can offer you up to $50,000 in loans. They’re also known for their low-interest rates and early payouts without penalties. So, log in to their website to apply. You can also call their toll-free number at 1-844-586-6311.
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There are several options available to you when there’s an emergency and you need cash fast. You can try to get a loan from traditional lenders like banks or borrow money from family and friends. The former takes time while the latter is uncomfortable and tricky. Luckily, you can borrow using your car Victoria British Columbia.
3 Important Terms to Know When Applying for a Title Loan
It’s vital that you have a clear understanding of everything that a special financing auto loan entails. Here are three terms you have to remember:
- Collateral Loan: This is a type of secured loan that demands an asset to be put up as collateral. This loan relies on the value of the collateral and not on the borrower’s credit score. It’s what makes title loans so popular.
- Collateral: This is the asset, item of value, or property that a borrower offers to a lending company in exchange for a loan. Title loans require the borrower to surrender the title to their vehicle as collateral. This will serve as the repayment in the event the customer defaults.
- Roll-over Payment: This is an option offered by most auto title lenders. It gives the client the option to extend or renew their loan if they can’t pay. The borrower will pay an extension fee which is separate from the amount loaned. It also doesn’t affect the accrued interest.
Get You More Money than the Competition
Borrowing the cash you need is easy with Canadian Equity Loans. You can apply for as much as $50,000 in loans without worrying about credit checks. It’s easy application and approval process means you can get the money on the same day. You can call their toll-free number at 1-844-586-6311 or log on to their website to apply online.
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No matter how hard you’ve prepared, there are times when you’re just caught off guard and need funds immediately, like a death in the family or a medical emergency. A vehicle title loan offers you a way to secure a short-term loan fast. However, you would need to offer your car as collateral. But how much cash can you get when you borrow using your car Kelowna British Columbia?
How Much Can You Borrow in an Auto Title Loan?
Before you can avail of a car pawn loan, you need to have enough equity in your vehicle if it’s to serve as collateral. A lot of lenders won’t let you borrow if you’re still paying off your car but others are willing to lend you the cash you need. A typical auto title loan can range from $1,000 to $5,500. There are some lenders who reportedly can lend you more.
How much you can borrow depends on your car’s value or your equity. The higher your car’s value, the higher is the loanable amount. But borrowers are cautioned not to expect to get their car’s full value out of the loan. Most lending companies will offer loan amounts around 25 to 50 percent of a vehicle’s value. After all, they want to ensure they can recover their money quickly, so they only shell out what they can easily receive in the event they have to repossess and sell a vehicle.
Trusted Car Loan Expert
When it comes to auto loans, go with Canadian Equity Loans. Considered one of the best companies in the country, you can borrow as much as $50,000 without worrying about credit checks or proof of income. The company’s quick approval process means you can receive the money in an hour. You can apply online or call their toll-free number at 1-844-586-6311.
For more information, visit us on:
Facebook: https://www.facebook.com/Canadian-Equity-Loans-1521476258155998/?fref=ts
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