The popularity of challenged credit auto loans Kelowna British Columbia means many people are now familiar with this kind of secured loan. Despite its widespread acceptance in Canada, a large number of prospective borrowers remain wary about title loans because of misinformation. This deprives them of the opportunity to get out of a financial problem faster. To help set the record straight, we’re exposing the top myths about auto title loans.
Busting the Top Myths About Auto Title Loans
- You need a good credit score. It’s easy to see why millions of people readily believe this myth. Most conventional loans – from bank loans to credit cards – require a positive credit score in order to qualify. This is not the case with title loans since you will be putting up collateral.
- Title lenders charge a large penalty for paying the loan early. This is another fallacy that prevents thousands of borrowers from seeking help from title lending companies. While it’s true that some lenders don’t allow early payouts since it will cut down on their profits, there are many companies that don’t have penalties for pre-payment. You just have to find one such lender.
- There’s no way you can clear a car pawn loan. There are a lot of horror stories about title lending companies taking advantage of applicants to trap them into unfair deals. There are fraudulent companies to be sure, but if you take the time to do your research, you will find a registered and trustworthy company.
Same Day Cash
Get the best deals with Canadian Equity Loans. You can borrow as much as $50,000 from this trusted lender. The company offers low-interest rates and affordable monthly payments. They also accept early payouts without penalties. You can receive the cash you need in a few hours while retaining possession of your car. Log on to their website or call their toll-free number at 1-844-586-6311.
For more information, visit us on: