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An auto title loan is a big commitment. You will be dealing with your decision to get cash using your vehicle Kelowna British Columbia for months, if not years. The pressure is enough to cause you to make mistakes. This is unfortunate since some of these errors can have a massive impact on your loan. Here’s what you should avoid doing: 

 3 Mistakes You Shouldn’t Do When Applying for Title Loans

  • Biting off more than you can chew. A common mistake borrowers make is asking for more money. You’ll be better off getting just enough to cover your needs. It will make the loan easier to manage and pay off. There’s less risk that you’ll lose your car to the repo man. 
  • Not reading the contract thoroughly. A lot of people are guilty of this. Giving the document a cursory look could cause problems later on. You might be blindsided by hidden fees or unknowingly violate a clause and end up paying a penalty. You can avoid this by reading the contract carefully. Ask questions if you don’t understand the terms and conditions. 
  • Rolling over multiple times. Some Car collateral loans have a rollover clause. This allows the borrower to extend the loan duration. The extension will be rolled over to a new month. Your interest rates go up every time you ask for more time.

The Number One in the Industry

Applying for a loan is a breeze with Canadian Equity Loans. The company can provide up to $50,000 in loans. They’re also known for their low interest rates and monthly payments. The lender also offers early payouts with zero penalties. The loan’s fast approval process means you can get the cash you need within the day. Sign up on their website to apply or call their toll-free number at 1-844-586-6311.

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