A vehicle title loan is designed specifically to help people who need extra cash to cope with sudden expenses, manage an emergency, or handle debt. It’s easy to qualify for this loan, making it popular among consumers. However, easy doesn’t always translate to good. There are things you need to know before you try to get cash using your vehicle Warman Saskatchewan.
3 Things to Know Before Applying for a Title Loan
- You have to own your car. A title loan is a secured loan because it uses collateral. In this case, it’s your car. But before you can use your vehicle for this loan, you should have 100% ownership of your car. Or at the very least, you should have substantial equity on it.
- There’s a danger you might lose your car. Any kind of loan carries some danger. With car equity loans, the risk is closer to home since there’s a chance you could lose your car if you miss or default on payments. The lending company has the right to repossess your car and sell it off to recoup their investment.
- Interest rates are higher. Most title lending companies charge about 25% interest monthly to cover the loan. This means the annual percentage rate (APR) could reach as high as 300%. That’s higher than other loans, like credit cards. However, some lending companies do offer low and affordable rates. All you have to do is research and compare what other firms have to offer.
Lowest Possible Payment in the Industry
Get a fast loan anytime you need with Canadian Equity Loans. You can borrow as much as $50,000 in loans. The company’s interest rates are lower than that of its competitors. They also accept early payouts without penalties. Applying is easy. Log on to their website to apply or call their toll-free number at 1-844-586-6311.
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