Deconstructing These Myths About Low Monthly Car Collateral Loans Gloucester Ontario

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Auto title loans have become an acceptable and popular financial service these past few years. The pandemic has even pushed more people into getting low monthly car collateral loans Gloucester Ontario. The fast application process and same day cash is certainly appealing. However, there’s still a lot of unfounded rumors and misinformation about these loans. 

Common Misconceptions about Car Equity Loans 

  • Borrower Must Have Good Credit Score: Bank loans require the borrower to have a credit score of 700 or better. But refinance car loan specialists do not demand this. It’s because the loan will depend on the collateral. You can apply for one even if you have a low credit score or are unemployed. 
  • You Will Leave Your Car with the Lender: This is a method seen in pawn shops, but it’s not what online lenders do. Instead of the car, they will only hold onto the title. The document will be returned to the borrower once the loan has been paid in full. They can continue to use their car even while the loan is active. 
  • There’s No Early Payment: This is half true. Some lenders don’t accept early payouts. They prefer that the borrower follows the installment plan. Their profits are lessened when the loan is closed early. However, there are lenders that accept early payouts. Some will levy a fine while others will not. 

Lowest Interest Rates in the Industry 

Get the financial help you need with Canadian Equity Loans. You can borrow as much as $50,000 from this trustworthy company. We offer low interest rates and affordable monthly payments. We also accept early payouts with zero penalties.. Sign up on our website or call our toll-free number at 1-844-586-6311.  

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