What’s the Average Interest Rate of a Poor Credit Car Loan Nanaimo British Columbia?

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There are two main factors that affect a borrower’s decision when it comes to loans – the amount and the interest rate. The latter is often a hot-button issue since it will affect how much the borrower will eventually end up paying. There are conflicting reports regarding the interest rate of a poor credit car loan Nanaimo British Columbia. Some say it’s lower than a credit card while others say the opposite. We’re here to clear up some things. 

The Truth About Car Collateral Loans

Many people apply for a title loan for many reasons. It’s easier to qualify for this loan and it has a fast application process. Many borrowers also choose it because of the interest rate. According to websites like Bankrate.com, car equity specialists usually give a 25% interest rate for a 30-day loan. Some lenders even go as high as 60% yearly. But this depends on the terms and conditions of the contract. Canada’s regulations on loans claim that lending companies can’t charge higher than that. 

The borrower’s location will also impact the interest rate they’ll receive. Every region has its own legislation on loans. Some have imposed a limit on lending rates. Every company also has its own requirements and this also impacts the loan. Trusted Car Loan Expert 

Canadian Equity Loans will always be there to support you during times of need. One of the best in the business, we can provide you with as much as $50,000 in loans. Our company has the lowest interest rates and monthly payments in town. We also accept early payouts with zero penalties. Log on to our website to apply or call our toll-free number at 1-844-586-6311

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