A quick car loan London Ontario is an option you should consider if you’re facing financial problems. This loan is taken out against your car’s value, thus giving you almost instant access to credit. Its steadily-growing popularity has led to an increase in the number of title loan companies. If you want to get the best deal, you must compare lenders.
Factors to Consider When Comparing Lenders
- Fees and interest rates: These have a big impact on your loan’s overall cost. A small difference in interest rates can cause you to pay hundreds more for the money you borrowed. You should also check for hidden fees that will also push the cost up.
- Loan amount: This will depend on your car’s value and the maximum amount the lending company allots. Applicants can typically borrow about 25 to 50% of their collateral’s equity.
- Terms: Every fast loan provider offers different terms. However, title loans can last from 30 days to several years.
- Flexible payments: Verify if the lender allows payments that match your salary schedule. Payment plans can weekly, monthly, or bi-weekly/ bi-monthly. The best payment scheme is one that lets you keep your budget and help you pay off your loan quickly.
- Advance payments: Making additional payments when you have extra will help you save money and pay off the loan ahead of schedule. Unfortunately, most lenders levy penalties if you do this. It’s best to clarify the company’s stand on early payouts.
Lowest Interest Rates in the Industry
For hassle-free loan applications, Canadian Equity Loans is the one for you. Borrowers can get as much as $50,000 in loans, with low-interest rates and low monthly fees. They also allow early payouts without penalties. Log on to their website to apply or call their toll-free number at 1-844-586-6311.
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