Auto title loans are not exactly cheap. But it can be argued that they’re more affordable than bank loans or payday loans. It’s a secured loan and you’ll be required to put up your car as collateral. But it also means that it has fewer requirements and a fast application process.
However, the interest rates could reach the double digits. But you can get a lower one with the right lender. Make sure you know what you’ll be getting into in terms of interest rates before you take out a refinance car loan Fredericton New Brunswick.
What’s the Expected Interest Rate of Title Loans?
Interest rates for specialized car equity loans are based on several key factors – the amount you are borrowing, the value of your collateral, your location, and the loan duration. Your collateral will play a big part in the loan amount. Its equity will also impact the interest rate the lender will levy. It’s best if your car is lien-free and is well-maintained. This will give you more leeway in your loan.
Your location is also a big factor. While there’s a basic policy, some cities might have different regulations regarding short-term loans. For instance, one city has a cap on interest rates while the next one does not. But current law states that lending companies can’t charge more than 60% per year. This also depends on the contract terms. It also includes all fees you’ll have to pay to get the loan.
Faster than the Competition
Canadian Equity Loans will help you get the financial assistance you need. You can borrow as much as $50,000 without undergoing credit checks. We also offer low-interest rates and affordable monthly payments. You can also opt for early payouts without penalties. Sign up at our website or call our toll-free number at 1-844-586-6311.
For more information, visit us on:
Google Plus: https://plus.google.com/111672227236884542997/posts