You can enjoy many benefits when you apply for a refinance car loan North Vancouver British Columbia. There’s the fast release of funds, the low-interest rates, and flexible payment options. But as with any loan, there are also risks involved, especially if you fall behind on your monthly payments.
Problems You Might Encounter with Missed Payments
- High-Interest Rates: Delayed or missed payments and loan extensions will lead to a rise in your interest rates. This is on top of the penalties you’ll also have to pay. So if you’re in the habit of rolling over your loan or paying late, expect your loan to cost more than what you originally borrowed.
- Vehicle Repossession: This is one of the biggest risks of taking on a poor credit car loan. Since you’ve pledged your car as security for the loan, the lender has the right to repossess it if you default. The company can either sell it off or force you to pay the loan in full in exchange for the car’s return.
- Lender Disposing of Collateral: Some lending companies will try to sell off any collateral they repossessed as quickly as possible so they can recover their investment. Due to depreciation and their preference for a quick transaction, your car might be sold at greatly reduced prices. But if the sale is still not enough to cover the whole loan amount, you’ll have to shoulder the remaining balance.
Lowest Interest Rates You Can Find
Need extra cash? Then apply at Canadian Equity Loans today. You can borrow as much as $50,000 without worrying about credit checks. The company is also renowned for their low-interest rates and early payouts without penalties. You can even get the money you need within the day. Log on to their website to apply or call their toll-free number at 1-844-586-6311.
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