Around six million Canadians have filed unemployment claims due to the pandemic. Even households that have earning family members are feeling the pinch. Aside from federal aid, many people are also turning to car collateral loans Saint John New Brunswick. Here are several good reasons why:
Top Reasons to Apply for an Auto Title Loan
- Simple and Fast Application Process: One advantage title loans have over the conventional loans is the streamlined and convenient application process. If you have the requirements prepared in advance, you can finish the whole application procedure in less than an hour. Approval can be given in an hour and the funds can be released within 24 hours. More importantly, you can apply for this loan without leaving the comfort of your home. Even car inspection can be conducted online.
- No Credit Score Requirements: Bad credit loans require the borrower to put up their car as collateral. This acts as security and covers the loan. It also means there’s no need for the lender to check the applicant’s credit score or credit history. This loan is open to all borrowers, whether they have high credit ratings, poor credit scores, no credit history, or are unemployed.
- Flexible Payment Plans: Lenders also offer several different payment methods. Borrowers can activate their bank account’s auto-debit feature, pay using checks, or go with a salary deduction. This allows the customer to choose the payment plan that’s convenient for them.
Number One in the Industry
You’re guaranteed the best deals with Canadian Equity Loans. This renowned lender offers loans as high as $50,000. They have the lowest interest rates around and accept early payouts without penalties. Their fast approval process ensures you can 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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Desperate times can force people to consider desperate measures. While vehicle title loans can be a good solution for those with bad credit, there are dubious lenders who will take advantage of a person’s need. You can protect yourself by learning what scams target car collateral loans Saint John New Brunswick.
How to Avoid Title Loan Scams
Vehicle loans are legal in most states, but they’re not free from scams like:
- Add-ons to rollovers: The low payment schemes lending companies offer can be like catnip to consumers, making them irresistible. Some lenders allow rollover extensions then tack on exorbitant fees. This causes payments to balloon quickly until you can’t keep up with the payments anymore.
- Up selling: Some states place a cap on the maximum interest rates that can be levied on specific loan amounts. Unfortunately, some consumers don’t take the time to really understand the consequences of this cap in favor of getting the highest possible car equity amount that they can. This will lock them into a loan with even higher interest rates.
- Reselling repossessed vehicles: Borrowers who default on their payments might find their vehicles repossessed. However, this doesn’t guarantee that their loans are forgiven. You might not even get your car back even if you can come up with the money you need to pay off your loan because the lender has already sold it.
Trusted Car Loan Expert
You don’t have to worry about scams or being taken advantage of if you borrow from Canadian Equity Loans. Borrow as much as $50,000 and avail of the lowest interest rates around. No credit checks, no demands for proof of income, no fuss. You even get to keep your vehicle. Applying is simple; just log on to their website or call their toll-free number at 1-844-586-6311.
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