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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