One loan available to people with poor credit is the auto title loan. This is a secure cash loan that allows the owner the chance to liquidate part of the car’s equity in exchange for money. Your auto lender can do this for you if your account is still active. Another option is to go with a reliable title loan company. Make sure you clearly understand the consequences of not paying minimum credit score loans Victoria British Columbia before going down this route.
Why You Never Default on an Auto Title Loan
There’s a tacit agreement that you will pay back any loan you make. Unfortunately, some people never give loans the seriousness they deserve. This is a huge mistake as there are dire consequences when you default. You stand to have your vehicle repossessed if you don’t pay on time or miss payments. The lender has the right to take your vehicle since it’s the collateral that you put up. They’re even within their rights to do so by force if necessary.
Another serious consequence is the penalty that you’ll be facing. Each missed payment has a corresponding penalty that can drastically increase if you default. Plus, this will stay on your record for 15 years or more. This is a big black mark against your credit score and will also make it more difficult to apply for another car equity loan.
Faster Than the Competition
You can get the financial support you need with Canadian Equity Loans. Touted as one of the country’s most reliable lending company, they offer loans as high as $50,000 and the lowest interest rates around. They work faster than their competitors, so you can get the money you need in just a few hours. You can go to their website to apply online or call their toll-free number at 1-844-586-6311.
For more information, visit us on:
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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.
For more information, visit us on:
Facebook: https://www.facebook.com/Canadian-Equity-Loans-1521476258155998/?fref=ts
Twitter: https://twitter.com/CANEquityLoans
Google Plus: https://plus.google.com/111672227236884542997/posts
