No other loan is surrounded by as much misconception as auto title loans. Despite being around for decades, many people are still confused as to what a car pawn loan North Vancouver British Columbia can offer. This is worrisome as it hinders people from getting help when they need it the most. This article will discuss the top misconceptions about title loans and set the record straight.
Facts and Fallacies About Title Loans
People with poor credit scores don’t qualify: Car equity loans are secured loans. It means the borrower must put up collateral to cover the loan. Because of this, credit scores cease to become a consideration in a loan approval. People with low credit scores, zero credit history, or even the unemployed can apply.
You have to give the lender the key to your car: The only thing the borrower has to surrender is their car’s title. The vehicle remains with the owner and they can keep using it even while the loan is active. Once the debt has been repaid, the lending company will return the title.
You’ll be in debt for a long time: This fear isn’t exclusive to title loans. However, borrowers can repay their loans effortlessly if they have a steady source of income and are serious about their commitment. If the borrower is having cash problems, they can discuss options with their lender.
Lowest Interest Rates in the Industry
Canadian Equity Loans has made borrowing money less stressful. This trusted lender can provide you with up to $50,000 in loans. They’re known for their low-interest rates and affordable monthly payments. You can also opt for early payouts without penalties. Log on to their website to apply or call their toll-free number at 1-844-586-6311.
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