People who need a loan will usually head to the bank or borrow money from family or friends. While both are good options, there’s guarantee of success. If you need cash fast, a car pawn loan Ottawa Ontario is a better solution. Unfortunately, many people don’t consider it because of the numerous myths surrounding this secured loan.
Clearing Up the Top 3 Title Loan Misconceptions
- Myth 1: You Need a High Credit Score to Qualify: Title loans require the borrower to put up their car as collateral. Since the vehicle’s value will cover the loan, credit scores cease to become a factor in approval. You can apply for this loan even if you have a low rating or no credit history.
- Myth 2: You Can’t Use Your Car While the Loan is Active: This is another misconception that stops people from using this auto loan Ottawa. The truth is your car will remain with you even if you use it as collateral. The lender will only need the title of ownership. You can still use your car to get around or to earn money.
- Myth 3: Repaying the Loan Early Isn’t Allowed: This false information has made many people believe that you must follow the payment plan even if you can already pay in full. While many lenders prefer the contract to run in its entirety as they can earn more money that way, some accept early payouts. They won’t even penalize the borrower.
Faster Than the Competition
Apply at Canadian Equity Loans today and solve your money problems quickly. The company offers as much as $50,000 in loans. They also have the lowest interest rates and monthly payments around. Clients can even opt for early payouts with zero penalties. You don’t even have to worry about credit or employment checks. Sign up on their website or call their toll-free number at 1-844-586-6311.
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Auto title loans have gained prominence because of how easy it is to qualify and apply for one. It’s why millions of people choose this loan when they need quick cash. So it can come as a shock when your application for a car pawn loan Ottawa Ontario is denied. There are several reasons why this could happen. Read on to find out where you fell short.
3 Reasons Your Vehicle Title Loan Was Rejected
- Incomplete/ Incorrect Application: Missing one line or forgetting to check a box on the application form can be costly. While car collateral loans have fewer requirements than bank loans, lenders still expect accuracy in the application form. Make sure you double-check everything before you send in your application.
- Looming Bankruptcy: A history of bankruptcy can be a point against you when applying for a loan. Even though you are ready to pledge collateral, some lending companies might not be willing to take the risk.
- Insufficient Income: While you can still apply for a title loan even if you’re unemployed or just working part-time, you’ll have to prove that you have enough income to meet the monthly payment. Failure to do so will lead to rejection. You can use payslips, pension or disability slips, or even a bank statement to prove you’re capable of repaying the loan.
The Best in the Industry
Say goodbye to stress with Canadian Equity Loans. You can borrow as much as $50,000 from this trusted lender. The company offers low-interest rates and affordable monthly payments. They also accept early payouts without penalties. You can get the money you need within the day and keep possession of your car even while the loan is active. Log on to their website to apply or call their toll-free number at 1-844-586-6311.
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