Millions of people have heard of or used hassle free car loans Red Deer Alberta. Due to its popularity, people know that it’s easy to qualify and apply for this loan. They also know that you’ll need to present collateral. But what they don’t know is that there are two types of auto title loans.
What are the Different Types of Title Loans?
There are two types of title loans, and they have their similarities and differences. Borrowers can choose between:
- One-Time Payment Loans: As the name implies, you will pay for this loan once. You should have a lump sum ready to give to the lending company at the end of the loan term. Many companies only offer 30-day contracts. The APR for this type is around 300 percent.
- Installment Type: The more popular of the two options, the installment loans let people make multiple payments during the loan period. Contracts for this fast loan typically run between three months to half a year. You can also request for your loan to be rolled over, but you’ll be penalized for it.
Regardless of the type you choose, you still need collateral, IDs, proof of residency, and proof that you can pay back the loan.
Faster than the Competition
Canadian Equity Loans promises you will get the assistance you need immediately. The company offers lenders as much as $50,000 in loans. They also promise their customers low-interest rates, early payouts without penalties, and premier customer service. You don’t have to worry about undergoing credit or history checks. The company’s easy application and fast approval mean you can receive the cash you need within the hour. You also get to keep your car during the loan duration. Applying is so easy. Just log on to their website or call their toll-free number at 1-844-586-6311.
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Online loans have saved countless borrowers who find themselves in unexpected situations that require them to come up with cash. These loans are easier to apply for when compared against bank loans. Borrowers can even apply from home and find out whether they’ve been approved or not within the hour. What’s more, the funds can be released on the same day. However, you should understand how hassle free car loans Red Deer Alberta work before you apply for one.
3 Things You Need to Know About Title Loans
Title loans demand collateral, like the deed to your vehicle. It also means that the lender has the right to confiscate the collateral if payments are not made. Aside from that, here are other things you should know:
- Secured and fixed value: Most title loans are limited to about 25% to 50% of the vehicle’s total cash value. The exact loan amount will still depend on the lender pending inspection of the collateral.
- Length of Loan Term: Challenged credit auto loans are designed to be short-term contracts, with terms typically running for 30 days. However, borrowers do have the option to renew the contract but the corresponding penalties can become expensive.
- Interest rates: It’s the applicant’s duty to keep a close watch on how much these loans will cost in the long run. Interest rates vary per country or region. For instance, some states put a cap on interests while others do not. In the latter’s case, the interest would typically be set up at 30% monthly.
The Best in the Industry
Take the first step to financial help today with Canadian Equity Loans. You can borrow as much as $50,000 without having to submit to a credit check. The company also boasts of low-interest rates and flexible payment schemes. You just need to log on to their website in order to apply. You can also call their toll-free number at 1-844-586-6311.
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