Taking out a car collateral loan is a good method of getting fast cash. Countless individuals have used it for all types of emergencies. It’s also easy to qualify and apply for auto finance Sault Ste.Marie Ontario. Of course, you must make sure that you’re able to repay the lender. But what if this month’s budget is tight and you can’t make the deadline?
What to Expect if You Miss Your Loan Deadline
- You’ll be penalized. The lender will charge a penalty for missing this month’s payment. If you got the loan from a credit union, they’ll levy a non-sufficient funds (NSF) charge if your bank account doesn’t have enough to cover the month’s payment. That’s an additional burden on your budget.
- You might have to rollover your loan. Most car equity lenders offer rollovers. This refers to the practice of extending your loan term when you miss a payment deadline. You’ll get a short reprieve to work on your funds. But you’ll be paying a penalty for the rollover and see an increase in your interest rate. This is on top of your current loan balance.
- You might get a visit from the repo man. This is the biggest risk you’ll face. Lenders can repossess and sell off your collateral to recover their investments. But if the sale price wasn’t enough, you’ll have to shoulder the remaining balance.
Lowest Interest Rates in the Industry
Applying for a loan with Premier Loans Canada is your best option when you need money fast. We offer as much as $100,000 in loans. Our interest rates are lower than our competitors. We also offer extended loan terms and flexible payment plans. You can get instant cash while keeping your car. Log on to our website or call our toll-free number at 1-855-965-1650.
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