Bad credit auto loans Sault Ste. Marie Ontario are short-term loans that are usually within 15 to 30 days. If you’re getting a title loan, you should make sure you can come up with the funds to repay the lender fast. There are other vital things to know about title loans. Read on to find out more.
Things You Should Know About Title Loan Payments
- You can roll over car equity loans. If you need more time to pay back the loan, you can request for a roll over. The lending company can grant you another 30-day extension. You will be paying an additional fee for the extension though. However, this will not be taken out of the money that you still owe.
- Interest rates per month aren’t bad. Most lenders charge 25% interest per month. It’s not a bad deal per se. However, if you keep rolling over your loan these charges will pile up. Your interest’s annual percentage rate (APR) might even reach 300% if you extend your loan period to a year. It’s why it’s a good idea to pay back title loans as soon as you can.
- Costs will add up. Lending companies usually charge higher than what they would for credit cards. State legislation also limits interest rates, but these could still be high. Aside from interest, you’ll also pay a fee for the loan itself. Take these into account before you apply.
Trusted Car Loan Expert
You can borrow more money and enjoy low interest rates with Premier Loans Canada. You can borrow as much as $45,000 in loans from this loan expert. Their interest rates are lower and their monthly payments are affordable. You can even get the money you need within the same day. Log on to their website to apply or call their toll-free number at 1-855-965-1650.
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