An auto title loan is a fast and guaranteed means of securing an emergency loan without having to go through the stress of applying for a bank loan. It’s a kind of secured loan where you have to provide collateral. While it’s easy to apply for bad credit auto loans St. John’s, Newfoundland & Labrador, plenty of first time prospective borrowers understandably have questions.
How do Auto Title Loans Work?
The idea behind a title loan is pretty straightforward. You will be borrowing money against the value of your vehicle. As the name implies, you’ll be surrendering your car’s title of ownership to the lender as you’ll be putting it up as collateral. The title will be returned to you once you’ve paid off the loan.
Your vehicle’s value will be assessed based on its current resale value. Lenders typically use the Kelley Blue Book to determine it. Therefore, the higher your car’s value, the more money you can technically borrow. However, you won’t be getting the whole equity cost as a loan. Interest rates will depend on the lending company, but it’s usually lower than what you’re charged for your credit cards.
Low monthly car collateral loans are vastly different from the loans you can apply for in traditional institutions like banks or credit unions. For one, the documentation process is simple while the verification and approval processes are very quick.
Lowest Interest Rates in the Industry
No other lending company offers interest rates as low as Premier Loans Canada. Borrowers can avail of as much as $45,000 in loans, along with flexible and affordable monthly payment plans. You don’t even have to worry about your credit score. Applying is simple. You just log on to their website or call their toll-free number 1-855-965-1650.
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