There are several options available to you if you need cash fast. You can borrow from your family or friends, take on another job, pawn your valuables or apply for a vehicle title loan. The latter two seem to be the most common choices. And while they might appear similar at first glance, bad credit car loans Ajax Ontario are the better option.
5 Advantages Title Loans Have Over Pawning
- You don’t have to leave your car. Even though you have put up your car as collateral, you won’t leave it with the lending company. They only require that you surrender the vehicle’s ownership title. You can continue to use your car during the duration of your loan.
- Loans are bigger. Pawn shops have a fixed rate with regards to the pawned items. Car collateral loans depend on the vehicle’s equity so the bigger its value, the more you can loan.
- Interest rates are lower. Most title lending companies offer low-interest rates. Some could even offer loans with 1.5 percent interest. In contrast, pawn shops typically charge 25 percent interest.
- Loan terms can be extended. Lending companies usually have a rollover scheme where the borrower can ask for a loan extension in exchange for a small charge.
- Borrowers can offer voluntary repossession. This is an option available to you if you can’t afford the loan payments anymore.
The Number One in the Industry
You can deal with any financial problems with Premier Loans Canada, the number one lender in the industry. The company is known for offering low-interest rates and monthly payments. Borrowers can loan as much as $45,000 without worrying about their credit score or employment status. Log on to their website to apply online or call the company’s toll-free number 1-855-965-1650.
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