Need Quick Cash? Here’s What You Should Know About Car Collateral Loans Nanaimo British Columbia

It’s not surprising to hear that thousands of people are scrambling to get financial assistance due to the current economic climate. Conventional lenders are a popular choice, but only if you have a good credit score. While not everyone can qualify for a bank loan, car collateral loans Nanaimo British Columbia are available to everyone. Here’s what you should know about them:

Top 4 Facts to Know About Auto Title Loans

• The loan value isn’t the same as banks. You can borrow anywhere from $100 to $45,000 with title loans. It’s much lower than what you can get from banks as this loan depends on your car’s value. Most lending companies can only offer 25% to 50% of the vehicle’s true value.

• Interest rates are higher than conventional loans. The average rate for a 30-day title loan is around 25%. However, you can find lenders that can offer much lower rates.

• You can get the money within the day. Specialized car equity loans have a fast application process. Because the borrower puts up collateral, most lenders forego credit checks.

• You can use any vehicle as collateral. You can pledge your car, motorcycle, RV, or truck as collateral for this loan. However, you should first check what collateral the lender will accept. It will also help if your car is less than eight years old, has low mileage, and is in good condition.

Lowest Possible Payment in the Industry

Premier Loans Canada offers the best deals. You can borrow as much as $100,000 without worrying about credit or employment checks. The company also offers low-interest rates and monthly payments. They also have extended loan terms and flexible payment plans. You can also get the cash you need in 24 hours. Sign up on their website or call their toll-free number at 1-855-965-1650.

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