It’s getting harder to get a loan from traditional banks these days. This has led to people looking for alternative ways to secure financial assistance. One such solution is a title loan, a service wherein you can use your car equity loan Edmonton Alberta to borrow money. However, you’ll have to pledge your car as collateral. This has led to questions as to whether the lender will take your car in exchange for a loan.
Will the Lender Take My Car?
No, the lending company will not take your car if your loan application has been approved. That’s the beauty of this refinance car loan. While you have put up your car as collateral, you will retain possession and get to use it even while the loan is active. The lending company only needs the car’s title. Meanwhile, all you have to do to enjoy this benefit is to meet your monthly payments and stay in good standing with the lender.
However, the lending company has the power to repossess your car if you keep missing payments or you default on your loan. They will only do this as a last resort as a way to protect their investment. Once they repossess your car, it will be sold to cover the loan. You’ll have to pay any remaining balance though.
The Best in the Industry
Now you don’t have to worry when you have an emergency. Premier Loans Canada is here to help. The company can provide you with as much as $100,000 in loans. This respected lender also offers low-interest rates, affordable monthly fees, and flexible payment plans. Their fast approval process means you can get the money you need within the day. Log on to their website to apply or call their toll-free number at 1-855-965-1650.
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