A lot of people are confused about a vehicle title loan and pawning. Both are very common solutions to financial problems, which is why people avail of them. The two also have their distinct advantages. It’s up to you to understand how pawn loans differ from car equity loans Red Deer Alberta before making any decisions on what loan to apply for.
Understanding the Difference between Pawning and Auto Title Loans
A title loan and a pawn loan might seem similar at first glance, but there are fundamental differences between the two. You can apply for and get approved for hassle free car loans even with poor credit. All this loan needs is a clean title that will serve as collateral. Borrowers can ask for a high loan amount depending on the type of vehicle. They are also given a set period to pay off the borrowed funds with interest.
Meanwhile, a pawn loan will see you turning over your vehicle and its title over to the lending company. The lender will place the vehicle in a secure location where it will remain until you have paid off your loan. However, you can only borrow a fixed amount from pawn shop lenders, regardless of how valuable the collateral you provided. Payment periods and interest rates also differ, as they will depend on several factors.
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