Vehicle title loans have gained prominence in the past few years. While a lot of people have had positive experiences with this loan, there’s still a significant number of individuals who are wary about it because of several myths and misconceptions. Let’s find out the truth about a car pawn loan Ajax Ontario once and for all.
Top 3 Vehicle Title Loan Myths
Myth #1: Lenders will check your credit score
Since this is a secured loan, title lending companies don’t check the borrower’s credit score or require that they have a good rating. The lender will be satisfied as long as you have enough equity on your vehicle. But they will check the car’s condition as the loan amount will depend on the collateral’s value.
Myth #2: Lenders will penalize you for paying early
While it’s true some lenders have problems with early payouts, the vast majority are fine with it. Companies who fall under the latter category except that it makes sense to pay off a large part of the refinance car loan if you receive a windfall like a tax return. It all depends on the lender you’ve chosen.
Myth #3: You can’t drive your car anymore
The idea of still having possession or use of collateral while under a loan can be confusing for some. However, all a title lender needs are your vehicle’s ownership title. Unlike a pawnshop, they’re not interested in keeping the collateral. The only time you will lose ownership of the vehicle is if you default on your payment and the car ends up repossessed.
Lowest Possible Payment in the Industry
Enjoy large loans and loan monthly payments with Premier Loans Canada. The company offers loans as high as $45,000, with loan terms of up to 8 years. They also offer low-interest rates, affordable monthly payments, and flexible payment options. Log on to their website to apply or call their toll-free number 1-855-965-1650.
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