3 Possible Scenarios When You Default on Your Car Pawn Loan Burlington Ontario

If you live pay check to pay check like a lot of people do, then a little emergency can become a big problem. We’re not all prepared to shoulder a $1,000 in car repairs or to shell out $500 when the gas company suspends their service. Things can become even more problematic if your credit score prevents you from borrowing from a traditional lender. Luckily, a car pawn loan Burlington Ontario can help solve your problems. That is, as long as you don’t default on the payments.

3 Possible Scenarios When You Default on Payments

It’s important that you pay your title loan on time. Neglecting to do so can lead to:

  1. Repossession: This will be the first, and worst thing that can happen if you default. Your vehicle can be repossessed anytime and anywhere. Some lenders won’t even notify you. Aside from the embarrassment, it will cause, you’ll also be left without transportation.
  1. Penalties: You will be levied some penalties whenever you pay late. Some lenders will offer a rollover plan where you’ll get an extension for a fee. However, this fee is separate from your existing auto loan so you’ll end up paying more.
  1. Lower Credit Score: A loan default will stay on your credit record for up to 15 years. Not only will further lower your credit score, but it will also make traditional lenders wary about approving you for a loan later on.

Faster Than the Competition

Apply for a loan through Premier Loans Canada to borrow as much as $45,000. You don’t have to worry about credit checks or proof of employment. The company also offers the lowest interest rates around as well as flexible payment terms. Log on to their website to apply from home or call their toll-free number at 1-855-965-1650.

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