Many people with poor credit scores have turned to title loans to help them out of tight spots. While it is easy to qualify and apply for these loans, lending companies will have to safeguard their interests too. Many finance companies, auto dealers, and even credit unions use technology to do this. But is it legal for companies offering a car pawn loan Caledon Ontario to install GPS trackers or immobilizers in your car?
Is It Legal for Title Loan Companies to Install GPS Trackers on Your Car?
Yes, finance companies can put a Global Positioning System (GPS) tracker or an immobilizer on your car as long as you agree to it as a condition of your loan contract. The lender can also require that you surrender a copy of your car keys along with the title.
The GPS lets the lending firm track your car’s location while an immobilizer shuts off your car remotely. These devices are a way for the lending company to secure their investment. The lender can activate these devices to repossess your car when you miss payments or default on your quick car loan. But whether the creditor can install them will depend on where you live as some provinces don’t allow their use. It’s another reason why you should go over your contract carefully.
Trusted Car Loan Expert
Premier Loans Canada is one company that you can rely on when you need financial assistance fast. The company can offer as much as $100,000 in loans without conducting credit checks. They also offer low-interest rates, affordable monthly rates, and flexible payment options. Their fast approval process means you can get the money you need within the day. You can log on to their website to apply or call their toll-free number at 1-855-965-1650.
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