A lot of people are down on their luck recently, what with all the furloughs and shortened business hours caused by the coronavirus. Luckily, lending companies offering challenged credit auto loans Caledon Ontario are still open for business. If you’re a first-time borrower, you undoubtedly have several questions. This article will answer the most common inquiries about title loans.
Top Questions About Title Loans
- What can be used as collateral? Car equity loans are considered as secured loans because the borrower has to put up collateral. Many lenders prefer conventional cars as collateral because they’re easier to sell if they need too. But most companies accept all types of vehicles as well, like RVs, trucks, motorbikes, and even boats.
- How much can I borrow? The collateral’s value will determine how much money the lending company can offer. This means that newer cars that are well maintained can fetch a higher price than older vehicles. However, a typical loan can be anywhere from 25% to 50% of the car’s value.
- What will happen if I can’t pay back the money? As with any loan, borrowers will be penalized if they send their payment late or if they miss a month. This usually entails an increase in the borrower’s interest rate. However, the lender has the right to repossess the borrower’s car if they default on the loan. The company can then sell off the car so they can recoup their investment.
Faster than the Competition
Get the financial aid you need with Premier Loans Canada. You can borrow as much as$45,000 from the company without undergoing credit or employment checks. The company also offers low-interest rates, affordable monthly payments, and flexible payment plans. Sign up at their website or call their toll-free number at 1-855-965-1650.
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