It’s hard to get a loan from a traditional lender if you have a low credit score. Banks require borrowers to have a credit rating of at least 700. The good news is you can get around that with an easy bad credit loan Edmonton Alberta. The bad news is you would have to put up your car as collateral. Many first-time borrowers wonder what happens to their car once they secure approval for an auto title loan.
What Happens to the Collateral?
Nothing will change if you do get approved for a title loan. It’s true the collateral is a major part of the loan. Car equity can influence approval. It also determines how much the lender will invest in you. However, you’ll retain possession of your collateral during the loan duration. The company will only require that you turn over the car’s title once the loan is approved. You can continue to use your car like you normally do.
The only time this situation will change is if you miss payments or default on your loan. When this happens, the lender has the right to repossess your car. It will be sold to cover the remaining payment. If the sale isn’t enough, you will shoulder the remaining balance.
Trusted Car Loan Expert
You don’t have to worry about emergencies when Premier Loans Canada is around. You can borrow as much as $45,000 from this trusted lender. Our company offers low-interest rates, affordable monthly fees, and flexible payment plans. Our fast approval process means you can get the money you need within 24 hours. Sign up on our website or call our toll-free number at 1-855-965-1650.
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