Auto title loans have become a popular option over the last ten years. Many people have turned to this secured loan when they need some quick cash. Despite its popularity, many people are still wary about it and are unsure if an easy bad credit loan Mississauga Ontario is the right move. To help alleviate some of your concerns, here’s what you should know about this loan.
Understanding the Car Pawn Loan
Title loans are considered secured loans because of the collateral (e.g your car) that the borrower pledges. The collateral will serve as security and will protect both the lender and the borrower. The former is assured that their investment will be recovered in case the applicant defaults. Meanwhile, the borrower’s interest is also safeguarded as the car can be sold to pay off the loan. This means the car should have enough equity and should be well-maintained. This is critical since the car’s value will also determine how much one can borrow. Lenders are more willing to lend more than $10,000 for newer model vehicles. While older cars are acceptable, the borrower shouldn’t expect a substantial loan.
Minimum credit score loans are also short-term loans. Most lenders offer 30-day terms. However, you can ask for a longer payment period. You can also extend the contract if you can’t pay off the loan, but it will cost you.
Lowest Possible Payment in the Industry
Premier Loans Canada is always ready to help. You can borrow as much as $45,000 from this trusted lender without undergoing credit or employment checks. The company also offers low-interest rates, affordable monthly payments, and flexible payment plans. You can get the money you need on the same day and retain possession of your car. Log on to their website to apply or call their toll-free number at 1-855-965-1650.
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