An auto title loan is one of the easiest ways to get extra money immediately. While it’s easy to qualify and apply for this loan, you shouldn’t get one without having a clear understanding of what you’re in for. Here’s what you need to know if you want to get cash using your vehicle Ajax Ontario.
What You Should Know About Car Refinance Loans
- Your collateral should have enough equity. Since your car will determine the type of loan you’ll get, it should have enough value to cover the amount you need. A vehicle inspection will decide your collateral’s worth.
- Credit scores are not a big factor. Lenders don’t care what kind of credit rating you have. It’s one of the reasons why this loan has become popular. However, a good credit score will give you an advantage.
- This is a short-term loan. Car collateral loans are typically for 30 days only. However, you can ask for a rollover to extend your contract.
- Interest rates and fees are fluid. Every state has its own legislation regarding title loans. Some regions have a cap on interest rates while others leave it to the lender’s discretion.
- There’s a risk of repossession. Lending companies have the right to repossess your car if you miss payments or default on your loan. They can pull out your car any time, anywhere.
Lowest Possible Payment in the Industry
Premier Loans Canada is your best option if you need cash fast. The company offers as much as $100,000 in loans. They have the lowest interest rates around and offer affordable monthly payments. Their payment plans are customized to fit their client’s needs. You don’t even have to worry about credit checks. Log on to their website to apply or call their toll-free number at 1-855-965-1650.
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