Loans are a double-edged sword. They can help shore up your finances but can also put you in a challenging position – money-wise – for how long the contract runs. That is, of course, if you’re lucky enough to get approved in the first place. Your credit rating has an impact on how favorably traditional lenders will look at you. But what happens if you avail of minimum credit score loans Markham Ontario?
Do Auto Loans Affect Your Credit Score?
An auto loan has no effect on your credit score, regardless of whether it’s poor or you’re in good standing. Most vehicle title lenders won’t even look at your credit score, to begin with. This is because this is a secured loan. You are offering collateral to fund the money you plan on borrowing. With this loan, your car, or specifically your car’s title, will be surrendered to the lender as insurance.
Due to this straightforward policy, many people are using title loans to secure a loan in the quickest time possible.
While a car pawn loan doesn’t impact your credit rating, defaulting on your payment and having your vehicle repossessed will. When this happens, the repossession will appear on your credit report and it can pull it down.
The Best in the Industry
You don’t have to worry about poor credit scores with Premier Loans Canada. One of the country’s most reliable lenders, the company offers loans as high as $45,000. They also have the lowest interest rates in the country and payment terms that are flexible and fair. Their easy application process means your loan can be approved in as little as 60 minutes. Check out their website for more information or call their toll-free number at 1-855-965-1650.
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