As someone who has taken out a poor credit car loan Burlington Ontario, you know how important it is to make monthly payments. After all, missing a payment could mean penalties, higher interest rates, or repossession. While there’s no need to panic if you miss a month, you have to move fast if you miss two consecutive deadlines. Here’s what you can do to mitigate the situation:
3 Ways to Avoid Car Repossession
- Make Up for the Missed Payments: If you simply forgot your due date or the money arrived late but you can cover it now, then send payment immediately. Most lenders prefer a delay than a customer outright skipping a month. Plus, this will keep you out of default status.
- Negotiate with the Lending Company: If you’re certain that you can’t pay this month, then you should call your lender and give them a heads up. You should also give an honest explanation for missing payment. You could even tell the lender what you can afford and request a modification of your terms. Most are willing to negotiate a new deal if the borrower remains honest and committed.
- Check Your Loan Agreement: You should also double-check the terms of your car pawn loan to see what your options are. Maybe you can surrender your car willingly instead of having it repossessed so your record isn’t affected much. There might even be a clause where you can pay off the entire loan and redeem your car.
Lowest Interest Rates in the Industry
Getting a loan is a walk in the park with Premier Loans Canada. You can borrow as much as $100,000 without undergoing credit checks. The company has the lowest interest rates and monthly payments around. They also offer flexible payment plans. Log on to their website to apply or call their toll-free number at 1-855-965-1650.
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