Not everyone is financially savvy. If you’re one of those who only have very basic knowledge about loans and financial services, then you should make an effort to have a clear understanding of their must-know terms. It will help you navigate the conditions of your poor credit car loan Saskatoon Saskatchewan.
Definitions of Common Title Loan Terms
- Interest Rate: This is the percentage that will be charged to your loan’s balance every payment period. It’s the “expense” that you’ll pay for the loan. The higher the rate is, the more expensive the loan becomes. Most title loans have a fixed interest rate, which means it won’t change.
- Monthly Payment. This is the amount you’ll pay the lender each month. It’s calculated based on your loan’s interest rate and duration. Make sure you know exactly how much you’ll be paying per month. And only agree to a payment that you can confidently meet every month.
- Pre-Payment or Early Payment Penalty. This is a penalty the lender charges borrowers who make a large payment or who repay the car finance loan in full before the end of the contract. Lending companies generate revenue from interests, and they lose out on that when you close the loan early. This is why they either force the borrower to finish the loan duration or they demand additional payment.
Lowest Interest Rates You Can Find
Do you need financial assistance? Premier Loans Canada will gladly help you. This respected company can provide you with as much as $100,000 in loans. They also offer low-interest rates, the lowest monthly payments around, and personalized payment plans. Their fast application and approval process means you can get the money you need on the same day. You can log on to their website to apply or call their toll-free number at 1-855-965-1650.
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