Every loan has pros and cons. A poor credit car loan St. John’s Newfoundland & Labrador is no exception. The benefits are easy to imagine – extra cash, low-interest rates, long payment period. Conversely, defaulting will have serious consequences. Penalties and your credit score taking a hit are expected. But you can also lose your car to repossession. So how do you handle this situation?
What to Do if You’re in Danger of Defaulting on your Auto Title Loan
- Pay whatever you can. The first thing you need to do is find a way to delay the repo company from pulling out your car. Paying your due is the surest way to do this. But you’re in this situation because your finances are lacking. Your best option is to make a partial payment. This might be enough to hold them off.
- Come clean to your lender. You should also discuss the problem with the lending company. Most are willing to work things out with their clients. After all, pulling out collateral and selling it is additional work on their end. Auto finance lenders are surprisingly amenable to loan restructuring or accepting late payments with penalties.
- Work things out with the repo man. Talk with them about your situation. Maybe you can request more time to settle things with the lender. The good news is you’ll be given ample time and warning before your car is pulled out.
Lowest Interest Rates You Can Find
Premier Loans Canada has a lot to offer consumers. We can provide you with as much as $45,000 in loans. We have the lowest interest rates and monthly payments around. We also offer extended loan terms and flexible payment plans. Log on to our website or call our toll-free number at 1-855-965-1650.
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