More people are finding themselves in dire straits as the global pandemic continues. Auto title loans have proven to be a lifeline to millions who need cash immediately or can’t get a bank loan. But a poor credit car loan Surrey British Columbia also carries certain risks. Before you fill up that application form, make sure you ask yourself these two questions:
Two Critical Questions You Should Answer Before Getting a Title Loan
- Can I Afford It? Title loans are considered as secured loans because you’ll have to put up collateral. They’re also short-term loans, with basic contracts lasting around 30 days. Many lenders often charge higher interest rates for this type of loan because of the truncated duration. If you pay late or miss a month, you’ll also be penalized, and this could lead to even higher interest. Make sure you honestly consider whether you can manage to pay back this fast loan on time.
- Is It Worth Sacrificing My Car? You might end up losing your car if you default on your loan. Title lending companies have the right to repossess your car if you miss payments. They can then sell off the vehicle to recoup the investment they made. You might even have to shoulder any remaining balance left after the car is sold. If you can’t imagine losing your car, you should look for another way of getting money.
Lowest Interest Rates in the Industry
There’s no need to stress over money when Premier Loans Canada is around. This trusted lender offers up to $100,000 in loans. The company also has low-interest rates and offers affordable monthly payments. Clients can even choose payment plans that are convenient for them. Log on to their website to apply or call their toll-free number at 1-855-965-1650.
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