Auto title loans appeal to people who need cash fast. Aside from being able to get the money you need within the day, even people with low credit scores or no credit history can qualify for this loan. However, many people worry about how a refinance car loan Edmonton Alberta will affect their credit rating. There’s some confusion as to whether this secured loan will have a positive impact or the opposite.
What Happens to My Credit Score When I Get a Title Loan?
No credit check car loans essentially don’t have a big impact on your credit rating. Since the lender won’t do a credit check, your score will remain the same. This is a win on your end. A credit check, which is also called a credit inquiry, often docks around five points of your score. However, the lender also won’t report your payments. This means creditors won’t see that you pay on time. You don’t get any brownie points for your effort. It won’t pull up your credit score.
Defaulting on the loan could mean repossession. While the lender will have to report it, the company also has to follow the Fair Debt Collection Practices. This means the delinquency won’t be reported. It also won’t affect your credit score.
Lowest Interest Rates in the Industry
Get the best deals with Premier Loans Canada. We’re one of the country’s top lenders. We offer as much as $100,000 in loans. Our company has the lowest interest rates and monthly payments around. We offer clients flexible payment plans and extended loan terms. You can get the money you need within the day. You also get to keep your car. Log on to our website or call our toll-free number at 1-855-965-1650.
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