Many borrowers make mistakes when applying for a loan. While it’s part of human nature, mistakes can affect your application for a special financing auto loan Kelowna British Columbia. If the error is bad enough, it can even result in higher payments. Here are three pitfalls you should avoid when getting a title loan.
3 Title Loan Pitfalls to Avoid
- Borrowing more money than you actually need. This is one mistake that a lot of borrowers make. While aiming for a substantial amount might seem like a good idea, remember that interest rates for title loans are usually higher, thanks to its shorter time frame. It can make paying off the loan harder and increases the risk of your car getting repossessed.
- Not reading the contract’s fine print. Giving the contract a cursory glance is an error you don’t want to make. You might miss a vital point and be forced to pay more. It’s important that you go over the contract and ensure that you know details like how much are the monthly payments, your deadlines, and the consequences of missing payments.
- Asking for a rollover one too many times. While you can ask for an extension on your car pawn loan if you can’t make the payment on time, it will lead to higher interest rates. You’ll end up paying so much more than what you borrowed.
Get You More Money than the Competition
You’re choosing to work with the industry’s best when you apply for a loan with Premier Loans Canada. You can borrow as much as $45,000 in loans and you don’t have to stress over your credit score. They also have the lowest interest rates and accept early payouts without penalties. Applying is so easy. Just log on to their website or call their toll-free number at 1-855-965-1650.
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