Trips to the ER, a sudden layoff, or unexpected bills can mean having to shell out money when you weren’t expecting to. This is not a problem if you have enough savings in your name. For those who haven’t, this can become a stressful situation as they struggle to find the funds they need. Fortunately, you have other options available to you, like specialized car equity loans Ajax Ontario. But do these loans affect your credit score?
Do Auto Title Loans Appear in Your Credit Rating?
Vehicle title loans ultimately do not affect your credit rating because this loan doesn’t need any credit check. The majority of lenders won’t even look at your credit score before approving your application. It’s why these challenged credit auto loans are a common option for people with poor credit. Conversely, it also means that it also won’t help improve your credit either. It won’t matter if you make payments on time. It won’t increase your score.
It’s different though if your vehicle is repossessed. When this happens, the lender will report the action to credit bureaus. This can knock down your score a few pegs. It will take years to undo this harm, not to mention the disaster your car being repossessed will have on your personal life.
Borrow More Money than Any Competitor Has to Offer
There’s no need to worry about credit checks or proof of income when you borrow from Premier Loans Canada. One of the country’s most reliable lending company, they offer loans as high as $45,000. Their low-interest rates and flexible payment schemes means you can get the best deal possible. 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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