3 Risks That Come with Specialized Car Equity Loans Calgary Alberta

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Millions of people who needed fast cash have used specialized car equity loans Calgary Alberta. It’s an effective and quick solution to sudden financial emergencies. The application process is fast, the interest rates fair, and you retain possession of your car. But there are risks you should be prepared to face.

Risks That Come with Auto Title Loans 

  • Your car could be repossessed. This is the biggest risk with a title loan. The lending company can legally pull out your car if you default on the loan. They will sell it to recover their investment. But you’ll be required to shoulder any remaining balance if the car’s value isn’t enough.
  • Your car could be sold for less than the value. The lending company will need to sell the repossessed car fast to recover its investment. This could result in the vehicle being sold at a much lower price. Cars are also quick to depreciate, and this also leads to a low selling price.  
  • You’ll add to your debt. Your refinance car loan debt could balloon fast if you’re not careful. Interest rates go up every time a borrower misses a payment. Lenders do offer rollovers or loan extensions. You can ask for an extension several times. But you’ll have to pay a penalty every time you apply for a rollover. Your interest rate will also go up. 

Lowest Interest Rates You Can Find 

Premier Loans Canada is your best solution when you need cash fast. We’re a reliable company that can offer you as much as $45,000 in loans. We also have low-interest rates and affordable monthly payments. We also offer flexible payment plans. You don’t even have to undergo credit checks. Log on to our website or call our toll-free number at 1-855-965-1650.

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