Emergencies like a sudden illness, job loss, or a death in the family can put even the most conscientious borrowers in a bind and make it harder for them to make their payments on time. Unfortunately, there are consequences when you don’t pay specialized car equity loans Kelowna British Columbia.
Dangers of Not Paying Vehicle Title Loan
Taking on an auto title loan is serious business. You should know the dangers of not paying your loan so that you understand why it’s vital that you don’t default.
- Your debt will pile up. You could end up being in more debt if you don’t pay your auto loan. The lender will demand full payment of the loan plus any interest, penalties, and additional charges. You might also see all your other existing loans or credit lines with the same agency closed.
- You might lose your car. This is the most serious consequence of defaulting on your payment. The lending company can repossess your car to cover their losses from your unpaid loan. Some lenders will even sell your vehicle at an auction and if the price isn’t enough to pay your loan, you might still be held liable for the difference. Other lenders will just consider it a clean slate, but you’ll be left with no means of transportation.
- Your credit standing will take a hit. Defaulting on any loan will see your credit rating go down. A bad credit history will make it even harder for you to get a credit car loan or apply for a loan in the future.
Same Day Cash
Paying off your loan is easy with Premier Loans Canada. The company provides loans as high as $100,000. Their flexible payment options and low-interest rates mean that you can choose the payment scheme that suits your budget. Apply online or call their toll-free number at 1-855-965-1650.
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