Auto title loans have been around since 1990 and have been steadily growing in popularity since then. It’s easy to see why as you can use auto finance Edmonton Alberta to pay for a wedding or a trip, to fund a business, or to consolidate debt. But before you take on this loan, you should carefully consider the following conditions in your contract:
What to Check in the Loan Terms and Conditions
- APR: You need to consider how much you’ll end up paying for a special financing auto loan. This will depend on the interest rate and whether it’s fixed or variable.
- Monthly Payments: Go over your budget to see if you have money to spare and how much. Ask yourself if you could afford the added expense.
- Payment Duration: You should also factor in how long you’ll be paying back the loan. Can you close the loan in a month or will it take you several years?
- Origination Fee: Many lenders don’t require a separate payment for this fee while others require it. Some might even ask that you pay upfront. But as a rule, legit companies don’t ask for advance payment of any fees.
- Prepayment Penalty: Many lenders want their clients to follow the payment plan as they earn more that way. But if you know you’ll be receiving a lump sum (ex. company bonus) and want to pay off your loan early, ask the lender if there are penalties for doing so.
Get You More Money Than the Competition
Experience seamless lending with Canada Car Cash. This title loan specialist offers more money than other lenders. Their interest rates are 70% lower and they have affordable monthly payments. You don’t even have to undergo credit or employment checks. Sign up on their website or call their toll-free number at 1-844-598-7631.
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