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Millions of Canadians take out vehicle title loans every year. They use this secured loan for a variety of reasons, from paying medical bills, purchasing school supplies, to repairing the roof. But as with any type of transaction that requires a contract, you need to understand the glossary involved. So before you sign a contract for an auto finance loan Ottawa Ontario, make sure you’re familiar with these loan terms.
3 Title Loan Terms to Learn | Auto Finance Loan Ottawa
- Annual Percentage Rate (APR): This refers to how much the loan will cost you for a one-year term. Similarly, a monthly interest rate is the total loan amount for a one-month contract. Most title loans are for 30-days only, but federal regulations require that interest rates are in APR.
- Early Repayment Penalties: Fees that are levied if the borrower pays off the loan early. This is common with this type of fast loan as lenders don’t want to miss out on the interest they’re supposed to receive if the contract plays out as it’s supposed to.
- Rolling Over: It refers to the practice of taking out the same loan for another month. It’s a feature many title loan companies offer. Some lenders put limits on how many times a client can rollover their loan while others don’t. Aside from additional fees, the borrower will also pay an extra month of interest.
Same Day Cash | Auto Finance Loan Ottawa
For clear terms and fair deals, nothing beats Canada Car Cash. The company specializes in title loans so they can offer higher loans. Their interest rates are 70% lower and their monthly fees are very affordable. Their approval process is so fast you can get the cash you need on the same day. Log on to their website or call their toll-free number at 1-844-598-7631.
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