An auto title loan is a respectable and effective solution when you need extra cash for an emergency. Using auto finance Sherwood Park Alberta is easier and simpler than applying for a bank loan. It’s understandable if you feel a little worried though. Those technical terms can sound scarier than they really are. Here are three words every borrower should know when applying for any loan.
Lending Terms Every Consumer Must Know
- Credit Score: This number shows your creditworthiness. Most lending companies and businesses follow the FICO standard. A score of 700 and up is considered excellent while 500 and lower are not good. You want a good score to get discounts and better interest rates.
- Cosigner or Co-borrower: A cosigner or co-borrower is a person who will share in the responsibility of a fast loan. You can ask a friend or family member to cosign a loan with you. You will still be the one to repay the lender. They will accept responsibility for the loan if you default.
- Annual Percentage Rate (APR): This refers to the amount the borrower will be paying yearly for the loan. Don’t confuse the APR with the interest rate. While both refer to the annual cost to the borrower, the APR includes fees and other costs. It’s more detailed and gives you a better idea of how much the loan is really costing you.
Lowest Rates in the Industry
Do you need money fast? Canada Car Cash can give you what you need. We specialize in title loans and can offer more than other companies. Our interest rates are the lowest around. We also offer low monthly payments and extended loan terms. Sign up at our website or call our toll-free number at 1-844-598-7631.
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