Falling Behind on Your Auto Loan Brampton Ontario? X Things You Can Do to Manage

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Canadians are now paying an insane amount for gas. The conflict with Ukraine and general supply chain problems will also cause a global price hike. This can make paying for an auto loan Brampton Ontario tougher. Equifax has already reported that loan delinquencies rose by almost 9% in February. Are you in that situation or feel you’ll fall behind in your payments? Here’s what you can do to manage it:

3 Options When You’re Behind Your Fast Loan Payments

  • Discuss your options with your lender. Lending companies will always prefer you be honest about your situation than just missing a payment deadline. They don’t want to lose their clients or their investment so they’ll be willing to come up with a compromise. Talk to them and ask about deferment, lowering your interest rate, or extending your loan. 
  • Use a refinance car loan. You can also use your current car equity to secure a loan and pay off what you can. You can use the funds to close other loans you have and free up more money in the process. 
  • Do a trade. You can also trade your car for a more affordable one. You can opt for a model that has better gas mileage. Make sure you do a trade-in using a reliable dealer instead of selling to a private party. It’s safer and fairer. 

The Number One in the Industry

You’re making the right move by using Canada Car Cash. We’re one of the country’s top title loan specialists. We can offer more money than other lenders. Our interest rates are 70% lower and we also have affordable monthly payments. We also provide flexible payment plans. Log on to our website or call our toll-free number at 1-844-598-7631.

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