The past few years have seen bad credit loans Toronto Ontario become as common and accepted as bank loans. This secured loan has helped all types of people equally, from professionals to those who are underemployed. But there are still a lot of rumors and wrong information about title loans. It’s time to learn the truth behind these myths.
The Truth behind Common Title Loan Misconceptions
- Your credit score matters: While a positive credit standing is advantageous in many ways, it isn’t a big factor in title loans due to the collateral involved. This means even those currently unemployed, underemployed or who have poor credit scores can apply for this loan.
- The lender will take your vehicle: You retain ownership of your vehicle during the repayment period. The only thing you’ll surrender to the lending company is your car’s title. You can keep using your car for your business or get around. However, the lending company can repossess your car if you default on your loan.
- There’s a penalty for paying your car pawn loan early: This will depend on the lending company. Some lenders don’t like early payments as they’ll get less money from the loan. Most title lending companies understand the need to clear debts if you get a sudden windfall.
Lowest Interest Rates You Can Find
If you want a good loan but low-interest rates, then Canada Car Cash is the company for you. They specialize in title loans and can lend you more than other lenders. Their interest rates are 70% lower than their competitors and they offer low monthly payments. There’s also no need to worry about credit scores or credit history. You can sign up on their website or call their toll-free number at 1-844-598-7631.
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