Vehicle title loans have become a major player in the lending industry, thanks to the pervasiveness of online lending. Surveys have shown that an increasing number of millennials are utilizing bad credit score auto loan Halifax Nova Scotia as a way to finance big investments or consolidate debt. There are several things to keep in mind before you avail of this secure loan.
A Millennial’s Guide to a Title Loan
There are several things a 20-something should keep in mind before they avail of this secure loan.
- Traditional Lenders and Online Lenders are Different: Borrowers should understand that there are fundamental differences between the two. For one, online title companies have less overhead costs so they can afford to offer lower interest rates. Meanwhile, traditional lenders have the advantage of providing a face-to-face discussion with a loan officer so you can discuss your concerns in detail.
- Credit Matters Little: Another thing to keep in mind is how the two types of lenders view credit scores. Traditional lenders will take your credit history and rating into account while online lenders do not put too much priority on it. They’re more concerned with the collateral you’re putting up.
- Crunching Numbers Still Required: Both conventional and online loans are close-ended so you’re given a specific time to repay them. Title loans are short term and typically last for just 30 days. You have to do some number crunching before you apply for a fast loan. You have to make sure that you can afford to borrow money.
Borrow More Money than Any Competitor Has to Offer
Canada Car Cash understands what millennials need and are willing to work with them. The company can provide you with loans amounting to a percentage of your car’s total value, as long as you have a clean title. Their interest rates are also 70% lower than their competitors and they offer flexible loan terms. Log on to their website to apply or call their toll-free number 1-844-598-7631.
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