When you have a fixed budget, unexpected bills or emergencies can be a disaster. It can be very tempting to borrow money, but you have to be selective about the type of loan and the lending company. Bank loans are the popular choice but when you need fast cash, a bad credit score auto loan Markham Ontario might be a better option. Here’s what you should know about it:
Facts Auto Title Loan Applicants Should Know
- The approval process is surprisingly fast. This is one thing that sets this loan apart from the others. Many lenders can approve an application in an hour or less. Since there’s collateral, the lending company doesn’t check or delve too deeply into the applicant’s credit score and history.
- Your collateral should have enough equity. Your car should be paid off and lien-free since its value will determine approval and loan amount. However, some companies accept cars that still have an outstanding balance as long as the equity is high enough.
- The loan isn’t placed on your credit. An auto finance loan will not be reflected on your credit score because of the collateral. So even if you pay early and consistently, it won’t improve your credit score.
- You can lose your car. The lender can repossess your car if you default on the loan. They can sell it to recover their investment. You’ll shoulder any remaining balance from the sale.
Same Day Cash
Applying for a loan is simple with Canada Car Cash. The company specializes in title loans and will offer a percentage of your car’s value. Their interest rate is 70% lower and they have affordable monthly payments. Sign up on their website or call their toll-free number at 1-844-598-763.
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