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3 Fees You Might Encounter When Applying for a Bad Credit Score Auto Loan Red Deer Alberta

A bad credit score auto loan Red Deer Alberta is an effective financial service you should consider when you have an emergency and for a myriad of other reasons. The application process for this loan is simple and swift, and the interest rates are lower than what you’d get with credit cards. But you should know that some companies expect you to pay the following fees. 

Charges You Should Prepare For

  • Processing or Application Fee: Some lenders might ask for this to cover the application process. It’s usually non-refundable and cost around $20. 
  • Late Charges: Borrowers should expect to be penalized if they miss their deadline. The penalty varies per lender as some charge a flat rate that can range anywhere from $20 to $50. Other companies go by a certain percentage of your monthly payment. This often falls between 4% to 5%. This is to discourage the borrower from neglecting their obligation. 
  • Prepayment Penalties: This is another fee to expect when you use your car to get a loan. Many lenders expect borrowers to follow the payment plan since they get their revenue from the interest rate. Repaying the loan early means less profit. Charging you with an “exit fee” or an early payout penalty is one way for them to recoup some of that money. 

Trusted Car Loan Expert

You don’t have to worry about excess charges or unfair penalties with Canada Car Cash. This title loan specialist offers fair deals and a percentage of your car’s value. Their interest rate is 70% lower than their competitors and they have affordable monthly payments. You can get approved in minutes and receive the money you need within the day. Sign up on their website or call their toll-free number at 1-844-598-7631.

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