A lot has been said about auto title loans, like its quick application process and minimal requirements. The presence of collateral also means qualifying is easy. But just because a bad credit score auto loan Surrey British Columbia is an option when you need fast cash doesn’t mean you should apply for one. There are times when it’s better to wait. Here are some three examples of those times:
When You Shouldn’t Get a Title Loan
- You Can’t Manage High-Interest Rates: Lending companies charge higher for short-term loans, like title loans. Interest rates usually start at 15% and can go up depending on state laws. Plus, you might also be charged with several fees and penalties. Look for another solution if you think you can’t deal with these rates.
- Your Cash Flow is Unreliable: You should only apply for a refinance car loan if you’re confident in your capability to pay back the loan. But if you’re experiencing salary delays or non-paying customers, it might be best to postpone until you have money coming in steadily per month.
- You Don’t Have a Cash Buffer: Regardless of what loan you get, you must have a cash buffer. It will ensure that you don’t run low on funds and miss payments. You’ll be charged with a penalty every time you pay late or miss a month, and these fees can add up quickly and leave you with more debt than you can handle.
Number One in the Industry
Canada Car Cash is your best option when you need additional funding. This title loan specialist offers more money than other companies. They also have the lowest interest rates around. You don’t even have to worry about credit or employment checks. Sign up on their website or call their toll-free number at 1-844-598-7631.
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