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The past two decades have seen more financial services offered to consumers. People who need fast cash can apply for either a payday loan or an auto title. Both loans are sensible options when you have an emergency. The two loans also have their own share of supporters and detractors. But most would say it’s better to borrow using your car Vancouver British Columbia than taking out a payday loan. Here’s why:
Reasons You Should Be Getting a Title Loan
- You can borrow more money. Your loan will depend on your car equity. The higher it is, the more substantial the loan. Ideally, your collateral should be less than eight years old, has low mileage, and well-maintained.
- It has a lower interest rate. The average interest rates for credit cards fall between 15% to 18$. Payday loan rates are around 5% to 10% while title loans companies can offer anywhere from 3% to 5%.
- You can keep using your collateral. You might have to put up your car as security, but the lender won’t take it from you. They only need to hold onto the car’s title. The vehicle stays with you and you can keep using it.
- It’s a good option for those with low credit scores. Since the collateral acts as security, your credit rating doesn’t have a big impact on an approval.
Lowest Interest Rates You Can Finder
Borrowing money is easy with Canada Car Cash. These title loans specialists offer more than other lenders. Our interest rates are 70% lower than their competitors. We have extended loan terms and affordable monthly payments. Our fast approval process means you can get the cash you need within 24 hours. Log on to our website to apply or call our toll-free number at 1-844-598-7631.
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