Car collateral loans Charlottetown PEI, are a valuable resource for everyone who needs extra cash. Despite its usefulness and popularity, many people are still confused about how this loan works and its advantages. To help you understand it better, we’ll answer the three most commonly asked questions about title loans.
Most Asked Questions About Title Loans
- How does it work? A car pawn loan is considered a secured loan because the borrower will put up collateral. As the name implies, you will need your car and its title. The lender will assess the value of your vehicle. If they accept it, you can borrow money that’s commensurate to your car’s value. You will retain possession of your car, but the title will be surrendered to the lender during the duration of the loan.
- Do title loans require credit checks? No, they don’t. Lenders don’t need to look at the borrower’s credit score or credit history. The only thing of importance they consider is your car’s value and your monthly income. It’s why people with bad credit scores can still apply for a loan.
- Are they bad for your credit? No, they’re not. These loans won’t even appear on your credit history. As previously mentioned, title loan companies don’t conduct credit checks. They also don’t report to credit bureaus. They can actually help improve your credit by giving you the funds you need to pay off debts that are listed on your credit report, like your charge cards.
Same Day Cash
Enjoy fast cash with Canada Car Cash. The company can lend more money with fewer requirements. Their interest rates are also 70% lower than the others. You can even get the money you need within the day, thanks to their quick approval process. Log on to their website to apply or call their toll-free number at 1-844-598-7631.
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