Banks and other lending institutions have introduced a variety of financial solutions these past few years. One of the most popular is the title loan. This secured loan utilizes the borrower’s car equity Ajax Ontario. However, a lot of people don’t understand what equity is and how they can use it. This article will clear up some of that confusion.
What Car Equity Means on an Auto Title Loan
When it comes to hassle free car loans, equity refers to the difference between the vehicle’s resale value and the amount the borrower still owes on it. It’s a method of assessing the portion of the collateral that belongs to the owner while they’re in the process of repaying their loan. The equity can be determined in dollars or the percentage of the automobile’s present resale price.
Equities are either positive or negative. The former happens when the car is worth more than the remaining auto loan balance. Meanwhile, negative equity means your car is worth less than what you owe on it. There are several reasons you end up with negative equity, like high mileage or an accident. If you have good equity in your car, you can use it as collateral for an auto title loan. You can secure a good amount in this case or get a reasonable interest rate.
Trusted Car Loan Expert
You can get the financial assistance you need with Canada Car Cash. The company specializes in title loans and can offer you a percentage of your car’s value. Their interest rates are 70% lower than other lenders. They also offer extended loans and low monthly payments. Their fast approval process also means you can receive the money you need within the day. Log on to their website to apply or call their toll-free number at 1-844-598-7631.
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