Misconceptions About Using a Car Pawn Loan Ajax Ontario to Consolidate Debt

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Many finance gurus recommend debt consolidation as a strategy for getting out of debt. It’s when you combine several debts into a single loan. Some do this with a balance transfer credit card. Others get financial assistance, like a car pawn loan Ajax Ontario, to pay for high-interest debts. But many are wary about debt consolidation because of the wrong information. We’ll try to correct that in this article. 

Top Misconceptions about Debt Consolidation

  • You’ll pay less. No, you won’t. The amount you owe will remain the same. Debt consolidation means taking a big loan to pay several smaller debts. Instead of paying different interest rates and dealing with various due dates, you’ll only be managing one. 
  • It will cost me to lose a lot of points in my credit score. It’s true you lose several points every time you apply for credit. It’s the same when you take out a car equity loan to consolidate your debts. But the loan itself won’t pull down your score. Your score depends on factors like your payment history, credit utilization ratio, number of recent credit inquiries, etc. 
  • It takes a long time to consolidate debts. The process depends on the loan you’re planning to get. If you apply for a title loan, you can get the money you need within 24 hours. You can then start paying off your debts.

The Number One in the Industry 

Canada Car Cash is one of the most flexible loans you can get. This title loan specialist provides you with more money than other lenders. They have low-interest rates and affordable monthly payments. They also offer extended loan terms. You can even get the cash you need within 24 hours. Sign up on their website or call their toll-free number at 1-844-598-7631.

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