When it comes to loans, people are more familiar with mortgages or business loans. The same can’t be said about title loans. Despite its rising popularity, there are still people who are wary about getting a car pawn loan Halifax Nova Scotia because of what they’ve heard. Here are some myths and misconceptions about this loan that have already been debunked.
Title Loan Myths That Have Been Busted
- Myth 1: Only those with good credit scores are qualified. A title loan is considered a secured loan because of the collateral provided by the borrower. This covers the loan and gives both the lender and the borrower some security. It also reduces the importance of having a high credit score and gives people with bad credit the chance to apply for this loan.
- Myth 2: Early payments are not allowed. One of the most common myths surrounding this loan is the belief that lenders penalize borrowers who pay their loans back early. The truth of the matter is that many lenders prefer that loans are closed early so they can get their investment back.
- Myth 3: You can get a loan anywhere. While you can easily find thousands of title lending companies online, it doesn’t mean there’s a lender near you. Some states have banned lending companies from offering this kind of loan. It’s best to double-check if your region accepts car equity loans.
Get You More Money than the Competition
Need money fast? Canada Car Cash is willing to lend you a percentage of your car’s total value as long as the vehicle is lien-free. The company also boasts of interest rates that are 70% lower than the competition as well as affordable monthly payments. Log on to their website to apply or call their toll-free number at 1-844-598-7631.
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