3 Things That Could Happen if You Miss a Car Pawn Loan Nanaimo British Columbia Payment

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There are so many positive things said about title loans. They’re much easier to qualify for than bank loans. They also have a fast application process that makes them ideal for emergencies. But you shouldn’t go thinking that a car pawn loan Nanaimo British Columbia is all sunshine and roses. There are also risks involved, especially if you fall behind on your payments. 

3 Things That Will Happen if You Miss a Fast Loan Payment 

  • You could lose your car. This is the biggest risk to a title loan. The loan contract will state that you’re agreeing to car repossession if you default. The lender will sell the vehicle to recover their investment. You will shoulder the remaining balance. 
  • You’ll be paying penalties. A late or missed payment will result in a penalty being paid. The fee will depend on where you live. Some states have a cap on fines while other areas leave it to the discretion of the lender. Make sure you read the contract thoroughly so you won’t be surprised by hidden charges. 
  • It could pull down your credit score. Specialized car equity loans don’t have a big impact on your credit. You won’t get bonus points for paying on time. But your car being repossessed will be reported, and this could cost you points. 

The Number One in the Industry

Get the loan you need with Canada Car Cash. We’re one of the top title loan specialists in the country. We can offer you more money than other lenders. We also have the lowest interest rates and monthly payments around. You can even get approved in less than an hour. Log on to our website or call our toll-free number at 1-844-598-7631.

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