The interest rate on a car pawn loan Nanaimo British Columbia is usually a hot topic and the main consideration of many would-be borrowers. Reports that auto title loan interest rates are higher than most have caused many people to shy away from them. But there are also those who say that this secured loan offers lower rates than other conventional lenders. So, which is which?
How Much Are the Interest Rates in Title Loans?
Some reliable finance-focused websites, like Bankrate.com, states that most quick car loan companies have a 25% interest rate for a 30-day loan. It can also reach as high as 60% annually depending on the terms of your loan. Canadian legislation states that lenders can’t charge more than that. It also clearly indicates that this will include all fees related to the loan.
Interest rates can also change depending on the lender and where you live. Every region has different laws regarding loans. Some have a cap on lending rates while others don’t. Lending companies can also offer lower rates based on their own internal requirements and procedures. What every borrower should remember though is that rates can add quite a bit to your payment if you don’t pay on time. It’s why you should always meet the deadline.
Trusted Car Loan Expert
Enjoy good deals and fair interest rates with Canada Car Cash. This trusted lender specializes in title loans. This allows them to offer you more money than other financial companies. Their interest rates are 70% lower than others and they typically forego credit and employment checks. It makes their application and approval process go much faster so you can get the money you need within the day. Log on to their website to apply. You can also call their toll-free number at 1-844-598-7631.
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