Getting a car pawn loan New Westminster British Columbia, is not as difficult as securing a bank loan or mortgage. It’s easier to qualify for a title loan and the requirements are more flexible. However, the terms used in the contract remain the same, so you should make sure that you understand them clearly.
5 Terms to Remember When Applying for a Title Loan
Here’s a quick rundown of auto loan terms every borrower must know:
- APR: The Annual Percentage Rate, or APR, refers to what the borrower will be paying annually for the loan. It is sometimes higher than the interest rate because it encompasses everything that’s financed, including ay additional fees.
- Co-Signer: An individual who will also sign on the contract and will take over the loan in the event the original borrower can’t cover it. The co-signer typically has a better credit rating.
- Credit Score: A number that represents the borrower’s creditworthiness. Lenders consider this score to determine how much they can lend and what interest rate they’ll give. People with high credit scores are less risky and are usually given lower interest rates.
- Equity: This refers to how much of the vehicle you actually own based on the payments made.
- Term: This determines how long you’re given to pay back your loan. Shorter terms mean higher monthly payments and vice versa. Longer terms could raise your loan cost substantially.
The Number One in the Industry
Get the best loan terms with Canada Car Cash. One of the best title loan companies in the country, they can loan you a percentage of your vehicle’s value. They offer loan terms of up to 7 years and very low-interest rates. Log on to their website to apply or call their toll-free number 1-844-598-7631.
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