A title loan is a good option if you need cash fast. There are so many benefits to this loan and even those with poor credit scores can apply for one. But before you use your car to get car pawn loans Brantford Ontario, make sure you know the answers to these questions. It could mean the difference between successfully paying your loan and languishing in debt for years.
Three Title Loan Questions You Should Know the Answer
It’s always a good idea to take a step back and weigh everything before you decide on getting a vehicle title loan. At the very least, make sure you know the answer to these questions first –
- Can Your Budget Handle Monthly Payments? Title loans are short term loans that typically last for a month. Can your monthly budget handle the inclusion of new loan payments?
- Do You Know the Penalty for Defaulting? Before you sign any loan contract, you should be fully aware of what you’ll be facing if you miss payments or default. In this case, not being able to pay back your loan could lead to repossession and your car being sold to cover the loan.
- How Will Defaulting Affect My Credit Score? Lenders will inform credit bureaus if your vehicle has been repossessed due to missed payments. This could potentially pull down your score and the report will remain in your record for years.
Lowest Possible Payments in the Industry
Monthly payments are easy with Canada Car Cash. The company is known for its low-interest rates, flexible loan terms, and affordable monthly payments. You can even secure a substantial loan as long as your title is lien-free. What’s more, you can get the money you need on the same day, without worrying about your credit score. Log on to their website and apply online or call their toll-free number at 1-844-598-7631.
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