We all know how quickly our savings can be wiped out in the event of an emergency. Despite our best preparations, a car accident requiring extensive bodywork or a trip to the ER can leave us in a financial bind. Fortunately, challenged credit auto loans Kelowna British Columbia can help alleviate the problem. But what impact does a title loan have with our credit score?
How Title Loans Affect a Person’s Credit Score
The good news is that a car pawn loan doesn’t affect a person’s credit score. For one, title loans are secured loans. Since you put up collateral, the lender doesn’t have to check your credit rating or history. It’s one of the reasons this type of loan has become so popular. The downside is that being a good payer won’t help improve your score either.
However, not paying your loan and having your car repossessed will have a negative impact on your credit score. In this situation, the lender will inform credit bureaus about your vehicle being repossessed. This might pull down your score and it will take years before the incident can be removed from your record. Aside from your credit rating suffering, there’s also the immediate impact it will have on you. Getting your car pulled away by a lending company will leave you without transportation. There’s also the chance that you might not get your car back if the company has already sold it to cover your loan balance.
Same Day Cash
No need to worry about proof of income or a poor credit score with Canada Car Cash. The company can offer loans amounting to a percentage of your vehicle’s value if you have a clean title. They also offer low-interest rates and flexible payment plans. Their quick application and fast approval mean you can get your loan in a few hours. Log on to their website to apply or call their toll-free number at 1-844-598-7631.
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