The rise of online auto title lending companies has benefited countless individuals. Getting a title loan has become easier, faster, and more convenient. But as with other loans, you should take the time to find out everything you need to know about challenged credit auto loans Red Deer Alberta. Read on learn the three key details about this secured loan.
Key Title Loan Details to Remember
- You have to offer collateral. Title loans are called secured loans because there’s collateral involved. You’ll have to surrender your car’s title of ownership while the loan is active. It will be returned to you once you have repaid the lender.
- It has a fixed value. The loan amount is determined by the car’s equity and by the results of the lender’s inspection of the collateral. However, specialized car equity loans are limited to around 25% to 50% of your car’s total cash value. So, if you have a high-value car, there’s a chance you can borrow as much as $50,000.
- These are short-term contracts. Most title loans usually have a minimum duration of 30 days. However, some lenders can give you a longer payment period. Borrowers can also roll-over and extend their contracts.
- Interest rates vary. Every state or region has different laws regarding interests and loans. Some areas have a cap on interests while others don’t. In regions without a cap, interest rates are usually around 30%.
Lowest Interest Rates You Can Find
Give your finances a boost with Canada Car Cash. The company specializes in title loans and offer higher loans than other lenders. Their interest rate is also 70% lower than their competitors and they have affordable monthly fees. You don’t even have to worry about credit or employment checks. Log on to their website to apply or call their toll-free number at 1-844-598-7631.
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