Can You Walk Away from an Easy Bad Credit Loan Abbotsford Alberta?

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Auto title loans operate on a different system to traditional loans because it’s a secured loan. It means that in order to secure an easy bad credit loan Abbotsford Alberta, you will provide collateral as security. And since the lender will hold on to your car’s title, your credit score isn’t a major concern.

Can You Walk Away from Your Loan?

Since title loans don’t affect your credit score, many borrowers are wondering if they can simply walk away from it if they can’t make payments anymore. While you might think you technically can since the collateral will supposedly cover your car equity loan, it’s not that easy and you’ll face consequences.

The first and most obvious repercussion is you’ll lose your car. You’ll be kissing your investment and your means of transportation goodbye. Voluntarily giving up your car to the lender won’t show up in your credit records but most lenders won’t agree to this. It’s more profitable for them to continue receiving payments from you. Plus, the money they’ll make from your repossessed car might not be enough to cover your loan.

If you want to avoid this situation, make sure you look over your contract carefully before signing it. Check if there’s a clause wherein the lender has the right to decline the vehicle.

Get You More Money than the Competition

Enjoy higher loans and affordable monthly payments with Canada Car Cash. The company can lend you more money than their rivals with fewer requirements. They also offer loan terms of up to seven years and interest rates that are 70% less than their competitors. Their easy application process and quick approvals mean you get the cash on the same day. Just log on to their website to apply or call their toll-free number 1-844-598-7631.

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