Millions of Canadians have now discovered that auto title loans are a sensible option when they need extra cash and they need it fast. What’s more, this loan is open to people who have poor credit scores or no credit history. But since an easy bad credit loan St. John’s Newfoundland & Labrador requires your car as collateral, you should ensure it is protected.
What Insurance Coverage is Best for a Title Loan
There are basically two kinds of car insurance – Personal Injury Protection (PIP) with Property Damage Liability (PDL) and Comprehensive and Collision (C&C) insurance. The former protects you against personal injury and any damage caused by your vehicle to another’s property. Meanwhile, a Comprehensive and Collision insurance covers liability or the loss of your car through accidents or theft.
A Comprehensive and Collision is the insurance that lenders usually demand borrowers to have. If anything were to happen to your car, the insurance provider will cover the cost. This is critical as your loan is dependent on your collateral. If it’s lost due to an accident, you won’t have anything to cover your loan. In a worst-case scenario, you’ll end up paying for the car equity loan and whatever damages incurred. States have different laws regarding loans and insurance, so make sure you talk to your insurance provider first before applying. They can advise you on what coverage you’ll need.
The Number One in the Industry
Enjoy the benefits only Canada Car Cash can give you. The company specializes in title loans and can lend you a percentage of your car’s wholesale value. Their interest rates are 70% lower than their rivals and they have the lowest monthly payment. You can even get approved in just 15 minutes! Sign up on their website or call their toll-free number at 1-844-598-7631.
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