Vehicle title loans might have gained prominence and popularity, but people still have a lot of questions about this type of loan. Simply put, no credit check car loans Ajax Ontario are considered as secured loans. This means that the borrower has to put up collateral to fund the loan. This has the added advantage of allowing people who are bankrupt, unemployed or with poor credit scores to avail of this type of loan.
Two Types of Car Pawn Loans
There are two basic types of vehicle title loans;
- Single-Payment Loans: This calls for borrowers to repay the loan in a lump sum. Contracts for this type of poor credit car loan only runs for thirty days. The average APR for this loan is about 300 percent.
- Installment Loans: This loan contract allows borrowers to make multiple payments for their loans. Loan duration usually runs from three to six months. You can ask for an extension of the loan terms but will have to pay a penalty. The average APR for this type of loan is 259 percent.
While cars are often placed as collaterals, there are other vehicles that you can use to avail of this loan, like trucks, sports utility vehicles (SUVs), recreational vehicles (RVs) and motorcycles.
Trusted Car Loan Expert
You can’t go wrong with Canada Car Cash. Considered as one of the country’s most trusted lenders, the company offers loans with the lowest interest rates around and affordable monthly payments. They also provide flexible payment terms that cater to every customer. Borrowers who can provide a clean title can borrow a percentage of their vehicle’s total value. Applying is simple. Just log on to their website or call their toll-free number at 1-844-598-7631.
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