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People facing emergencies or other types of financial distress have heard of auto title loans. Many have taken advantage of the benefits this secured loan brings. No credit check car loans Halifax Nova Scotia is uniquely suited for those who need fast cash because of their easy application process. It doesn’t mean it doesn’t have any deterrents. Like any financial service, there are risks involved if you apply for one.
What You’re Risking with a Title Loan
- Car Repossession: The auto finance company has the right to repossess the collateral if the borrower defaults. It’s the same principle when you don’t pay your mortgage or you rent an apartment. At some point, you will either lose the house or get thrown out.
- Not Getting the Best Value for the Collateral: Repossessed cars are usually sold and the proceeds are used to cover the loan balance. But there’s a danger that the vehicle will be sold for a much lower price. And if the sale isn’t enough, the borrower will be shouldering the remaining balance.
- Additional Debt: Delayed payments and other infractions will result in penalties. You can get fined or have your interest rates raised. This could lead to your debt ballooning. It’s why you should make sure you don’t miss a payment deadline.
The Number One in the Industry | Car Loans Halifax
Need quick cash? You can get the money you need with minimal fuss with Canada Car Cash. This title loan specialist offers more money than other lenders. Our interest rates are 70% lower than our competitors and we also offer affordable monthly payments. You can get the money you need within the day and retain the use of your car. Log on to our website to apply or call our toll-free number at 1-844-598-7631.
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