A vehicle title loan gives you numerous advantages, like securing much needed extra cash for emergencies, low-interest rates, and affordable monthly payments. And unlike when you pawn a valuable, a title loan allows you to continue using your car. So it’s understandable why borrowers do everything they can to avoid getting in trouble over their poor credit car loan Surrey British Columbia.
What Title Loan Borrowers Should Avoid
There’s always an element of risk when you apply for a loan. When it comes to car collateral loans, you want to avoid the following situations:
- Having your car repossessed. One of the biggest risks to title loans is repossession. The lending company has the right to take your car in the event you miss or default on your payments.
- Lender selling your collateral. Since your vehicle basically serves as security, the lender would try to sell it as quickly as it can to recover the money you borrowed. However, you’re still expected to shoulder any remaining balance.
- Getting burdened with rising interest rates. Missing a payment or two will cause your interest rates to balloon. Borrowers are allowed to file for an extension if they need more time to pay off their loan. While you are expected to shoulder some penalties, it could end up being costlier than your original loan.
Borrow More Money than Any Competitor has to Offer
Enjoy high loan amounts but low-interest rates with Canada Car Cash. Known as one of the country’s more reliable lenders, you can borrow a percentage of your car’s total value. You can also take advantage of their low-interest rates and flexible payment plans. Log on to their website to apply or call their toll-free number at 1-844-598-7631.
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