Pitfalls to Watch Out for When Taking Out a Refinance Car Loan Kelowna British Columbia

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You have several options when you’re feeling the financial pinch. You can put your credit cards to good use, utilize your home equity, or take out a refinance car loan Kelowna British Columbia. Millions of people have chosen the latter option, especially when they need money fast. An auto title loan is a good choice since it has a fast application process. But don’t get ahead of yourself. You should first know what pitfalls to watch out for. 

3 Vehicle Title Loan Pitfalls to Avoid 

  • Watch out for high-interest rates. You can enjoy interest rates in the single-digit with title loans. It doesn’t mean you can get a low-interest rate or that you can afford this secured loan. Remember that the lender will be the one to decide how much interest to charge. It’s why shopping around for a good lender is a must. Ask for quotes from several lending companies and weigh each one carefully. 
  • Be mindful of exorbitant fees. Lenders will charge you several fees, like insurance or processing payments. Choose a company that can provide a fair offer. You should also do your own computation. You shouldn’t be paying more than 5% of the borrowed amount for penalties or other charges. 
  • Verify prepayment penalties. Closing a loan early can be advantageous. Don’t assure me you can do it though. Check if the car equity lender accepts early payouts before sending the money. 

Trusted Car Loan Expert

Applying for a loan is memorable thanks to Canada Car Cash. We specialize in title loans and can offer you more money than other lenders. Our interest rates are 70% lower. We also offer low monthly payments and extended loan terms. Log on to our website or call our toll-free number at 1-844-598-7631.   

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