3 Factors That Might Impact Interest Rate of Your Special Financing Auto Loan Edmonton Alberta

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Getting approved is a critical aspect when applying for a loan, but so is the interest rate. That’s because it determines the cost of the loan and whether or not it makes sense to proceed. It’s helpful if you know the factors that will influence the interest rate of your special financing auto loan Edmonton Alberta

3 Factors Lenders Consider When Deciding Interest Rates

  • Credit Score: This is a major factor in traditional loans. It doesn’t carry as much weight in minimum credit score loans since there’s collateral. That doesn’t mean you should neglect it though. A positive credit score is always a good thing. It opens a lot of doors and helps you secure low-interest rates. 
  • Monthly Income: Lending companies consider a borrower’s income in terms of how it affects one’s debt. Lenders are inclined to give low interests to people with stable or high income and few debts. It’s because there’s a minimal chance that they won’t repay the loan. Conversely, low income and lots of debt mean high interest. 
  • Payment Duration: A long payoff period could mean higher interest rates. Lenders believe it’s riskier since an extended contract duration means more time for something to go sideways. And this could affect your capacity to pay. 

The Number One in the Industry

Apply now at Canada Car Cash and solve your financial issues. This title loan specialist offers more money than other lenders. Their interest rates are 70% lower than other lenders and they offer extended loan terms. You can even get the money you need on the same day. Log on to their website to apply or call their toll-free number at 1-844-598-7631.

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