What Will Happen If I Miss Payment on My Special Financing Auto Loan Surrey British Columbia?

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Emergencies can happen at any time. Finance experts say people have an emergency fund on top of their savings. But if your finances are not enough, you do have several options. You can borrow money from a friend or relative. You can sell or pawn your valuables. Or you can apply for a special financing auto loan Surrey British Columbia. If you’re going with the latter, you must make sure you don’t miss payments. 

What Will Happen If I Miss Payments? 

  • You have to pay a penalty. Every financial transaction comes with a penalty when the other party fails to meet their obligation. The same holds true when you use car finance. Title loan companies offer rollovers. But this extension comes with a penalty and an increased interest rate.  
  • Your car can be repossessed. This is the biggest risk when you take out a title loan. The lender has the right to take your car if you miss multiple payments. You have to pay your loan in full to recover your car. Otherwise, it will be sold to cover your balance. 
  • Your credit score can fall. Your credit score doesn’t matter when you apply for a title loan. But defaulting or repossession will be reported to credit bureaus. It will be a black mark on your credit report and can pull down your score. 

Faster Than the Competition 

You can get funded fast with Canada Car Cash. This title loan specialist can provide you with more money than other lenders. Our interest rates are 70% lower than our competitors. We also offer low monthly payments and extended loan terms. You can even get the cash you need on the same day. Sign up on our website or call our toll-free number at 1-844-598-7631.

For more information, visit us on:

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