Trying to secure a bank loan to fund a small business can be very challenging, especially when said endeavor hasn’t been launched yet. Fortunately, that’s not the case with a special financing auto loan Surrey British Columbia. While a title loan can be a boon for your finances and can be easily acquired, you should have a clear understanding of why you should or shouldn’t get one.
There are so many reasons for getting a title loan. For one, it’s startup-friendly. Since you’re putting up collateral, the lending company doesn’t insist on a lot of requirement. The application process is also faster. Unlike bank loans that take weeks to process, you can get approval and the funds you need in one day. This type of loan also has lower interest rates and reasonable payment terms.
On the other side of the coin, the amounts you can borrow with car collateral loans are lower than what business loans offer. You can borrow millions with the latter. However, title loans depend on your equity, so the maximum you can get is probably just around $50,000. You’re also personally liable for this loan. So if your business doesn’t pan out or you decide to close it, you’re still obligated to pay it back. Otherwise, your car will be repossessed and you’ll find yourself losing both your company and your means of transportation.
Canada Car Cash can help you grow your business. The company can give you a percentage of your vehicle’s value. They can also offer low-interest rates, loan terms of up to seven years, and reasonable monthly payments. Just log on to their website to apply or call their toll-free number at 1-844-598-7631.