With the way economies have been rising and falling these past few years, it’s no wonder that borrowing money from relatives and friends has become a lifeline for many people. It has also led to many short-term financial services, like personal loans, payday loans, and specialized car equity loans Burlington Ontario. Here are critical things to know if you plan on applying for the latter:
4 Essential Facts to Know About Auto Title Loans
- It is paid in installments. While this fast loan typically has a 30-day payment period, you can pay in 12 to 24 installments or more.
- It requires collateral. This loan is called a secured loan because the borrower must pledge their car’s title as collateral. The lender will hold on to the title while the contract is active. Once the loan is closed, the borrower will get back their car’s title.
- Requirements are easier. One of the best things about title loans is fewer requirements. Most companies will only require a valid ID, the car’s title, proof of residence, and proof of income.
- Loans have limited amounts. How much you can borrow from the lender will depend on your car’s value. It’s why lending companies require that collaterals be assessed first. Newer model cars or those that are well-maintained can secure higher loans.
The Best in the Industry
Canada Car Cash can help you with your financial needs. The company specializes in title loans and can offer more money than other lenders. Their interest rates are 70% lower than their rivals and they can release the money on the same day. You don’t even have to worry about credit or employment checks. Log on to their website or call their toll-free number at 1-844-598-7631.
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