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Millions of people have used specialized car equity loans Moncton New Brunswick to get themselves out of emergencies. These loans are easy to get as long as you have the proper requirements and have good collateral. Never taken out an auto title loan before? Let this simple guide help you.
What You Need to Know About Title Loans
- It’s a secured loan. You’ll need to put up your car as collateral for it. Its value will be used to determine how much you can borrow. As a rule, lenders will offer anywhere from 25% to 50% of its equity.
- It has fewer requirements than bank loans. Aside from the collateral and a clean title, you also need to present a valid ID and proof of residence and income. Lenders might also ask to see your car insurance.
- You don’t need a high credit score. The collateral acts as security so your credit rating isn’t a primary factor in getting approved for the loan. You can still qualify even if you have no credit history, are unemployed, or are retired.
- Defaulting means repossession. The car equity lender has the right to pull out your collateral and sell it if you default on your loan. It’s their way of getting back their investment. You’ll shoulder any balance remaining from the car sale.
The Best in the Industry
Need money fast? You can get what you need from Canada Car Cash. Our company specializes in title loans and can lend more money than competitors. Our interest rates are 70% lower. We also offer low monthly payments and extended loan terms. You also won’t be stressing over credit checks or employment requirements. Log on to our website or call our toll-free number at 1-844-598-7631.
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