People who need cash fast can ask family and friends for a loan, work overtime, or pawn their valuables. But if you have your own car, you have another means of securing money – specialized car equity loans St. John’s Newfoundland & Labrador. If you’re unfamiliar with it, this quick guide will come in handy.
Everything You Need to Know About Title Loans
This type of loan is popular among workers, unemployed or those with poor credit scores. Here’s what else you should know:
- A vehicle title loan is a secured type of loan. It entails the borrower putting up their vehicle as collateral before the loan can be approved. This loan is typically for a short term but you can negotiate longer contracts.
- The amount you can borrow will depend on the worth of your vehicle. Most lenders are amenable to giving you 25 to 50 percent of your car’s equity.
- The lending company can legally take your vehicle if you default on your loan. Your car will then be sold so that the lender can recover their investment.
- Hassle free car loans are cheaper than other short-term loans because there’s collateral involved.
- Borrowers don’t need to have astounding credit since they’re offering up collateral. Most lenders don’t even do credit checks because of this.
Same Day Cash
There are numerous reasons why borrowers simply love Canada Car Cash. For one, the company can offer higher than usual loan amounts as long as you have a clear title. They also offer the lowest interest rates around and their monthly payment plans are very flexible. You can also get the cash 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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