People who need cash immediately have two options open to them – pawning a valuable or applying for a title loan. The two loans have distinct differences. With pawning, you bring the item to the lender’s shop, they give you the money and they hold on to the item until you pay back the loan. Specialized car equity loans Toronto Ontario entail you surrendering your vehicle’s title when you receive the loan.
5 Reasons Title Loans are Better
- You can still use your car. Despite putting up your vehicle as collateral, you can continue to drive it even after receiving the title loan. You don’t have to worry about getting to school or work.
- The loan amount is higher. You can borrow as much as a percentage of your vehicle’s total value with an auto title loan.
- Lower interest rates. Most title lending companies sweeten the deal by offering very low-interest rates. Some even deal with 1.5% interest. Meanwhile, pawn shops usually charge 25% interest.
- You can opt for voluntary repossession. You’re not obligated to pay back the loan unless you want to get your car back. Some borrowers who are behind on payments volunteer to give up their collateral to pay off the lender.
- Loan period can be extended. Most vehicle title companies offer a rollover loan. This gives the borrower more time to repay the loan. But they’ll have to pay a small fee and their existing balance remains.
Get You More Cash than the Competition
Canada Car Cash ensures you meet your financial obligations with less stress. The company offers borrowers a loan that’s equal to a percentage of the vehicle’s total value. They also have the lowest interest rates in the business and payment schemes for all types of customers. To apply, just log on to their website or call their toll-free number at 1-844-598-7631.
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