You can easily get a title loan if you have your own car. This type of secured loan is designed for individuals who need extra cash to pay the bills or manage an emergency. Like other loans, it also has its own pros and cons. Here are three things you should know before you use your car to get a loan Moncton New Brunswick.
3 Things to Know Before Applying for a Car Pawn Loan
- You have to own the vehicle or have substantial equity on it. A title loan is a secured loan that uses your vehicle as collateral. Loans tend to range in value from $100 up to $5,500 or about 25% to 50% of the car’s value. To apply for this loan, you need to have 100% ownership of the vehicle. Barring that, you should have substantial equity on it.
- APRs can be high. It’s not unusual for title lenders to levy about 25% of the loan amount monthly in order to finance the loan. This would mean that the annual percentage rate (APR) of the loan can reach 300%. The number is higher than the charges for other types of credit, like credit cards.
- You can lose your car if you can’t pay back the loan. The lending company can repossess your vehicle if you can’t pay off your fast loan. Aside from scrambling to pay off the loan, you will also pay any penalties or past-amount due.
Lowest Possible Payment in the Industry
Canada Car Cash is one of the best lending companies in the country. They can lend you more money with fewer requirements. Their interest rates are 70% lower than their competitors and they offer flexible payment plans. Log on to their website to apply or call their toll-free number at 1-844-598-7631.
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