You are driving all the way to your workplace when suddenly your vehicle took a halt. Upon bringing it to an auto mechanic, you are dismayed because your car won’t work unless its engine is fixed. Now, the problem is you don’t have cash so your mechanic won’t fix your engine. Worse is that you can’t apply for a traditional funding loan since you have a bad credit rating. This can be a very worst scenario to be in. Not only will this bring you hassle in transportation but it can even lead you to being constantly late from work and then eventually losing your job.
But wait, there is a solution. You can still apply for a car title loan. With Waterloo car title loans, your credit rating is dispensable. The lenders won’t take regard of your bad credit rating just so you can have your loan approved. What you need is to give the title of your car to the lenders in exchange for cash. During the whole duration of your loan term, your car will be with you. So you really have nothing to worry about.
Car Title Loans – Tailor-made For Subprime Borrowers
Waterloo car title loans are subprime loans which are granted even to those people who have bad credit or no credit. This is the only best resort for those who can’t easily secure the traditional financial loan instruments because of their poor credit status. The difference between car title loans and other traditional instruments is that the former has a higher rate of interest. The reason is due to the risk lenders have with borrowers who have poor credit rating. The possibility of those lenders defaulting in payment is actually very high.
Would It Be Best To Choose Traditional Loans Instead?
Because of the high interest rates attached with car title loans, borrowers think twice about securing such loan. They think that going for traditional loans with save them more money as the interest rates could probably be lower. Truth is, traditional lenders offer the highest interest rate to borrowers with poor credit. What is even the reality these days is that they deny loans to subprime borrowers which leave them with no better and feasible choice – Waterloo car title loans.
Be Careful In Choosing Your Lender
Notwithstanding the ease and efficiency in securing a car title loan approval, it still important that you choose your lenders well. Don’t go for lenders who will just make your debts pile up because of very high interest rates. Also, don’t choose lenders who attach prepayment fees on car title loans. Last but not the least, secure a loan from companies who give you a grace period rather than those who repossesses your vehicle automatically in case you are late in your payment.