THE 5 COMMON MYTHS ABOUT CAR TITLE LOANS

Emergency situations can happen to anyone. Emergencies do not assess the time, place or your financial situation. Usually, emergency situations are met without any sensitivity, and we leave feeling baffled. During these challenging times, we need fast roads to get money with minimal security.
Many of us are familiar with no credit check car loans in Nanaimo. However, a large part of the possible borrowers is distant from title loans due to some myths and fears surrounding the practice. However this is a feasible choice for instant cash during medical or family emergencies, people stay away from the equity loan companies.

Now, the question is, are you ready to come out of this world of myths and misconceptions, or are you going to bleed to the crisis and cause more economic damage to you?

Today we are here to bust the top 5 myths about no credit check car loans in Nanaimo:

• Myth 1: Equity finance companies must check your credit score

If you have sufficient resources to buy a vehicle, we are satisfied! Getting a no credit check car loans means using the title of your vehicle as collateral for the loan amount. Certified lenders, such as Bad Credit Loans Nanaimo, do not have to check your credit score for lending you the loan. All we require the documents that prove you are the owner of your vehicle and that it is lien-free. The loan amount you get depends on the value of your vehicle.

Since we are using your title as collateral for the loan, unlike other lending companies we do not go for the credit checks. Title loans are also secured loan, so you don’t have to worry about losing your vehicle to it.

• Myth 2: The interest rates on title loans are always unreasonable

Have you ever registered for another secured loan? Then you should have noticed how the interest rates for the same loan amount vary from one loan company to another. The interest is determined by many factors, including how much money you need and the repayment conditions. Short-term loans usually have a lower interest rate.

• Myth 3: All companies that provide title loans will impose fines for early payment

We have heard this for too long. However, Bad Credit Loans Nanaimo has no penalty for prepayment. We prefer to be reasonably satisfied when a loan account closes early. In fact, we have debt counseling sessions with experts who can tell you the secrets of paying off debts before the term ends.

It is a lot easier if you have a windfall. A huge tax return and work bonus are good times to pay a large part of the loan. With these sudden bouts, you can either repay your entire loan at once, or you can pay a little extra each month for each installment.

• Myth 4: When you close a no credit check car loans in Nanaimo, you can no longer drive your vehicle

We can see how it can be baffling. When you take out the loan, you issue the title of your car. We are not interested in keeping your vehicle. You can have the cash and also drive away with your car. It just does not work if we give you the cash and also take hold of your vehicle, how can you deal with the emergency?

The only time you run the risk of losing your vehicle is when you skip the payment. That is, however, an extreme, that even equity loan companies try to avoid. We will have our experts with you who will guide through the entire loan process and how it can be easy for you to pay it off without any defaults. Most companies that provide a title loan are interested in reimbursement. They have no interest in dealing with the whole ordeal of grabbing your vehicle and then selling it.

• Myth 5: You will never be able to repay a no credit check loans 

This is something that almost every Canadian citizen believes. The myths about car title loans are unfair to loan applicants, making use of their financial problems, they do not give fair deals, and the "stealing" of their vehicles has been in circulation for far too long. Thinking of a loan company as a predator is undoubtedly very exciting, but it is also untrue.

You must ensure that you work with a registered company that takes into account the customer's interest. You need to research, compare and choose a company that defines every requirement and governs it openly. We have consultants and experts who can help you to pay the installments in time. We ensure that our customers can pay us back on time for their and our benefits.

Bad Credit Loans Nanaimo is indeed one of the best title loan lending company in all over Nanaimo, BC. If you are in any money distress, go for our no credit check car loans in Nanaimo and have all your issues resolved. To get registered with us, you can call us at +1-888-506-3168 (Toll-Free), or apply online at our website.