College Education Is Expensive, But St. Catharines Auto Collateral Loans Can Help You - Instant Loans Canada

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College Education Is Expensive, But St. Catharines Auto Collateral Loans Can Help You

Aug 09, 2013

Do you want to pursue a college education but don’t have enough savings for it? Better consider auto collateral loans.

Auto Collateral Loans In Simple Terms

In auto collateral loans, you offer your vehicle title to lenders and allow them to place a lien on it in exchange for the loan money. Sometimes, the value will vary. It mainly depends on the equity of your vehicle. So most likely, you are able to borrow from a thousand dollars to twenty-five thousand dollars.

Why Do College Students Need Auto Collateral Loans?

There are so many reasons why auto collateral loans are better options for students compared to other financial aids. These reasons are listed below:

School Grants and Aids Are Not Enough. The primary reason why you need to find other means to finance your education is because scholarships you are qualified for don’t offer enough coverage for your tuition fee. Seldom will you find school grants which have full coverage. Many of them only take a portion of your school fees and the rest of the charges have to be borne by you.

As a full-time student, it would be hard for you to joggle work and education together. Even if you  have a part-time job, your salary won’t be enough as additional funds for your education. It is because of this that St. Catharines auto collateral loans come in handy.

You Don’t Qualify To A Traditional Loan. Another cause why you are forced to rely on auto collateral loans is that you are disqualified from applying traditional loans. The reason is mainly because you still have little to no credit yet. Traditional loans are usually offered to those who have fair credit ratings. So most likely, it would nearly be impossible for you to have a traditional loan approved.

On the contrary, St. Catharines auto collateral loans don’t require a good credit status from their borrowers. These loans are offered to anybody who can provide a vehicle title as security for the loan. For sure, even though you don’t have enough cash for college, you received a vehicle as a high school graduation gift from your parents. If such is the case, you can qualify for an auto collateral loan.

College Education Is Really Expensive. What can be inferred from the above reasons is that college education is very pricey which is why it is important that you find other sources of funds to finance it. The easiest and most efficient options for you as a student are auto collateral loans. As long as you have the commitment to be a responsible payer, you will never have a problem with St. Catharines auto collateral loans.