Do Ajax Car Title Loans Come With More Risks Than Benefits? - Instant Loans Canada

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Do Ajax Car Title Loans Come With More Risks Than Benefits?

Mar 13, 2013

Friday is almost near and you are too desperate. You worry whether your paycheck is enough for your monthly bills. You have to pay the rent. Your electricity bill is due. You still have to pay your water bill and you have necessary expenses to make. If your paycheck cannot suffice all your financial obligations yet you own a car, you might want to consider Ajax car title loans.

Car Title Loans Are Very Helpful With Money Crunches

Car title lenders cater a wide variety of consumers. But usually, they give a chance to subprime borrowers and those who are in the low-income consumer market who don’t have any other option when they are on a cash crunch. A lot of those who have been denied loans find their way to car title loans. The reason is because car title loans are approved regardless of your income or your credit status.

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In securing a car title loan, you have to make your vehicle as collateral for the cash. Approval does not take so much time. Usually you can get your cash within the same day. Moreover, you can still use your vehicle while you are paying off the loan.

Car Title Loans Are Not All About Cloud Nine

But Ajax car title loans don’t come without risks. Once you default in paying the loan, the company can repossess your car and have it auctioned for a lower price. Often, the price of your car during the auction won’t clear out your loan. So as a result, you still need to pay the remaining balance of your loan.

If you use your car as a means of transport to and from your workplace then losing a car can be a very big problem. You will then have to start commuting towards your workplace. This means that you have to wake up early just so you can reach the bus the passes by your area each morning. In short, losing your car because of repossession would mean a big hassle.

Means To Avoid Risks With Ajax Car Title Loans

Knowing the consequences of defaulting in car title loan payment would help you properly decide if you really need a car title loan or not. Would you prefer a month of no electricity or water than the possibility of losing your car? Whether or not you choose to apply for a car title loan, you have to live with the consequences. If you end up getting a car title loan, just make sure you are prompt with your payment so that you won’t lose your vehicle. After all, car title loans are not disadvantageous. In fact, they offer more benefits than harm. It is just your attitude in paying the loan that matters most.