Johnny sees a cookie jar on the counter next to the stove. Johnny’s mom warns him not to grab a cookie. “No, no Johnny, wait for mom to help you. The stove is hot!” Johnny is impatient and grabs for the jar anyway. Johnny gets burned. Don’t be Johnny. Don’t get burned!
There are several advantages to obtaining a car title loan, but there are some disadvantages to car title loans Edmonton consumers should always be aware of. We try not to mother, but we do believe in advocating for our customers. As long as you are aware of what to look for when applying for a car title loan, you won’t get burned.
Underbelly Secrets of Car Title Loans Edmonton Customers Need to Know
If you aren’t familiar with how a car title loan works, essentially it enables you to use your vehicle as collateral for a cash loan. This is a great option for someone who has a regular income, is able to make timely payments, but is in need of a quick loan. There can be, however, areas of caution to look out for. Here are three ways that title loans can be dangerous:
- Some title loan companies boast quick pay-back schedules as the reason for offering you a low-interest rate. What they don’t tell you, is that your interest rates will sky rocket should you extend your payment plan.
- Watch out for hidden fees – they may be there, but not obvious (like a hot stove!)
- Read between the lines – make sure you are aware of the fine print – late payment penalties, other possible financial repercussions, etc.
Snap Car Cash Hands You the Cookie Jar
At Snap Car Cash, we provide all the information you need. This includes how easy our application process is: no credit checks, we simply need a valid-paid car title and driver’s license (with the same name on both), and your car (post inspection).
We don’t hide fees.
Our website addresses our fees in plain view: Auto Check, Lien Search and Vehicle Evaluation/Inspection.
We also explain any penalties that occur as a result of partial or missed payments. Have more questions? Ask!
As for interest rates, you can see proof of how we handle them on our site – we always seek finance companies with the lowest APR (annual percentage rate), giving us the position of being 70% lower in interest rates over our competitors.