If you are one of the millions of people across Canada with bad credit, you may be unaware that there are ways to fix your credit score. A bad credit rating does not automatically improve over time as one might think. In order to fix your credit rating, you must use credit and consistently make payments on time. You will of course have difficulty being approved for credit cards and unsecured loans, due to your poor credit score, but if you have collateral, you can be approved for a secured loan. One such loan is a car title loan.
What is a Car Title Loan?
A car title loan uses your car as collateral and you get the funds you need depending on the value of your vehicle. However, it should remain in your possession for the duration of repayment. Your vehicle’s title also remains in your name. The only time that this would change is if you were unable to fulfill the repayment contract.
Fixing a Poor Credit Rating
Fixing a poor credit rating is certainly not easy. It can take years to fix a credit rating that was damaged in only months. Repairing your credit means that you must make not only your car title loan payments on time, but you must pay every single one of your bills on time. This will mean getting yourself organized and perhaps even making a payment schedule to ensure that payments are made promptly. It will take perseverance and determination, but it is possible to get your credit back in good standing.
With an affordable car title loans, it is possible to rebuild your credit score. At Pit Stop Loans, we provide easy to pay title loans with flexible rates and terms. We specialize in providing loans that fit to any financial situation. For more information, you can call us toll-free at 1-800-514-9399. If you want to get started today, visit our “Apply Now” page and fill out the simple application form.