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If you’re a regular driver, you likely know the pain of getting a dreaded traffic ticket. And while no one likes dealing with these types of setbacks, the added cost can make the experience all the more annoying.
Traffic tickets can be small or large in cost, it all depends on what you were fined for, among a variety of other factors. Regardless, it can be challenging to cover the cost of any traffic ticket. If you’re currently dealing with a traffic ticket that you can’t afford, you may want to consider a traffic ticket payoff loan.
When it comes to covering the cost of an unexpected traffic ticket, you have three main options. You can charge the cost to a credit card, take out a personal loan, or ask for help from a friend or family member. Let’s explore the advantages and disadvantages of each option below.
Advantages
Disadvantages
To learn more about using a credit card to cover the cost of an emergency expense, click here.
Advantages
Disadvantages
Advantages
Disadvantages
In Canada, there is an array of fees you could incur related to traffic tickets. The cost really depends on the traffic violation you committed among other factors. One of the most serious traffic tickets you could incur is related to going over 50 km/h on an Ontario highway. If you were caught doing this, you would incur a fine of up to $10,000, roadside license suspension and have your vehicle seized on the spot.
In addition to getting a traffic ticket, your insurance company will be notified of any tickets you get which can increase your rates. You could also acquire demerit points. If enough are acquired, you may need to attend a meeting to justify keeping your license or have your license suspended entirely. Not to mention you may lose the ability to drive all together which can be a massive inconvenience for your life as a whole.
Do traffic tickets affect your credit score? Find out here.
When the cost of a traffic ticket is immense, you might be thinking about simply not paying it. Not so fast. There are consequences of not paying traffic tickets which can all come back to haunt you in the future. If you fail to pay a traffic ticket, the following may become applicable to you:
Financing the cost of a traffic ticket might work for your financial position, or it might not. Before making a decision, take some time to consider your financial situation, options and financial goals to ensure you make the best choice possible. To determine if a traffic ticket loan is right for you, ask yourself the questions below.
Traffic tickets are never fun, but even worse things can happen if you don’t pay them on time. Paying off the ticket on time should be your number one goal not only to avoid further penalties but to prove that you are responsible, despite getting a traffic ticket.
If you’re currently dealing with a traffic ticket and don’t have the funds necessary to cover the cost, Loans Canada can help match you with a lender who can get you the financing you need.
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