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December 3, 2020Auto equity Ajax Ontario is crucial when you want to trade in, sell, or apply for an auto title loan. The vehicle’s value will help determine its resale price and how much you can borrow from a lender. To know its current value, your car must undergo an inspection before the loan application can be approved.
How Inspectors Assess Fast Loan Collateral
Vehicle inspection is a tedious but necessary component of car collateral loans. It protects both parties by ensuring the lender there’s no cosmetic or mechanical damage. Meanwhile, the borrower has assured a fair price. The assessment begins with the inspector collating key information, like the engine type, state of the traction and braking system, type of tires, and whether it uses an automatic or manual transmission. The number of seats, convenience systems (ex. power windows), safety features, entertainment options, and exterior add-ons are also considered.
The inspector will then check the vehicle’s exterior for cosmetic damage. They’ll take note of dents, scratches, rust, and chipped paint. The cost of repairing these issues will be considered by the lending company. The inspection will then proceed to the car’s inner systems. The state of the engine, the oil and filters, the brakes, and electric systems will be checked. The inspector will also note the mileage and the material used in the interior. Once all the details are received, the car’s present value will then be computed.
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