Auto title loans are probably the most unique financial assistance service you can apply for. It’s a secured loan that requires the borrower to put up their car as collateral. It’s a good loan to use when you have an emergency due to its fast application process. However, the amount you can borrow is not as big as you’d get from a bank loan. This is because an easy bad credit loan Nanaimo British Columbia depends on the car’s value.
No one can tell you the amount you can get from a car pawn loan. It’s impacted by three key factors – the lender’s policies, the collateral, and the location. The collateral is very crucial since its value determines loan approval and amount. Lenders will look at the loan-to-value ratio. Applicants can ask for 50% to 85% of their car’s resale value. The newer the vehicle is the higher its value. Lenders will look at cars that are well maintained in a positive light.
Lending companies have their own criteria for assessing loan amounts. Most set their minimum to $1,000 and their maximum to $10,000. Some companies can offer as much as $50,000. The location also plays a part. Some states have a cap on their interest rates while others do not.
Get the most out of your collateral with Canada Car Cash. This title loan specialist offers more money than other companies. Our interest rates are 70% lower and we have affordable monthly payments. Our fast approval process ensures you get the money you need within the day. Log on to our website to apply or call our toll-free number at 1-844-598-7631.
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