A lien-free title is a key component of bad credit loans Nanaimo British Columbia. The vehicle acts as collateral and will determine how much you can borrow. It’s why it’s always in your best interest to keep your car well maintained. But what if the only thing you have as collateral is a salvage car?
Do Title Lenders Accept Salvage Cars as Collateral?
The term salvage car refers to a vehicle that’s been declared a complete loss by the insurance company. This usually happens when the car has been in an accident and pieced back together using parts from other vehicles.
Because of how it’s rebuilt, a lot of people think that salvage cars can’t be used as collateral in a refinance car loan. It’s a common misconception but these cars can still stand as security. The application process remains the same. You still submit the necessary documents and wait for your loan to be approved. However, using a salvage car as collateral means you can only get half the amount of what the lender would typically offer. This is due to several factors, like the vehicle being involved in an accident and using parts from different cars.
Trusted Car Loan Expert
For those who need a little financial boost, Canada Car Cash is the company to call. The company only offers title loans, which means they can lend more money than other lenders. They also offer low-interest rates, affordable monthly fees, and flexible payment plans. You don’t even have to deal with credit or employment checks. The company is also known for its fast approval process. You can even get the money you need on the same day while keeping possession of your vehicle. Applying is easy. Just log on to their website or call their toll-free number at 1-844-598-7631.
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