Auto title loans have helped bail tens of thousands of people out of financial distress. This loan is called a secured loan because it requires the borrower to put up collateral. This allowed people who are bankrupt, unemployed or have a poor credit score to avail of a much-needed loan. However, there are other requirements that should be met before your bad credit score auto loan Markham Alberta can be approved.
3 Tips to Get Your Title Loan Approved
Each lender has a different requirement when it comes to loans. Regardless of what those companies demand, these three tips will increase your odds of approval:
- You’re an adult: Most regions and companies demand that borrowers have to be legal adults. This means you should be at least 18-years-old to be allowed to apply for a loan. Only those of legal age can be held accountable for commitments like loans.
- You can produce proof of income: Even though many lending companies do not bother with credit checks since there’s collateral involved, there are still those who need this extra assurance. Proof that you are capable of repaying the money you’re borrowing will go a long way in improving your standing.
- Your vehicle still has value. Most car collateral loans place limits on the kind of vehicles that can be used. Vehicles that are more than ten years old, have been salvaged, or have already accumulated high mileage are likely to be rejected. Lenders will only accept cars that have enough resale value to cover the loan if the borrower defaults.
Faster Than the Competition
You don’t want to be bothered with extensive credit checks when you have an emergency. This is something that Canada Car Cash understands. The company offers borrowers a percentage of their vehicle’s real value, without having to look into their credit or employment history. Their interest loans are also the lowest ones around. Log on to their website to apply online or call their toll-free number 1-844-598-7631.
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