These days, people with poor credit scores or no credit history can still get a loan. A bad credit score auto loan St. John’s Newfoundland & Labrador is a secured loan you can easily qualify and apply for if you have a vehicle you can put up as collateral. While a car is a primary requirement, it doesn’t mean you’ll get approved automatically as there are other factors to consider.
How to Ensure Auto Loan Approval
- Pledge a Well-Maintained Vehicle: Car collateral loans depend on the vehicle’s equity. You’ll have a good chance of getting approved if your car is less than eight-years-old, has low mileage, and is properly maintained. This type of vehicle will be easier to sell if you default on your loan, thus providing reassurance that the lender will recover their investment.
- Prove You Have a Stable Income: Lending companies also need to see that you can pay them back. They’ll demand that you provide evidence you have a steady source of income, like several months’ worth of pay slips. But if you’re unemployed or retired, your pension or disability slips are also suitable.
- Provide Proof of Insurance: Showing that your car is insured will be a point in your favor. Many lenders want borrowers to have a Comprehensive and Collision Car Insurance while others will accept even basic coverage. The insurance means the lender will still receive compensation if the car is involved in an accident.
Same Day Cash
You can rest easy with Canada Car Cash. This title loan specialist offers more money than other companies. Their interest rates are 70% lower and they offer affordable monthly payments. Their fast approval process means you can get the funds you need within the day. Log on to their website to apply or call their toll-free number at 1-844-598-7631.
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