Loan Rejected? Here’s Why You Couldn’t Borrow Using Your Car New Westminster British Columbia

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Bank loans remain the most popular method of acquiring additional cash, but you need to have a credit score of 700 or more. Not everyone has that rating nor do they have the time to wait for the approval. Fortunately, you can always borrow using your car New Westminster British Columbia. The vehicle’s value will cover the money borrowed. It doesn’t guarantee approval though as there are other factors at play.

Top Reasons a Title Loan Application is Denied

  • The collateral’s equity isn’t enough. The whole transaction is dependent on the vehicle’s value, so it should be substantial enough to cover the loan. Lending companies require collaterals to be fully paid, have the proper insurance, low mileage, properly maintained, and less than a decade old. Don’t expect your loan to be approved if your car doesn’t meet the criteria.
  • There are issues with the car’s title. One unique aspect of bad credit auto loans is the collateral remaining with the borrower even while the loan is active. However, the title will be surrendered to the lending company. It should be lien-free and in the borrower’s name.
  • The lending company doubts the borrower can pay them back. You must prove that you have the capacity to return the money. You can do this by providing copies of your payslip and employment contract. However, your salary should show that you earn more than enough to meet the monthly payments.

Same Day Cash

Canada Car Cash will help you get the financial assistance you require. The company specializes in title loans and can offer you more money. Their interest rates are also 70% lower and they have affordable monthly payments. You can even receive the funds within the day. Sign up on their website or call their toll-free number at 1-844-598-7631.

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