Having a good credit score is ideal as it opens a lot of doors, from being approved for a bank loan to getting discounts from telecom companies. Conversely, a low credit rating can make it difficult for you to secure a loan or qualify for the apartment you want. Fortunately, car collateral loans Regina Saskatchewan don’t really put a lot of importance on the borrower’s credit rating. Here’s why:
Reasons Your Credit Score Isn’t a Big Factor in Auto Title Loans
Banks and other traditional lenders require that borrowers have a good credit score. In most cases, this means a score of 700 or better as it signifies that the applicant has the capacity to pay back the loan. It’s a different matter with title loans. One’s credit score isn’t a deal-breaker because there is collateral.
One of the main requirements for this fast loan is for the borrower to pledge collateral (their car’s title). You’ll have to surrender your car’s title to the lending company. It becomes a form of security for both parties. The lender is assured that they will be able to recover their investment while the borrower knows that the loan is covered by their car’s value. Once the loan has been repaid, the title will be returned. The collateral is also used to determine how much money you can borrow from the company.
The Best in the Industry
Canada Car Cash is the best company to help you out when you need extra money. This title loan specialist offers more money and their interest rates are lower than their rivals. You don’t even have to undergo credit or employment checks. Log on to their website to apply or call their toll-free number at 1-844-598-7631.
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