Top 4 Reasons People are Disqualified from Getting Car Collateral Loans Sherwood Park Alberta

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Car collateral loans Sherwood Park Alberta are a great solution for people who need fast cash but can’t get assistance from conventional lenders. This secured loan has helped millions of people because it’s easy to qualify for and has a fast application process. You’re not guaranteed approval though, and these are the top reasons why:

4 Reasons Your Title Loan Application Was Denied

  • Your vehicle has high mileage, too old, or was salvaged. How much you can borrow depends on your collateral. Most lenders don’t accept vehicles that are more than a decade old or have over 100,000 miles on them. You’ll rarely get approved with a salvaged vehicle as well.   
  • You don’t have car insurance. Lending companies require borrowers to have car insurance. This is an assurance they’ll be able to recover their investment if the vehicle is involved in an accident. The type of insurance depends on the state. Some are fine with basic coverage while others demand comprehensive collision insurance.
  • You’re still paying for your car. A clean title is one of the main requirements of a title loan, so the odds are against you if there’s still a lien on your car.
  • The lender is unsure if you can repay the loan. While you don’t need to be employed or have a high credit score to apply for a car equity loan, you still need to prove that you can pay it back. If you can’t show sufficient income, your application will be denied.

Get You More Money Than the Competition

If you need money fast, then Canada Car Cash is the company for you. This title loan specialist offers more money than other lenders. Their interest rates are 70% lower and they have affordable monthly payments. Log on to their website to apply or call their toll-free number at 1-844-598-7631.

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