Traditional lenders have strict requirements which, more often than not, automatically bar those with poor credit scores from applying. Fortunately, that’s not the case for loans depending on your car equity loans Halifax Nova Scotia. Here’s why:
Reasons Credit Scores Have No Impact on Title Loans
Banks require applicants to meet a certain credit score. This means that those with a low credit standing will have virtually no hope of getting approved. Where does that leave a large number of the Canadian population? They turn to car collateral loans instead since the lenders don’t usually check the applicant’s credit score. It’s because there’s collateral involved. It acts as security for both the lender and the borrower.
The car’s title covers the loan and assures the lender that they will get their investment back. It also provides the borrower with an avenue to pay off the existing loan. It’s why this loan is open to everyone, from people with low credit standing to retirees, single parents, and the unemployed. It also means that the type of collateral offered can make a difference. Cars that are relatively new and well maintained can secure a substantial loan. Meanwhile, cars that are at least eight years old have lower values and could mean a lower loan amount.
Borrow More Money Than Any Competitor has to Offer
You can borrow more money with Canada Car Cash. The company specializes in title loans and can offer a percentage of the car’s total value. However, the collateral must be lien-free and insured. The company’s interest rates are 70% lower than the competition and they can release the cash 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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