3 Points That Impact How Much You Can Get on a Car Finance Loan Edmonton Alberta

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Taking out a title loan is not something that should be done lightly since you’ll be risking your car. There’s also the possibility that you might not get the amount you need with a car finance loan Edmonton Alberta. It’s because this loan depends on your car’s value, so there’s a chance it might not be enough. There are also other factors that affect how much you can borrow.

Points That Affect How Much You Can Borrow on a Title Loan

  • Value of the Car: The car equity is the main point that determines how much you can get in a loan. The majority of lenders allow people to borrow up to a percentage of their car’s resale value. This is known as the loan-to-value ratio (LTV).
  • Lending Company: The loan amount will also depend on the lender. Every company has its own minimum and maximum loan amounts. These can start from a low $100 to as high as $50,000. Most lenders usually offer loans that range from $1,000 to $10,000.
  • Location of Borrower: The state you live in also impacts your loan. Some areas have caps on how much lenders can offer. Meanwhile, some states might not have a limit on how much you can borrow but places a ceiling on interest rates on specified amounts.

Same Day Cash

Have an emergency and need cash fast? Don’t worry. Canada Car Cash is here to help. The company specializes in title loans and can lend you a percentage of your car’s total value. Their interest rates are 70% lower than other lenders and they have affordable monthly payments. You can even get the money you need on the same day. Log on to their website to apply or call their toll-free number at 1-844-598-7631.