Why Car Pawn Loan Calgary Alberta Companies Ask for Proof of Insurance

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A car pawn loan Calgary Alberta is a good option for those who can’t get a bank loan due to their credit score. This is because you will be providing collateral. Aside from that, you’ll also have to provide several documents, like the car’s title that shows it’s in your name, proof of residency, IDs, bank statements, and even proof of insurance.

Why Lenders Require Proof of Insurance

The lending company will demand that you provide proof of insurance when you apply for a title loan. They do this to verify that they’ll get back their investment if something happens to the car. Depending on where you’re located, the responsibility of informing your insurance provider that you’ve taken out a loan against your car will fall on your shoulders. If you neglect to inform them and your car is involved in an accident, your claim might be denied. You would have to shoulder the loan’s balance by yourself and you could also lose your car. So, make sure you discuss this with your provider beforehand.

You will remain responsible for paying back your quick car loan if the vehicle was stolen or in an accident. However, your insurance provider will evaluate your claim. They could decide to settle it straight with the lending company. When this happens, part of the whole insurance claim check will go directly to the lender.

Same Day Cash

If you need money immediately, the Canada Car Cash is the company to call. They offer more money than other lenders. Their interest rates are also lower and their monthly payments more affordable. Their quick approval process means you can get the cash you need on the same day. Log on to their website to apply or call their toll-free number at 1-844-598-7631.

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