Consumers today have more choices when it comes to loans. They are essentially divided into two categories – unsecured and secured. Credit cards are an example of the former while the latter is exemplified by a car pawn loan Calgary Alberta. A title loan is your best option when you need cash immediately. However, you’ll need car insurance before you can apply for this loan.
Why Insurance is Necessary When Applying for a Title Loan
Many auto finance companies will require the borrower to have insurance for their car. This is necessary as it will be used as collateral. They won’t be able to recover their investment if the car crashes and can’t be repaired due to the lack of insurance. The kind of insurance coverage you have can determine whether you’ll be approved or not. Some lenders will reject your application if you only have basic insurance. This type of coverage only deals with damage done to the car. The lender won’t get anything.
Lenders prefer the borrower to have extensive coverage. They will also require that the borrower includes a rider that stipulates the lending company is part of the beneficiaries of the policy. Adding the lender ensures they will receive a payout if the car has suffered extensive damage.
Lowest Interest Rates You Can Find
When you need additional funds, Canada Car Cash is the company to call. They are a title loan specialist that offers more money than other lenders. They have low-interest rates and affordable monthly payments. Their easy application process means you can get the funds you require within 24 hours. You won’t even undergo credit or employment checks. Sign up on their website or call their toll-free number at 1-844-598-7631.
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