Auto title loans have helped millions of people cover emergency expenses and sudden bills. This secured loan has become a favorite because of how easy it is to qualify for it. Unfortunately, many borrowers assume the loan is already in the bag because they have collateral with enough equity. As with any loan, there’s no guarantee your application for a car pawn loan Charlottetown PEI will be approved.
3 Factors That Decide the Outcome of Your Loan Application
- Vehicle’s Equity: Title loans depend on the applicant’s collateral. A primary consideration is whether it has enough equity to cover the requested loan amount. A car that’s lien-free has a better chance of getting approved. But if you’re still paying for the unit and still have a long way to go, the lending company will decline your application.
- State of the Collateral: Lenders also consider the state of the vehicle as determined by the car inspection. Vehicles that are new, well-maintained, and have low mileage will have a higher value (and loan amount). Conversely, old cars with high mileage or were damaged could be rejected.
- Borrower’s Capability to Repay Loan: While the car equity will be used to cover the loan, you still need to prove you can return the money. The lender will ask you to present payslips and your employment contract. You can also use your pension or disability slips.
The Number One in the Industry
Get the loan you deserve with Canada Car Cash. This title loan specialist offers more money than other lenders. Their interest rates are 70% lower than their competitors and they also have affordable monthly payments. You’ll receive the money you need within the day and get to keep your car. Sign up on their website or call their toll-free number at 1-844-598-7631.
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