Auto title loans have helped millions of people get over a financial storm. This is a secured loan so the borrower has to put up collateral. While this improves the odds of getting approved, you still need to submit certain documents and prove to the lender that you can handle a car pawn loan Kelowna British Columbia.
3 Things You Need to Prove to the Lender
- You are an adult. Lenders will need proof that you’re 18-years-old or older. According to legislation, only legal adults can be held accountable for paying back loans. You probably need to show several government-mandated IDs.
- Your vehicle has substantial equity. Most lenders are willing to accept any type of vehicle as collateral. But they have to be in good working condition and the owner should have enough equity riding on it. You might have trouble using vehicles that are 10 years old or more as collateral though.
- You have the ability to pay off the loans. Car collateral loans are popular because even people with poor credit score can apply for them. While your credit standing doesn’t matter to the lender, you still need to prove you’re stable enough to pay the loan. This means submitting pay slips, disability or pension slips or bank statements proving you receive money regularly.
The Number One in the Industry
Canada Car Cash can get you the cash you need fast. One of the best lenders in the industry, the company offers loans amounting to a percentage of the vehicle’s total value. They also have the lowest interest rates around and offer borrowers flexible payment plans. Applying is easy. Just log on to the company’s website or call their toll-free number at 1-844-598-7631.
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