Whether you go for a luxury brand or a compact hybrid, your car is one of your most valuable assets. It’s also an investment that quickly depreciates in value. But not all automobiles are created equal. Some models lose value fast while others depreciate at a slower rate. This can make a difference if you plan to utilize it as collateral for a car pawn loan New Westminster British Columbia.
Best and Worst Cars to Use as Collateral
Research shows cars lose around 50% of their equity after five years. However, some models lose their value at a faster pace. To get the most out of your investment, experts suggest you eschew luxury vehicles. The BMW 7 Series reportedly loses 72% of its value after five years. The same goes for the Volvo S60 and the Mercedes-Benz E and S lines. Eco-friendly cars are also notorious for their steep depreciation. They quickly become outdated due to rapid advancements in tech and battery life. The resale value of compact cars is also low because they’re typically sold to fleets.
Meanwhile, SUVs and trucks appear to be good collaterals for car equity loans. The Jeep Wrangler Unlimited depreciates less than a third of its value. Its iconic design and durability give it amazing retail value. The Toyota Tacoma and 4Runner are also in the same category due to being a hardy and reliable family automobile.
Borrow More Money Than Any Competitor has to Offer
Getting a loan is a breeze with Canada Car Cash. This title loan specialist can offer more money than other lenders. Their interest rates are 70% lower than their competitors and they have affordable monthly payments. You can even get the money you need on the same day. Sign up on their website or call their toll-free number at 1-844-598-7631.
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