Vehicle title loans are a magnificent option for consumers who need financial assistance but can’t get it from a traditional lending company. An easy bad credit loan Hamilton Ontario is easier to qualify and apply for because you’ll be offering your car up as collateral. Despite that, some rejections are expected as no loan is 100% guaranteed. Here are some reasons why a loan is denied:
3 Reasons a Title Loan is Rejected
- Deficient Car Equity: In order to be considered proper collateral, your car should have enough value. If your requested loan amount is more than the car’s actual value, the lender will decline the application. Unfortunately, cars depreciate quickly. You can counter that by ensuring your collateral runs smoothly and is well- maintained.
- Problems with the Car’s Title: Your application might also be rejected if there are issues with your car’s title. For example, there might be a previous lien on it, or another name is listed as the owner. Check that the title is clean and free before using it as collateral.
- Questions about Borrower’s Capacity to Pay: A lending company will deny any applicant that they believe will have problems paying off the loan. For example, you can’t provide proof of income or your monthly cash flow isn’t reason enough to cover a loan.
Borrow More Money Than Any Competitor has to Offer
Say goodbye to complicated applications and unfair loans with Canada Car Cash. This car loan specialist can offer more money than its competitors. Their interest rates are 70% lower and they also provide flexible payment plans. You don’t even have to worry about credit or employment checks. The company’s quick approval process also means you get the money you need within the day. Log on to their website to apply or call their toll-free number at 1-844-598-7631.
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