Even though auto title loans are renowned for their minimal requirements and simple application process, thousands of borrowers still second-guess themselves. After all, no loan guarantees 100% approval. Fortunately, there are things you can do to improve your chances of getting your fast loan Toronto Ontario approved.
Tips for Boosting Your Chances of Getting Auto Title Loan Approval
- Have adequate car equity. High-value collateral will improve your odds since your car’s value also determines how much money the lender can let you borrow. A new model and well-maintained vehicle will merit a higher loan than an old car.
- Minimize hard credit inquiries. Companies will conduct a credit check whenever you apply for a credit card, open a new smartphone plan, rent an apartment, or apply for a mortgage. They use it to help decide if they’re going to approve your application. You want to minimize these inquiries before you apply for a loan as it will make you look like you’re a high-risk applicant. Avoid hard credit checks at least three months before you apply for a loan.
- Apply with a co-borrower. You can also ask a close friend or family member to act as your co-borrower. It’s a big favor though as this person will essentially be responsible for the loan if you default on it.
The Best in the Industry
Canada Car Cash is one of the best lenders in the industry. This title loan specialist can help you get loans that are much higher than what other companies can offer. Their interest rates are 70% lower and they have affordable monthly payments. You can even get the money you need on the same day. Log on to their website to apply or call their toll-free number at 1-844-598-7631.
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