The popularity of title loans is largely due to its availability to people with poor credit scores or those who are currently unemployed. The loan’s premise suggests that as long as you have collateral to put up, you’re more or less guaranteed approval. However, a car inspection is usually required before minimum credit score loans Halifax Nova Scotia can be approved. But some borrowers do wonder if this is necessary.
Vehicle inspections would depend on the lender. Some car pawn loan companies require it while other online lenders do not.
Lenders typically inspect vehicles to gauge its value. The state of the collateral – whether it accumulated high mileage, the engine works well, the exterior is free from rust – will determine the loan amount the company is willing to extend.
However, there are a lot of online title lenders who do not require car inspections. But they will demand exact information and documentation about your car. Fortunately, most of these documents are already in your possession, like the car’s title, government ID or your driver’s license, proof of income and proof of residence. They will also ask for several photos of your car. You will then be asked to email or fax these documents to them.
For those who need money fast, Canada Car Cash is the company to call. Loan amounts will depend either on the condition of the vehicle, with terms extending up to 7 years. Borrowers that have clean titles can apply for loans amounting to a percentage of the car’s value. The company’s interest rates are lower than the competition and their quick approval means you can get the money you need on the same day.
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