Auto title loans are popular with people who are unemployed or have less than stellar credit scores because lenders don’t do extensive credit checks. As long as they have a clean vehicle title, their loan is virtually approved. But that doesn’t mean that these lending companies don’t do a little checking of their own. Most of these businesses will inspect your car before making a decision about any no credit check car loans Moncton New Brunswick.
Why Lenders Inspect Vehicles for Car Loans
There’s a very simple reason why a lending company will inspect vehicles before they allow you to use your car to get a loan. It’s to ensure that the collateral is in good working condition. This inspection will also determine the accuracy of your loan and the amount you can borrow.
Since an auto title loan utilizes the car’s title as collateral, loan companies use the car’s market value as one factor for computing the loan amount. These companies take into consideration several factors when estimating the car’s value. It doesn’t just depend on the model, make, year, and mileage. It’s also affected by factors like the car’s brand, the condition of its exterior and interior, mechanical condition, after-market accessories and even paint color.
Lowest Possible Payment in the Industry
There’s a reason Canada Car Cash is considered the best auto title loans company in the country. They offer borrowers a percentage of the car’s total value, as well as interest rates that are 70% lower than their competition. Their easy application process and quick approval means you can get the money on the same day you applied. You can log on to their website and apply online or call their toll-free number at 1-844-598-7631.
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