Whether you’re a single parent or divorced, you might find yourself struggling to make ends meet. A title loan is admittedly one option you can explore. The application process is simple, and the requirements are minimal. While it’s easy to qualify for a poor credit car loan Markham Ontario, there’s no guarantee that you’ll be approved. This has led to some questions as to whether being a single parent affects approval.
Does Marital Status Affect Loan Applications?
No, your marital status has no bearing on your loan applications. The Equal Credit Opportunity Act ensures that a lending company cannot approve or deny an auto finance loan solely due to the applicant’s marital status.
While every borrower is judged using the same guidelines, it doesn’t mean that lenders won’t you’re your status into account when it comes to determining your ability to pay. Single parent households rely on just one income, so there’s a big possibility the applicant would have a difficult time covering the loan. It’s similar to a borrower who’s divorced. They’re still held accountable for debts incurred while they’re married, especially if they’re a cosigner. The lending company might reject an application if your debt-to-income ratio is too high, even if your previous partner is the one who borrowed money.
Number One in the Industry
One of the best title loan companies in the country, Canada Car Cash can provide you with high loans with low-interest rates. The company can lend you a percentage of your vehicle’s total value, as long as it’s fully paid off and insured. The monthly payments are very affordable, and you don’t even have to worry about credit checks. Their fast approval process means you can get instant cash. Log on to their website to apply or call their toll-free number at 1-844-598-7631.
For more information, visit us on: