A poor credit car loan New Westminster British Columbia, is a great option for those who need assistance from alternative lenders. This secured loan allows you to borrow money even if you’re currently unemployed or have a low credit score by utilizing your car as collateral. But it doesn’t mean you’ll automatically get a loan. There are requirements that you have to satisfy and if you don’t, your application will be denied.
Reasons Your Title Loan Application was Denied
- Not enough equity. Your vehicle is the linchpin of the whole process. Since you’re putting it up as collateral, it has to have enough equity to cover your auto finance loan. A car that’s been fully paid and has the right insurance is considered to have substantial value. So do cars that are a relatively newer model and are properly maintained.
- Problems with the car’s title. While you might be offering your vehicle up as collateral, it’s the car’s title that will be surrendered to the lending company. Titles that are potentially problematic (ex. still has ongoing lien; questions about the name in the title) could lead to your application being denied.
- Doubts about the borrower’s ability to pay. Credit scores and employment status might not be a big factor, but you still have to prove you can repay the loan. If you can’t produce a payslip, then show proof that you receive money regularly (ex. pension, alimony).
Faster than the Competition
If you need financial assistance, then Canada Car Cash is the company to call. Considered as one of the best lenders in the business, they can lend you a percentage of your vehicle’s value. Their interest rates are 70% lower than their competitors and they process applications faster. Log on to their website to apply or call their toll-free number at 1-844-598-7631.
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