A poor credit car loan Surrey British Columbia can be a boon during emergencies or when you’re faced with unexpected expenses. This secured loan has a simple application process and fast approval. You can even get a substantial loan with high-value collateral. But what does it mean for your loan if your car is damaged or stolen?
Consequences of a Damaged Collateral
Many borrowers are concerned about the consequences of their collateral being damaged or stolen. Cars are a valuable asset. They’re also susceptible to accidents and theft. You also can’t discount natural disasters. It’s why many lending companies require proof that the collateral is insured. In the event of damage or theft, the insurance provider will investigate the situation and evaluate your claim. They can also deal with the lending company and funnel part of the whole insurance claim to them.
If your car was stolen or damaged to the point that it’s considered unsalvageable, the insurer can pay the lender directly. They’ll release an amount equal to the vehicle’s market value. This is the amount the vehicle would’ve been sold for. However, if the insurance coverage isn’t enough to close the car equity loan, you remain obligated to shoulder the balance
Trusted Car Loan Expert
You can rest easy knowing that you’re dealing with a trustworthy lending company in Canada Car Cash. This title loan specialist offers more money than other lenders. Our interest rates are 70% lower and we have the lowest monthly payments. We also offer extended loan terms. You can receive the cash you need within the day. Sign up on our website to apply. You can also call our toll-free number at 1-844-598-7631.
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