The type of collateral you offer has a big impact on your title loan. Lenders prefer newer models that are well-maintained and have low mileage. However, you can still get a quick car loan Kamloops British Columbia even if you have a salvage car or a rebuilt auto title. But the process will be more difficult since there are more risks associated with this kind of car.
3 Ways to Get a Title Loan with a Rebuilt Car
Lenders refer to vehicles that have been damaged extensively that insurance companies have written them off as a total loss as rebuilt or salvage. But even these vehicles can still find financing. Here’s how:
- Check with small banks. Some credit unions and smaller banks have expanded their lending practices in order to compete with the big bank. Look for specialty lending companies that offer loans for cars with unique circumstances.
- Get your car a comprehensive or collision insurance policy. If you’ve been successfully pre-approved for a car pawn loan, you can increase the odds of getting final approval by having extensive coverage. Check with your insurance provider if they carry policies for rebuilt cars.
- Include comprehensive documentation. Support your application with documents showing the damage and repairs done on the vehicle. Include the original damage estimate, receipts of repair work, and a copy of the inspector’s evaluation. These can alleviate any concerns the lender has about the integrity of the collateral.
Faster than the Competition
Get the money you need in a flash with Canada Car Cash. The company specializes in title loans and can offer loans higher than its competitors. They also have low-interest rates and extended loan terms. Their quick approvals mean you can receive your loan in a matter of hours. Log on to their website to apply or call their toll-free number at 1-844-598-7631.
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