Auto title loans have brought relief to millions of Canadians in need of fast cash for years. This secured loan depends on the vehicle’s equity instead of the borrower’s credit score. It’s why even people who have a poor credit standing, are unemployed, or bankrupt can qualify for a quick car loan Kamloops British Columbia. But while the loan is very accessible, there are factors that could cause one’s application to be denied.
Factors that Affect Title Loan Approval
- Car’s Value: The value of your collateral largely determines how much you can borrow. If your car is too old, already has high mileage, or is salvaged, then the lender would likely dismiss your application. You’ll also have a hard time getting a loan if your vehicle has run over 100,000 miles or is more than 10-years old.
- Lack of Insurance: A lot of lenders will demand that borrowers maintain comprehensive collision, mechanical breakdown, and liability insurance in order to qualify for a car equity loan. This is to ensure that if the car is involved in a collision, it will be repaired properly and will still fetch a good price. It’s one way to assure the lender it can still make a profit off the vehicle.
- Proof of Income: Most lenders will require proof of income. It’s to determine the borrower’s capacity to repay the loan. Your application might be dismissed if your income is below the estimated minimum salary.
The Best in the Industry
Canada Car Cash will guide you in getting the financial assistance you need. They can loan you a percentage of your car’s value, as long as it’s lien-free and properly insured. They also offer low-interest rates and monthly payment fees. Log on to their website to apply or call their toll-free number at 1-844-598-7631.
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