There’s no denying that loans can help us achieve our goals. We have to pass the application process though. Conventional lenders, like banks, have strict requirements and procedures. For instance, a poor credit score will automatically disqualify you. You won’t have such problems with a refinance car loan Calgary Alberta since you have collateral. But it doesn’t mean you’ll get automatic approval. Luckily, there are things you can do to improve your chances.
Specialized car equity loans are considered a secured loan because the borrower is required to put up their car as collateral. The car’s value will act as security. It’s also the reason why credit scores are not a major factor in getting approved. But it does help if you have a good rating. If your credit rating isn’t that impressive, you can opt for a cosigner or co-borrower.
As the name implies, they will sign the loan contract with you. This gives the lender some assurance that they will recover their investment. The co-borrower or signer will shoulder payments if the original borrower defaults. Pre-qualifying with a credit union is another way to get approved for a fast loan. Credit unions are more flexible compared to banks.
Applying for a loan is easy with Canada Car Cash. This title loan specialist offers more money than other lenders. Their interest rates are 70% lower than their competitors. They also offer low monthly payments and extended loan terms. You can get approved in less than an hour. The money will be released within 24 hours. Sign up on their website to apply. You can also call 1-844-598-7631.