Small Business Dilemma: Reasons Your Refinance Car Loan Charlottetown PEI Was Rejected

Almost everyone dreams of having their own company. The idea of being your own boss, pursuing your passion, and controlling your schedule is alluring. But running your own business, even a small one, isn’t cheap. A refinance car loan Charlottetown PEI is a good way of bolstering your funds, but there’s no guarantee that you’ll get approved. Read on to find out the reasons loans are rejected and learn from them:

Why Your Loan Application was Denied

It’s very easy to qualify and apply for an auto title loan. The collateral offered by the borrower covers the loan and improves the chances of approval. However, it doesn’t guarantee it. You can still get denied. While credit scores are not a determining factor with these loans, your car’s title and your income stream have a major impact.

You are required to pledge your car when you apply for this secured loan. The vehicle should be lien-fee and has enough value. If you’re still paying off your auto loan, the lender might determine the collateral doesn’t have enough value to justify the investment. Any problems with the title could also lead to rejection. For instance, you might be sharing the title with another or it hasn’t been transferred to your name yet. As an applicant, you should also prove that your income is reasonable enough to pay off a loan. It’s why you have to submit proof of income.

Get You More Money Than the Competition

Canada Car Cash makes borrowing money easy and stress-free. This title loan specialist offers more money than other companies. Their interest rates are 70% lower and they have very affordable monthly payments. Their application process is so fast you can get the money you need within the day. Sign up on their website or call their toll-free number at 1-844-598-7631.