Vehicle title loans have helped millions of people with their quick cash needs. Since this loan depends on the vehicle’s equity and not on the borrower’s credit standing, people who are unemployed, bankrupt, or suffering from bad credit rating can avail of it. While specialized car equity loans Regina Sasketchawan are accessible to everyone and the requirements are fairly easy to meet, there are cases when a lending company will turn down a client.
3 Factors That Affect Your Loan’s Approval
Most auto finance lending companies simply require a clean title. However, there are other factors that determine whether a loan will be approved or not:
- Age of Borrower: Most states require that the borrower is of legal age before they can apply for a title loan. This is due to regulations that state those below 18-years of age are not old enough to be held responsible for legal commitments like loan payments.
- Income: Most title lenders will understandably ask for proof that the borrower can pay off the loan. Some will even want to see proof of income, and if said income doesn’t fall under the minimum they calculated, the application could be denied.
- Value of the Vehicle: Your vehicle’s value will determine how much money you can borrow. Lenders are likely to deny applications when the vehicle is too old or has high mileage.
The Best in the Industry
You get fair treatment and prices with Canada Car Cash, one of the best title lending companies in the country. They offer interest rates that are 70% lower than their competitors. Their easy application process and quick approval means you get the cash you need on the same day. Log on to their website to apply online or call their toll-free number 1-844-598-7631.
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