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More and more people are using vehicle title loans to help them weather a financial crisis. While you’re almost guaranteed a loan, you can’t really be 100% sure that your application will be approved. You also can’t really know how much you can borrow from lenders specializing in auto loan Burlington Ontario.

3 Factors Lenders Check When Evaluating Equity

Your car’s equity will determine how much you can borrow. Some lenders might just offer $1,000 while others can go as high as $30,000. There are three critical factors that lenders look at though:

  • Type of vehicle: The model and year the car was manufactured is a major consideration in car collateral loans. Newer models will have higher equity than a decade-old car and a Hyundai will probably rate less than a Ford.
  • State of the collateral: It goes without saying that you’ll have a better chance if your collateral is well-maintained and working properly. Lending companies will inspect the car to determine if they can get a good price for it. They will inspect everything – from the exterior to the engine to the state of the tires.
  • After-market improvements: Any alterations or improvements made to the car will also affect its value. A customized paint job will earn you points. So will the installation of extra accessories.

Get You More Money than the Competition

If you need a loan fast, then Premier Loans Canada is the company to call. The company can give you more money than other lenders. They offer up to $45,000 in loans. Their interest rates are lower than their competitors. They offer loan terms of up to eight years, as well as flexible payment plans that can be customized to fit your budget. Applying is easy. Just log on to their website or call their toll-free number at 1-855-965-1650.

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