Vehicle title loans are an effective solution when you need cash fast or you’re not qualified for a bank loan. A car with enough equity to be used as collateral is the most critical requirement for an auto loan Red Deer Alberta. However, using an older car presents a different set of challenges. Here’s how you can improve your chance of getting approved:
Tips When Using an Old Car as Collateral
- Choose the right lending company. While most car equity lenders accept all kinds of vehicles, some are particular about the model and age. You should verify first if the company is accepting cars older than eight-years. This will ensure you don’t waste time going through the whole process only to be denied (or forced to accept a lower amount) because of this technicality.
- Document everything. Many online lenders accept virtual car inspections. You want to put your old car in a good light, literally. This means taking photos of the vehicle under natural light. Make sure you take pictures from different angles and include details that will add value. You should also include shots of key information like VIN and mileage.
- Show a strong income stream. Lenders shy away from older vehicles because they might be harder to offload if the borrower defaults and the collateral is repossessed. Soothe their worries by proving that there’s no danger of missed payments. Show your payslips and bank statement as proof of your finances.
Lowest Interest Rates You Can Find
Premier Loans Canada is the only company you need. You can borrow as much as $45,000 without undergoing credit checks. This trusted lender has the lowest interest rates and monthly payments around. They also offer flexible payment plans and extended loan terms. Sign up on their website or call their toll-free number at 1-855-965-1650.
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