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Auto title loans have so many things going for them. They’re easy to qualify and apply for. They also have a fast approval process. You can use them for anything, which opens so many possibilities. Most of these advantages are due to the collateral you’ll put up. But it doesn’t mean your application for a bad credit score auto loan Dartmouth Nova Scotia will be approved.
Factors That Have a Negative Impact on Your Loan Application
- Poor Credit Score or History: Most title loan companies consider the applicant’s credit rating or history as a secondary factor due to the collateral. But a high credit score can convince a lender to give a higher amount or a better deal. Conversely, a low rating might make the lender wary of giving you more money.
- Multiple Loan Applications: Credit bureaus look at this as a red flag. It gives the impression that your finances are not in a good place since you seem desperate to secure additional funds. Plus, every inquiry pulls down your score.
- Low-Value Collateral: Your car equity is crucial to title loans. Its value can decide whether you’re approved and how much the company can offer. A car that’s nearly a decade old usually has a lot of problems. It also has high mileage. Its value has depreciated and it might not be enough to cover your loan.
The Best in the Industry
Premier Loans Canada specializes in title loans. We can offer as much as $100,000. Our company also offers low-interest rates and affordable monthly payments. We also have flexible payment plans and extended loan terms. Log on to our website to apply or call our toll-free number at 1-855-965-1650.
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