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While title loans are a big help for people with less than stellar credit scores, questions have been raised about the type of vehicles that can be used as collateral. After all, some borrowers don’t enjoy the luxury of having new cars and many lending companies are wary of accepting older cars. But there are lenders willing to offer a auto loan Red Deer with vehicles that are 10 years old as capital.

3 Steps to Getting a Title Loan Using an Old Car

Applying for a title loan with an older car as collateral is the same as for newer vehicles.

  • Inquire if the lending company accepts old vehicles. This is to ensure that you don’t waste time filing an application only to be denied. Generally, one requirement is that the collateral should have a maximum mileage reading of about 100,000 before it can be qualified for a loan.
  • Provide details about the car. Lenders would require seeing pictures of the vehicle. Make sure you include every detail. This will help the company evaluate the car and determine how much it can lend. You should also provide the model, make, mileage reading and the VIN.
  • Submit a monthly income. Lenders will ask borrowers to provide a document that shows their earnings. This can help improve your chances to get a loan. However, you can still apply even if you are unemployed since the special financing auto loan will be technically covered by the collateral.

Borrow More Money than Any Competitor has to Offer

Premier Loans Canada will give you a great deal on your vehicle, regardless of its age, make and model. This trusted lender offers borrowers loans as high as $45,000, with the lowest interest rates in the industry and flexible payment schemes. You don’t even have to worry about the mandatory credit checks. Log on to their website to apply from the comfort of your home or call their toll-free number 1-855-965-1650.

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