Whether you’re a novice borrower or an experienced car owner, you can’t be 100% certain that your application for a bad credit score auto loan Surrey British Columbia will be approved. It’s because every customer has a distinct financial profile, and it will impact the key factors lenders look at when deciding whether or not to approve a loan.
Factors That Influence Title Loan Approval
- Collateral Being Offered: The type of vehicle you’re offering will determine whether the lending company will be willing to take a risk on you and how much they’ll lend you. While you can technically use any vehicle, cars are more acceptable than trucks or motorcycles. The condition of the collateral also matters. You can get more money with a well-maintained car than a salvaged automobile.
- Income Stream: How much money you make monthly is also a crucial factor. Lenders prefer those with full-time jobs since they can make payments regularly. But you can get a loan even if you’re self-employed. However, entrepreneurs with a registered company have a better chance than freelancers.
- Credit Score: While they’re not a major consideration in specialized car equity loans, lenders will still check your rating. Borrowers with a good score have an edge over those with poor scores or no credit history. You can still get a loan even if you have a score of 500, but you might not get the same offer as those with scores above 700.
Lowest Interest Rates You Can Find
Your credit score or employment status is not a problem with Premier Loans Canada. The company can lend you as much as $45,000. They can also offer low-interest rates and low monthly payments. You can even avail of their flexible payment plans. Log on to their website to apply or call their toll-free number at 1-855-965-1650.
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