Thanks to its minimal requirements, easy application, and quick approval process, title loans have gained prominence. While the presence of collateral is a major factor, it doesn’t guarantee approval. It’s because car collateral loans Barrie Ontario require a vehicle inspection.
Why are Vehicle Inspections Vital in Title Loans?
Title loans are considered secured loans because of the collateral. The borrower should own a vehicle that’s lien-free and with a clean title. The collateral acts as security for both the lending company and the borrower. Auto finance loans are usually about 50% of the vehicle’s total value.
It’s not surprising that the lender would require that the car is inspected beforehand. It’s one way to ensure that it can cover the investment they will be making. The title lending company also utilizes the car’s value in computing how much they can lend to the applicant. They’ll need to inspect the car and weigh it against several factors, like manufacturer, the year it was made, mileage and the overall condition. Things like dents, scratches, after-market accessories, and the state of the engine will be considered as well. The lender has to make sure that they will be able to sell off the car in the event the borrower defaults on payment.
The Number One in the Industry
Do you need financial assistance? No need to look further. Premier Loans Canada is here to help. Considered as one of the best lenders in the industry, they can offer as much as $45,000 in loans. The company also has the lowest interest rates and monthly payments around. They also offer flexible payment options that are tailored to every borrower. You also don’t have to worry about your credit score or employment status. Applying for this loan is so easy. You can sign up at their website or call their toll-free number at 1-855-965-1650.
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