What Factors Affect a Car’s Equity in Car Collateral Loans Kelowna British Columbia?

Vehicle title loans are now a major part of mainstream loans. Its popularity is due to its simple requirements, fast approval, and to the fact that even those with poor credit scores or are currently unemployed can apply. While car collateral loans Kelowna British Columbia are considered secure loans, it doesn’t mean the applicant will automatically be approved. Lenders still need to weight the vehicle’s value.

Key Factors That Affects a Car’s Equity

The value of the collateral you put up can affect the status of your loan or the amount you can borrow. Lending companies look at several factors when evaluating an application, like:

  • Make and model. This is possibly the most important factor lenders consider. Some brands admittedly carry more weight than the others. For instance, a Mercedes-Benz will always be regarded with more valuable than a Hyundai and the car pawn loan amount will reflect that.
  • Body and exterior: Lenders will also look more favorably at car’s that have minimal exterior damage. Even older cars with a lot of mileage will be given a higher rating over a newer model with body damage.
  • After-market accessories: Any enhancements made or additional accessories installed will add value to the car. A low-end car can gain more equity if it has a special paint job or extra interior lights have been placed.

Borrow More Money than Any Competitor Has to Offer

No matter the collateral, you’re still assured of great deals with Premier Loans Canada, considered one of the country’s most trusted lenders. Borrowers can apply as much as $45,000 in loans, without worrying about their credit score or employment status. The company also offers low-interest rates and reasonable monthly payments. Log on to their website to apply or call their toll-free number at 1-855-965-1650.

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