Loan applications depend on being able to meet the lender’s requirements. Aside from a long list of documents, traditional lending companies also expect the borrower to have a certain income and credit score. This is where most borrowers fall short. That’s not the case with car collateral loans Saskatoon Saskatchewan.
Why Credit Scores are not a Big Factor
Credit scores might make or break a bank loan, but it’s not such a big deal with car equity loans. Most lenders offering this type of loan don’t even check the borrower’s credit score. And even if they did, it’s likely to be perfunctory. It’s because title loans are considered secured loans. You will be putting up collateral as security.
However, this means that the amount you can borrow will depend on your collateral. Your car will undergo an inspection and the lender will decide how much they’re willing to invest. This means that if you have an old car or one that looks worse for wear, then your loan might not be as big as you expected.
The collateral is also the reason why lenders don’t need a load of documents. You would probably just need to submit the car’s title, proof of residence and employment, and a government-issued ID.
The Best in the Industry
You get great deals if you work with the best lending company in the business, Premier Loans Canada. Borrowers can get as much as $45,000 in loans. The company also offers low-interest rates, affordable monthly fees, and flexible payment plans. What’s more, you don’t even have to worry about credit checks or your employment status. The company’s easy application process and fast approval mean you can get the money you need in a few hours. Log on to their website to apply or call their toll-free number at 1-855-965-1650.
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