The popularity of title loans is due to its fast approvals, simple requirements, and not having to worry about credit scores. But just because it’s a secured loan doesn’t mean you’ll automatically get approved or that you’ll get the amount you wanted. Your car equity loans Edmonton Alberta loan will also depend on your vehicle’s value.
3 Elements that Will Affect Your Car’s Value
Your vehicle’s equity has a large impact on your loan as lenders will look into these key factors:
Brand and model: These are the first things that a lending company will look at. Obviously, a Mercedes-Benz will rate higher on any assessment over a Hyundai. So don’t be surprised if you’re offered a lower amount when your collateral is an older or lower model.
Accessories: The after-market enhancements you’ve added to your vehicle will also have an impact during the appraisal. Extras like customized interior lights, special paint jobs, or electronic accessories can boost your car’s value.
Chassis condition: Your car’s frame or exterior is one of the major factors that affects its value. A well-maintained exterior or one with minimal damage can merit a high value even if the car already has a high mileage. Conversely, you can’t expect a new model vehicle to net you a substantial car pawn loan if its structural framework has major damage.
Faster than the Competition
Regardless of the collateral, you offer, Premier Loans Canada still provides the best deals in town. Borrowers can apply for loans up to $45,000, without having to worry about their credit scores or employment status. The company has the lowest interest rate in the industry and offers flexible payment options and loan terms of up to 8 years. Just log on to their website or call their toll-free number at 1-855-965-1650.
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