Why Do Car Equity Thunder Bay Ontario Lending Companies Demand Vehicle Inspections?

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Aside from providing collateral, one of the other requirements when applying for a title loan is a vehicle inspection. Some lending companies require the borrower to present their car for evaluation at one of their branches. But many online lenders can do the assessment without needing to see the car in person. There are several reasons why lenders need to check car equity Thunder Bay Ontario.

Why do Title Lending Companies Inspect Cars?

Title lending companies need to inspect the proposed collateral to determine how much they can lend the applicant. It is also their way to check that the vehicle is in good working condition. After all, the car is used as security for this fast loan, so the lender wants to make sure they’re not investing more than they can afford. There are several factors that these companies consider when they check the car –

  • Brand
  • Condition of the exterior and interior
  • Mechanical condition
  • Paint color
  • After-market accessories

There are two ways you can go about the inspection. One is to bring your car to the lender’s office so they can check in person. However, you can still have your car evaluated even if you don’t leave your home. You can take pictures of your car and send them along with the other required documentation. Take several photos from different angles. Include close-ups of details that you think are important.

Lowest Interest Rates You Can Find

Enjoy low-interest rates with Premier Loans Canada. One of the most respected companies in Canada, they can provide loans as high as $100,000. They have the lowest interest rates in the industry and can offer flexible payment options. Their fast approval process means you can get the money you need within the day. Log on to their website to apply or call 1-855-965-1650.

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