No lending company can promise 100% approval. There are requirements to be met and various factors to be considered. You want to maximize your chances of getting approved. One way to do that is by understanding the factors that can make or break your application for a car finance Markham Ontario.
3 Factors That Require Your Full Attention
- Income and Capacity to Pay: There’s no lending company that will approve a loan application without proof of income. They need assurance that you can return the money you borrowed. It’s why they need copies of your payslip and proof that you’re employed. Refinance car loan specialists are more flexible when it comes to income sources, but you still need to prove your capability to meet your financial obligations.
- Level of Debt: Your application for any loan will be rejected if you have a high debt-to-income (DTI) ratio. The lender will assess your monthly income against your monthly expenses and any outstanding debt you have. The more money you owe, the lower your chances of approval. Lending companies have different standards but most require debt payments to be around 35% of your monthly income.
- Multiple Loan Applications: Companies will also check how many pending loan applications you have. Numerous applications in a short time frame are often considered a red flag.
Lowest Interest Rates You Can Find
You have a great chance of getting the financial aid you need with Premier Loans Canada. Our company can provide loans of up to $45,000. This trusted lender is also known for having the lowest interest rates and monthly payments around. We also offer extended loan terms and flexible payment plans. Log on to our website to apply or call our toll-free number at 1-855-965-1650.
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