There are times when a person has an emergency or finds themselves in a financial bind without any extra cash to tide them over. In these instances, a car pawn loan Prince George British Columbia can be their last hope. This secured loan is open to anyone, regardless of their credit standing or employment status. But there are things that a lender considers before they approve a loan application.
3 Things Lenders Check Before Approving a Title Loan
Bad credit auto loans are considered secured loans because the applicant must provide collateral. With this loan, the collateral is your vehicle, but what you’ll be surrendering to the lending company is the title. The collateral will determine approval and how much money the lender is willing to invest in the applicant. While every lending company has its own set of criteria, most consider three key factors – the vehicle’s condition, the car’s equity, and the status of the title.
The lender will carefully inspect the vehicle to determine its value. The company will consider the car’s make, model, mileage, the state of the interior, exterior and even the engine. They will also check how much equity the owner has. Details like whether the car is fully paid or not being looked into. Lastly, the status of the title will be verified. Many companies require that the collateral is fully paid and it’s the applicant’s name on the title.
Get You More Money than the Competition
You can borrow more from Premier Loans Canada. One of the most respected companies in the country, they can offer as much as $45,000 in loans. They also have the lowest interest rates around as well as the lowest monthly payments. Applying is so easy. You just log on to their website or call their toll-free number at 1-855-965-1650.
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