A large number of Canada’s population look at title loans as an appealing option for when they need extra cash. The fact that even people with a low credit score can avail of a car pawn loan London Ontario makes it even more popular. How much you can borrow will depend on your collateral. But there are also other points that the lender will consider before approving your application.
Factors That Affect Your Loan Amount
- Value of the collateral: One major aspect that will determine how much you can borrow is the state of your car. There’s a big chance you can get a substantial auto finance loan if you have enough equity and the vehicle is well-maintained. The opposite holds true as well. Cars that are old, have dents, or high mileage won’t be worth much.
- Location: Where the borrower resides, and the location of the lending company’s office will also affect your loan amount. Some states have legislation that limits the amount that can be borrowed from a title loan as well as the interest rates that can be levied.
- Credit score: It’s true that the borrower’s credit score isn’t a major factor when applying for a title loan because of the collateral involved. However, there are still lenders that do a cursory examination. A good credit score could also make the lender more amenable to giving you a higher loan.
Lowest Possible Payment in the Industry
Get the loan you need fast and without any hassle with Premier Loans Canada. The company can lend you as much as $45,000. They also have low-interest rates and the lowest monthly payments around. Their payment plans can also be tailored for each individual. Log on to their website to apply or call their toll-free number at 1-855-965-1650.
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