A vehicle title loan can be a big help to someone who doesn’t have a good credit score. Most title lenders have a quick approval process, so you can get the money you need quickly. However, the amount is different per borrower. Some lending companies only offer less than $5,000 while others can provide loans up to $25,000. There are several factors that lenders consider to determine how much cash for car Edmonton Alberta you’ll get.
What Lenders Look for When Approving Loan Amount
Each type of collateral is different. Some might merit a larger loan amount while others are only good for a couple of thousand dollars. Each lending company has fixed criteria but most would look at the following:
Vehicle’s condition and equity: Your loan will depend largely on the collateral you’re putting up. Lenders will inspect the car to gauge its equity. They’ll consider factors like mileage, the vehicle’s general condition, any after-sales additions, and even the make and model. Some companies even check whether the car has been involved in an accident or not.
Title condition: While you’re offering your car as collateral, title lenders are more interested in the ownership papers since it’s what they will be holding on to. Lenders obviously want titles that are lien-free and with the borrower listed as the owner. However, there are companies that are willing to accept a vehicle as collateral even if the borrower is still paying for it. Just don’t expect to get a substantial refinance car loan for it.
The Number One in the Industry
You’re guaranteed a fair deal with Premier Loans Canada. One of the best lenders in the industry, the company extends loans up to $45,000. They also offer low-interest rates, affordable monthly payments, and flexible payment plans. Applying is simple and fast. Just sign up on their website or call their toll-free number 1-855-965-1650.
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