Every lending company has its own set of requirements. Unfortunately for a lot of people, most traditional lenders require a certain credit score before a borrower can qualify for a loan. Because of this, thousands of people get shut out. It’s different with challenged credit auto loans Stratford Ontario as even those with poor credit ratings or who are unemployed can still apply.
Why Credit Scores are Not a Deal Breaker with Title Loans
Banks and other conventional lending institutions might require applicants to have a positive credit score, but it’s not a deal-breaker with title loan companies. Most companies specializing in this kind of loan won’t even check the applicant’s credit standing. Even if they did, it’s not a big factor. It’s because title loans require collateral, and this acts as security for both parties.
With car equity loans, the vehicle’s title serves as the collateral and is surrendered to the lender during the contract period. However, the car will remain with the borrower and they can continue to use it. The collateral will also be used to determine how much the company will lend the applicant. A newer model vehicle that’s been properly maintained is considered good collateral and can help you land a substantial loan. Conversely, lenders might only offer the minimum loan if the collateral is almost a decade old.
Get You More Money than the Competition
If you want great deals and a substantial loan, then you should contact Premier Loans Canada. The company can provide as much as $100,000 in loans, without needing to check credit scores or employment status. The company also has the lowest interest rates around and flexible payment options designed for each individual. You can log on to their website to apply online or call their toll-free number at 1-855-965-1650.
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