3 Reasons Your Poor Credit Car Loan Ajax Ontario Application was Denied

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A poor credit car loan Ajax Ontario can be an ideal option for people who don’t want to deal with traditional lending institutions. Applying for this loan is easy and only requires the essentials – car’s title, government-mandated IDs, proof of residency, and proof of income. Lenders don’t usually check credit scores due to the collateral involved. While qualifying for this loan might appear foolproof, there’s still a risk that your application will be denied.

Reasons a Title Loan Application was Rejected

  • The vehicle doesn’t have enough equity. Lenders will want to make sure that they will be able to recover their investment. They can only do this if the car equity has enough value to cover the loan. Otherwise, the application is either denied or the borrower has to settle for a smaller loan amount.
  • Capability to repay a loan is dubious. Lenders will dismiss any applicant who can’t prove they can pay back the loan. While those who are currently unemployed can apply, they must show that they have enough money coming in every month to pay the loan. Pension or disability slips are considered, so are bank statements showing that you receive money monthly.
  • Status of the car is questionable. You need a lien-free title in order to qualify for this loan. However, some lenders will consider applicants who only have a few payments left to make on their vehicle.

Get You More Money than the Competition

Apply for a loan with Premier Loans Canada and borrow as much as $100,000. You won’t even have to deal with mandatory credit or employment checks. The company can also offer you low-interest rates, low monthly fees, and flexible payment schemes. Their fast approval process means you can even get the money you need in an hour or so. Log on to their website to apply or call their toll-free number at 1-855-965-1650.

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