3 Poor Credit Car Loan Ajax Ontario Requirements You Should Know Before Applying

Loan requirements differ with every lending company. Banks often request more documentation than secured loans. But some factors, like income and credit score, are always considered regardless of lender or loan type. It’s crucial that you familiarize yourself with the requirements. You’ll have a faster time applying and it can improve your chances of getting a poor credit car loan Ajax Ontario

3 Loan Requirements You Should Know

  • Credit History and Score: These are the two crucial factors lenders look at. A good credit score means the applicant is responsible and financially stable. Traditional lenders often require a credit rating of 700 or better. It’s not as crucial with auto title loans though. 
  • Income: Most lenders have an income requirement to ensure the applicant can repay them. However, they don’t discuss or share the details with the applicant. You also have to prove that you’re earning enough. It’s why lenders ask for your payslip. 
  • Collateral: This is critical if you’re borrowing a secured loan, like an easy bad credit score loan. Your collateral must be valuable enough to cover the loan. The lender can repossess the collateral if you fall behind on your payments. 

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