3 Details That Can Impact the Approval of Your Poor Credit Car Loan Barrie Ontario

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Auto title loans have assisted millions of people who found themselves faced with an emergency or in a financial bind. This was largely due to the fact that title loans do not depend on the borrower’s credit rating. Instead, a poor credit car loan Barrie Ontario revolved mainly on the collateral’s equity. And while it helped make the loan more accessible, people still need to satisfy certain factors.

Details That Can Impact Title Loan Approval

  • Borrower’s Age: All regions mandate that only those of legal age can apply for any kind of loan. The law states that only adults can be held legally accountable for commitments like loans, and in most regions 18-year-olds are technically adults.
  • Monthly Income: One of the requirements when applying for an auto finance loan is proof of income. Lenders need assurance that the borrower has enough money every month to cover the payments. A payslip is considered proof. So are pension slips, disability payments, alimony, or even an allowance. You can still apply for a loan even if you’re unemployed as long as you prove you receive enough money monthly.
  • Vehicle’s Equity: Your car’s value will determine your loan amount. High-value vehicles can net you loans as high as $50,000 while old cars or those that have been in a crash could cause the lender to deny your application.

The Number One in the Industry

Get fair deals with Premier Loans Canada, the number one lender in the business. The company can provide you with up to $45,000 in loans, low-interest rates, and affordable monthly payments. You won’t even need to submit to a credit check. The company’s fast application process means you can even get the money you need on the same day you applied. Log on to their website or call their toll-free number at 1-855-965-1650.

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