A poor credit car loan Chilliwack British Columbia is a good option when you need quick cash. It has a fast application process and there are no credit checks. This is due to the collateral you’ll put up. Despite offering security for the loan, approval isn’t guaranteed. Your application can get rejected. Here’s why.
Why Your Loan Application was Declined
- Insufficient Income: The lending company will reject applicants that don’t have enough income to pay back the loan. You might also be rejected because they can’t verify your income. You should have proof that you have a regular income. You can give payslips, a pension or disability slip, or a bank statement
- Collateral’s Value Isn’t Enough: Your car’s equity plays a big part in your auto finance loan. Most lenders prefer lien-free vehicles. If you’re still paying for it and the balance is still too high, you will get rejected. It’s the same if the car inspection reveals the value is too low.
- Poor Credit Rating: While most lenders don’t do extensive credit checks due to the collateral, they still want to see a good history of loan payments. A credit history with too many loans or defaults is a red flag.
- Minor Mistakes: Some applications are rejected for smaller, but still important, reasons. You might be new to the city and have no proof of residence yet. Or you might have submitted an incomplete application.
Faster than the Competition
Emergencies can be stressful but Premier Loans Canada is here to help. We are one of the top title loan specialists in the country. We offer as much as $45,000 in loans. Our interest rates and monthly payments are the lowest around. We also have flexible payment plans. You can even get the money you need within the day. Sign up at our website or call our toll-free number at 1-855-965-1650.
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