A title loan is one of the most unique financial services offered today. It’s a secured loan that uses cars as collateral. The presence of collateral is the reason its application and approval process for this loan is fast and fuss-free. However, it also means people who apply for a refinance car loan Ajax Ontario will be offered different loan amounts.
How to Assess the Value of Your Title Loan
- Know your car’s worth. Cars are great assets but they depreciate quickly. Some experts say its value drops by as much as 20% once you drive it home. You can check the vehicle’s current worth now through online car valuation tools. You should also check the Kelly Blue Book, NADAguides, and Edmunds. They’re your best sources to look up the value of a car. Don’t forget to consider the age, model, and condition of the vehicle as well.
- Consider car equity. This is also a factor in assessing loan collateral. Most title loan companies prefer cars that are fully paid for. While they do accept vehicles that still have a standing balance, the owner should only have a few installments left.
- Check the lender’s loan percentage. You can also ask the lending company what their typical loan percentage is. Most lenders offer anywhere from 25% to 50% of the car’s current worth.
Faster Than the Competition
Getting a loan is not a hassle with Premier Loans Canada. You can borrow as much as $100,000 without worrying about credit checks. We have the lowest interest rates and monthly payments around. We also offer flexible payment plans and extended loan terms. Log on to our website or call our toll-free number at 1-855-965-1650.
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