The lack of credit checks is one reason why auto title loans have become the go-to solution for people who have poor credit ratings or are unemployed. After all, as long as they have a clean title, their special financing auto loan Ajax Ontario is virtually guaranteed. While these companies do not check your credit line, they will inspect your car before approving your loan application.
Reasons Title Lenders Check Vehicles
There’s only one reason why lenders will check the collateral you’re offering before you can vehicle title loans and that is to make sure that your car is still in prime condition. The inspection also helps assess the accuracy of your application and determine how much money you can borrow.
Since your vehicle is being offered up as collateral, title loan companies will utilize its market value as a primary factor for computing your loan. The company will take into account several factors during their car check. Aside from the usual considerations like make, model, mileage, and year, they will also look into the condition of the interior and exterior, the state of the engine and other mechanical systems, and any after-market accessories that were added. Don’t be surprised if they even consider paint color as a factor.
Lowest Possible Payment in the Industry
There’s only one reason why Premier Loans Canada is acknowledged as the best vehicle title lending company in the country – their high loan amount. The company offers borrowers as much as $100,000 in loans, the lowest interest rates around and flexible payment structures. Their streamlined application process and fast approval means you can even get your money on the same day. Log on to their website to apply or call their toll-free number 1-855-965-1650.
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