People who have their own, fully paid-off vehicles can turn to a special financing auto loan Barrie Ontario if they need cash immediately. It’s easy to apply for this secured loan, especially as having your own vehicle is the key requirement. But there are other conditions you have to satisfy before getting this loan.
Conditions You Need to Satisfy When Applying for a Title Loan
- You’re legally an adult. One of the main requirements for an auto finance loan is the borrower be at least 18-years old. Lenders are mandated to only accept applications from borrowers who are legally adults. This is to ensure that they can enforce payments as the law dictates only adults can be held liable for loans.
- The car should not be more than a decade old. You’ll have a difficult time using a decades-old vehicle as collateral. Lenders prefer newer model cars because they’re easier to sell. While there are a few lenders willing to take a risk on old models, they won’t risk a lot and will likely give you the minimum amount they could offer.
- Your vehicle has the right kind of insurance. Your car should have basic insurance coverage before it can be accepted as collateral. However, some lending companies will also require that you have collision and comprehensive insurance coverage to ensure the cost of repairs and restorations will be covered.
Lowest Possible Payment in the Industry
Enjoy good deals with Premier Loans Canada. The company can provide you with up to $45,000 in loans. Their monthly payments start at $45 a month, they offer flexible payment options, and their interest rates are some of the lowest around. Log on to their website to apply or call their toll-free number at 1-855-965-1650.
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